In a bid to support small and micro enterprises (MSMEs) across Africa, particularly in Nigeria, fintech company Mansa has made its debut in the Nigerian market. Mouloukou Sanoh, former CEO of Cassava Network, a leading Web3 platform in Africa, resigned to spearhead Mansa, focusing on addressing credit issues crippling SMEs on the continent.
The innovative approach of Mansa aims to overcome a major limitation in existing DeFi lending protocols – the requirement for borrowers to provide excess cryptocurrency collateral, hindering potential borrowers globally. Mansa’s protocol allows venture-backed businesses to use various assets as collateral, broadening crypto access for a more extensive pool of borrowers.
With a forward-thinking model, Mansa aims to break free from traditional financial system constraints and usher in a new era of decentralized finance. The overarching goal is to democratize access to financing for businesses in emerging markets, offering tailored financing solutions through blockchain technology.
Sanoh’s departure from Cassava Network follows a transformative year where he laid the foundation for the company’s accelerated growth in Africa. During his tenure, he fostered collaborations with prominent Web2 and Web3 brands, uniting them under the Cassava banner, including Boomplay, Carry1st, Scooper, VSkit, Ficool, BoundlessPay, Stakefair, Katana Inu, Awujo, and others.
Reflecting on his departure, Sanoh expressed gratitude for the journey at Cassava Network, acknowledging the unyielding support from the team, board, and community leaders. While Cassava Network has been a pioneering force in driving blockchain infrastructure in Africa, Sanoh believes it’s time for a leadership transition, allowing him to invest efforts in his new venture, Mansa.
Since its inception in 2021, Cassava Network has played a crucial role in the Web3 transition in Africa, introducing a digital identity system, multi-chain wallet, rewards platform, and NFTs, contributing to the Web3 renaissance across the continent. Sanoh sees the leadership transition as an opportunity to further contribute to the evolving landscape, particularly in addressing credit challenges for MSMEs through Mansa.
