Kwanda Returns With Moyo: Providing A Direct Monthly Income For People In Poverty
After closing in February, Black-owned non-profit organization Kwanda has returned with a new structure and a brand new product.
On Kwanda’s new platform, Moyo, givers can come together to provide a stable monthly income to people below the poverty line.
Kwanda’s Journey
Kwanda launched in 2020 with a platform that brought individuals together to pool capital to fund grants and infrastructure projects across Africa.
It is a modern collection pot for Black communities, modelled on the age-old practice of collective finance in African Caribbean communities, Jermaine Craig, founder of Kwanda, previously told POCIT.
The company had 2,300 monthly donors at their peak, deployed £105,489 ($131,586) into communities, and completed 17 infrastructure projects across 10 countries.
However, Craig announced the closing of Kwanda in February 2023.
“I’ve struggled to build an operationally sound and sustainable organisation out of Kwanda due to the sheer difficulty of building something new, operational inexperience and a loss of personal motivation and energy,” he wrote.
“I need to rest and take some time to reflect. However, I’m still committed to being helpful and contributing, so I’ll be back to building things in no time.”
Kwanda 2.0
Last week, Craig announced Kwanda would be returning with the “same mission, new approach.”
Kwanda 2.0 will function as a holding company with several brands and giving models under the Kwanda umbrella, the first being Moyo.
Small local non-profits that align with their values will also be given the opportunity to merge into Kwanda, taking advantage of its technology, resources, and expertise.
The company is also re-building its data room and has plans to open another digital space for Kwanda members to commune.
Introducing Moyo
Moyo is the first brand under the new Kwanda umbrella. The platform will launch this October to raise and distribute money to those in need in Nigeria.
Moyo works with local organizations to identify those most in need of support and signs them up as recipients. The recipients will be allocated an amount of capital relative to their situation and local living costs. Those with dependents qualify for more.
“We don’t just want to support people for some months and then disappear. The promise is a steady income for as long as needed,” Moyo’s website states.
Moyo will put 50% of all income raised directly into the distribution pool and keep the other 50% in cash reserves to cover any donor exits.
“We’re quickly discovering that giving those in poverty cash is more impactful than most other forms of aid whilst respecting the individual’s dignity and ability to direct their own lives,” Kwanda posted on LinkedIn.
