Cassava Network, one of Africa’s progressive Web3 platforms specialising in rewards, entertainment, and arts, announced on Wednesday stepping down of its CEO Mouloukou Sanoh from the company.
Sanoh is stepping down to launch Mansa, a new fintech for African businesses, the company said in a media statement.
The new venture will focus on the credit issue crippling SMEs in Africa, addressing current DeFi lending protocols’ major shortcoming.
The current requirement for borrowers to provide an excess of cryptocurrency collateral is seen to be stifling potential borrowers globally.
The company said Mansa’s innovative approach will enable venture-backed businesses to leverage a myriad of assets as collateral, providing crypto access to a significantly larger pool of borrowers.
“Mansa’s goal is to democratise access to financing for businesses in emerging markets, providing tailored financing solutions to businesses through blockchain technology. By connecting businesses with global investors and lenders, Mansa aims to bridge the gap between traditional financial systems and the evolving world of decentralised finance,” the company said in a media statement.
Cassava Network’s accelerated growth
Mouloukou’s departure from Cassava Network comes after a transformative year leading the company, leading to the network’s accelerated growth in Africa.
During his tenure, he cultivated a formidable network of collaborators, uniting prominent Web2 and Web3 brands such as Boomplay, Carry1st, Scooper, VSkit, Ficool, BoundlessPay, Stakefair, Katana Inu, Awujo, and others under the Cassava banner.
“The journey at Cassava Network has been nothing short of awe-inspiring,” said Mouloukou, reflecting on his departure.
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