Cassava Network, one of Africa's Web3 platforms specialising in rewards, entertainment, and arts has announced that its CEO Mouloukou Sanoh has stepped down to launch Mansa, a financing fintech for African businesses.
In a press statement, Cassava Network said Sanoh’s departure comes after a transformative year leading the company.
“His leadership laid the foundation for Cassava'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 statement read in a part.
Reflecting on his departure, Sanoh said his journey at Cassava Network has paved the way for Web3 in Africa.
Since its inception in 2021, Cassava Network has been an avant-garde force, driving blockchain infrastructure needed to transition Africa into the Web3 era.
By introducing a digital identity system, multi-chain wallet, rewards platform, and NFTs, the company continues to champion the migration from Web2 to Web3, whilst fostering a thriving African community along the way.
"It has been an exceptional privilege to contribute towards the Web3 renaissance across Africa. However, the time is ripe for a leadership transition at Cassava Network and for me to invest my efforts in a new venture," Sanoh said.
He plans to focus on credit issues crippling SMEs in Africa.
Mansa seeks to address the requirement for borrowers to provide an excess of cryptocurrency collateral which is the current decentralised financing (DeFi) lending protocol's major problem.
This requirement stifles potential borrowers globally.
Mansa's innovative approach seeks to enable venture-backed businesses to leverage a myriad of assets as collateral, providing crypto access to a significantly larger pool of borrowers.
By embracing this forward-thinking model, Mansa aims to shatter the limitations of traditional financial systems and introduce a new era of decentralised finance.
“Mansa's goal is to democratise access to financing for businesses in emerging markets by providing tailored financing solutions to businesses through blockchain technology,” Sanoh added.
“By connecting businesses with global investors and lenders, we aim to bridge the gap between traditional financial systems and the evolving world of decentralised finance.”
