Startup Story
Echika Obijiaku is the founder of Mwanga - a digital-first ethical debt recovery and business process outsourcing (BPO) firm dedicated to promoting financial inclusion in Nigeria. Trusted by some of the continent’s leading lenders, Mwanga is on a mission to get at least 10 million Africans out of debt by 2030. Echika’s Obijiaku background is multidisciplinary with experience in leading high-performing teams across industries. Echika is also a chartered accountant with the ACCA, UK . She has 16+ years of combined consulting experience with leading firms like Deloitte & Touché, Alexander Forbes Nigeria & South Africa and others.
Holding a BSc.(Hons) in Actuarial Science from the University of Lagos, Akoka in Nigeria, Echika also holds an MBA from the University of Oxford, Said Business School, United Kingdom during which she was one of two Co-chairs of the Oxford Africa Business Alliance and was awarded the prestigious Skoll and Laidlaw scholarships. A Forte Fellow, Echika was also named one of 100 Best and Brightest MBAs from top business schools around the world by Poets and Quants in 2024.
Passionate about equipping people, firms and systems to achieve their goals and evolve into better versions of themselves, Echika’s work building Mwanga inspired her to also create an ed-tech platform, Yapha Academy. which delivers employer readiness training to early-stage professionals in Africa, empowers them to do their best work, and connects them to global economic opportunities in the BPO space. From its inception, Yapha has engaged 1,400+ Africans from 11 African countries. The goal is to get one million Africans into gainful employment by 2030.
LoA spoke to the visionary entrepreneur, Echika Obijiaku, about her inspiration to start her business, her journey to date, and her vision for the future.
When did your start your business?
Mwanga was officially incorporated in 2019 following a successful pilot phase that validated market demand.
“Mwanga contributes to broader economic development and social impact by helping businesses scale, and individuals become debt-free.”
“Being a woman leading in a male-dominated industry and building a bootstrapped business has come with its challenges. However, through this process, I have gained a higher level of grit, resilience and boldness.”
What does your company do?
Mwanga is a business process outsourcing service firm that provides digital-first ethical debt collections, customer support and telesales services. We deliver our ethical debt collection service by working with responsible digital lenders. We support their borrowers in managing outstanding loans and making regular repayments until they become debt-free.
We also enable lenders to optimize their products, improve lender experience, generate repeat business and improve repayments by passing on feedback generated during our engagement with borrowers. Our position as intermediaries increases trust between stakeholders. Since Mwanga’s founding, we have partnered with over 25 organisations to ethically recover $11M+ in loans. We have helped 1.5M+ Nigerians eliminate debt and empowered more to achieve financial freedom
What inspired you to start your company?
I saw a significant opportunity to empower Nigerians by improving access to credit. In 2015, there was a rise in fintechs in Nigeria that opened channels for uncollateralized and easily accessible loans. However, over a few years, the rate of default in micro-loans rose as high as 60%. This created a vicious cycle where the lenders’ capacity to continue providing credit is constrained as they attempt to mitigate the risk of delinquency, investors view such lending platforms as risky and limit their investment, interest rates are increased to mitigate risk and generate returns, and desperate borrowers accept uncollateralized loans with sky-high interest rates they cannot afford to repay.
I asked, how can we create effective capital flow in the credit system and break the vicious cycle? This is where Mwanga comes in. We interrupt this cycle by helping borrowers manage their debt responsibly to keep up with their obligations to the lenders. Our aim is to create a more sustainable and inclusive financial ecosystem by fostering responsible financial behavior and building trust between lenders and borrowers. Mwanga contributes to broader economic development and social impact by helping businesses scale, and individuals become debt-free.
What makes your business, service or product special?
Mwanga's unique value proposition lies in its commitment to fostering financial inclusion and economic empowerment by driving responsible use of credit . Our position as a support system for borrowers and an extension of ethical lending teams means we play a critical role in enabling responsible lenders to scale ethically, which in turn makes life better for their borrowers.
In addition, we are setting the standards for ethical debt recovery in the industry and driving a culture shift away from exploitative debt recovery practices. We do this by training graduates in ethical collections and the use of our omni-channel platforms to engage with borrowers responsibly. Since Mwanga was founded, we have produced over 400+ ethical collection officers who have gone on to work for lenders, banks and other financial organizations.
Tell us a little about your team
Mwanga is proud to have a talented and dedicated team of professionals. Our employees are passionate about making a positive impact and are committed to delivering exceptional results. The team is made up of vibrant and intelligent people skilled in communication, negotiation, customer service and debt management support. We foster a collaborative and inclusive work environment that encourages innovation and personal growth. I am proud of the 400+ people who have passed through Mwanga and gone on to transform the industry, and very grateful for the work they put in towards the growth of the company.
Share a little about your entrepreneurial journey. And, do you come from an entrepreneurial background?
My entrepreneurial journey began with a deep-rooted desire to create something meaningful. My experience in consulting provided me with the skills and knowledge needed to launch Mwanga. I've always been driven by a passion for solving problems and making a difference. My parents venturing into entrepreneurship also gave me a foundation for considering the risk and rewards of starting a venture.
My entrepreneurial journey has been transformational. I have learned to pay attention to the learnings of each season, be intentional about self-improvement and encourage iterations when required. Being a woman leading in a male-dominated industry and building a bootstrapped business has come with its challenges . However, through this process, I have gained a higher level of grit, resilience and boldness. I have also learned to view “failure” as a learning experience, because what the world terms as failure might actually be the stepping stone needed to evolve. This mindset has been pivotal to my journey ; hence, I do not say I failed. I just evolved.
Another key learning on my entrepreneurial journey has been building a team. Through the highs and lows of hiring I have come to understand the importance of never compromising on talent as they are co-pilots in bringing your vision to life. You need the best pilots onboard with you to arrive at your destination safely and on schedule.
What are your future plans and aspirations for your company?
Mwanga's vision is to become a leading provider of digital business process outsourcing services in Africa, with a focus on ethical debt recovery and driving financial inclusion. We want to be the team extension of choice to global organizations that are driving sustainable impact in various aspects. We aim to partner with organizations across the continent and get at least 10 million people out of debt by 2030.
What gives you the most satisfaction being an entrepreneur?
One of the most satisfying aspects of being an entrepreneur is the opportunity to create something from scratch and make a positive impact. Witnessing the growth of my team, the success of our clients, and the lives we've transformed is incredibly rewarding.
Supporting borrowers, especially those with no idea how to repay their loans, in becoming debt-free has been a joy. I am also incredibly proud of our personalised, ethical approach to working with borrowers to enable them to meet their debt obligations while preserving their dignity.
What's the biggest piece of advice you can give to other women looking to start-up?
We must be the change that we wish to see in the world. Hence, it is key that you believe in yourself and your abilities. Don't be afraid to take risks and pursue your dreams.
The effect of “Failure” is dependent on your perspective. If you see it as a win, you will take the lessons and move on to your next phase. But if you see it as a limiting factor, you will remain stuck. I have made the best decisions after what the world terms “failure” because I chose to see it as vital lessons for the future.
Surround yourself with a strong support network and seek out mentors who can guide you along the way.
Remember, every successful entrepreneur started somewhere, so don't be afraid to take the leap. Know your 'why' and let it illuminate your path forward. You are enough!
Find out more
Website: https://mwanga.ng/
Facebook: https://www.facebook.com/mwanga.co
Why LoA loves it…
Achieving financial inclusion for its citizens is critical to the growth of the African continent, but achieving that goal requires a sustainable and inclusive financial ecosystem that educates citizens in responsible financial behaviour. That’s where Mwanga comes in, to help individuals become debt free and more responsible in managing their finances. Echika Obijiaku, founded Mwanga to promote financial inclusion in Nigeria and help those with debt to navigate their way back to responsible borrowing and financial management. — Melanie Hawken, founder & ceo, Lionesses of Africa