Nomanini, a FinTech platform supporting the development and deployment of business banking products for informal retail traders in Africa,
In its latest funding round, the FinTech company has announced the addition of FMO, the Dutch Entrepreneurial Development Bank, to its investor list.
Nomanini will utilize funding to expand its network of providers of financial services and value chain partners.
Also, the company will invest in product growth and organizational scalability, and expand Africa’s top-level talent team.
However, FMO brings its broad understanding and network of African financial services partners to support Nomanini’s expansion in addition to funding.
The fintech SaaS platform of Nomanini is designed for the informal retail ecosystem.
Also, the platform provides micro, small and medium-sized companies with the resources to develop their businesses in informal retail.
To help digital banking and supply chain funding in cash-first markets.
More-also the organization leverages emerging digital financial services and existing distribution networks.
Nomanini has more than doubled the number of merchants on its platform over the past year.
As well as quadrupled the number of loans.
Thereby, underpinning the significant need for financial services and supply chain funding in this traditionally underserved market.
“Nomanini wants to put micro, small and medium-sized retailers’ livelihoods at the centre of its focus,” said Vahid Monadjem, Nomanini’s CEO.
The aim of COVID-19 was to highlight the importance of these entrepreneurs to their societies.
As well as their lack of access to financial instruments to ensure resilience in these times of crisis.
With FMO on board, we look forward to broadening our alliances to include more like-minded providers of financial services, Monadjem said.
In a recent joint funding round, FMO is joining Goodwell Investments and Standard Bank Group in supporting the South African-based FinTech firm.
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