Nomanini, a South Africa based fintech startup, has secured a $4million investment to scale up its business. The investment was led by Standard Bank, and completed by Goodwell investment company. Both investors have taken undisclosed stakes in the company.
Standard bank will leverage this partnership to extract data on the informal retail economy from Nomanini. This will be used in developing a mobile app that provides digital access to new lines of business, credit and savings services for millions of informal merchants across the continent.
Nomanini was founded in 2010 by Vahid Monadjem, as a fintech startup that connects informal merchants to distributors through e-wallet services. The merchant will be using the mobile app to offer basic banking services to locales in these countries. Customers would be able to access credit and saving facility, thereby boding a new line of business for the bank.
See also: Visa to Launch New Banking App for Savings and Co-operative Society in Kenya
Kim Humbly, the Head of Communications at Nomanini said that the sum will be used to expand the company’s services across 14 African countries, especially those with Standard Bank’s Blueprint by early 2021. These include South Africa, Zambia, Mozambique, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania, eSwatini and Lesotho.
According to a statement released by Nomanini, the merchants using the platform will have transactions data to determine their creditworthiness and to easily acquire loans. The platform will also boost ongoing trade, customer retainment and the sales of more goods for merchants.
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