Nomanini, a Cape Town, South Africa-based fintech platform for the informal retail ecosystem, raised $4m in funding.
The round was led by Standard Bank, with participation from Goodwell Investments.
The company intends to use the funds to expand its portfolio of financial services to offer remittances, insurance and other products in the future.
Led by Vahid Monadjem, Founder & CEO, Nomanini provides a fintech platform for the informal retail ecosystem, which connects merchants and distributors to each other and global service providers, integrating payments, working capital, and data analytics.
The company’s system turns any mobile device into a retail point-of-sale solution for informal merchants that is connected to an interoperable merchant wallet. The wallet allows merchants to offer a broad range of digital banking (including cash-in/cash-out), mobile, utility and entertainment services to their customers. In turn, digital service providers increase the scale and reach of their offerings. By generating real-time insights based on transaction data, distributors using the platform gain a single view of their merchant network, ensuring inventory is optimized.
Distributors can also begin to accept payments for goods electronically, eliminating collection of cash.
With data analytics, Nomanini helps extend working capital loans to merchants via distributors allowing them to invest in inventory to grow their businesses.
Through the strategic investment, Standard Bank has launched a mobile application, powered by Nomanini, which offers financial services to underserved informal retailers.
The bank can offer a mobile application which provides access to new lines of business, credit and savings services for millions of informal merchants across 14 African countries.
The service will be available in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania eSwatini, Lesotho and Botswana.