Nomanini, a fintech platform that connects banks and distributors to Africa’s informal merchants, has closed a $4m funding round led by Standard Bank.
The round that was completed by Goodwell Investments gives Standard Bank access to use Nomanini’s platform to discover data on the informal retail economy on the continent.
Uganda is among the countries that will access the service.
Others are South Africa, Zambia, Mozambique, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania eSwatini, Lesotho and Botswana.
Transaction data analysis via Nomanini’s platform means that micro-merchants’ creditworthiness can be more accurately assessed and, as a result, many will become eligible for working capital loans for the first time, reports TechMoran.
Merchants that are registered with Nomanini will now get a boost in trade, see an increase in return customers and the sale of additional goods and services.
The launch of the new app will enable Standard Bank to boost access to financial products and services, and, at the same time, expand its customer base while addressing the business needs of Africa’s informal retail merchants.
“The reality is, around 86% of all employment in Sub-Saharan Africa is informal. Going to the bank and filling out forms for a loan is simply not viable – and can take days. In Nomanini, we’ve found a partner uniquely placed to help micro-merchants in Africa thrive, not just survive,” said Adrian Vermooten, Head of Digital in Africa Regions, Standard Bank, according to TechMoran.
“Our partnership and investment in Nomanini has helped us uncover simple, scalable opportunities while granting new and existing customers access to financial services for the first time. Previously, this type of information was unavailable to us but now our merchant customers can access banking services wherever they are and whenever it suits them.”