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Standard Bank invests in Nomanini

Anna Lyudvig
Aug. 29, 2019, 2:35 p.m.
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Standard Bank, Africa’s largest bank, has led a $4m investment round in Nomanini, a fintech platform for the informal retail ecosystem.

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Standard Bank, Africa’s largest bank, has led a $4m investment round in Nomanini, a fintech platform for the informal retail ecosystem.

Goodwell Investments, an Amsterdam-based investment firm focused on fintech and financial inclusion, has also participated in the round.

Through the terms of the strategic investment, Standard Bank gains a stake in the company and the ability to use Nomanini’s platform to unearth previously ‘invisible’ data on the informal retail economy. 

With the benefit of these business analytics, 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 - all without having to set foot in a bank branch or leave their points of sale.

The service will be available in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania eSwatini, Lesotho and Botswana.

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.

"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.”

For Nomanini, the partnership with Africa’s largest bank adds merchant financing to its existing service offering and provides the opportunity to scale into new markets.

With the investment, the company plans to expand its portfolio of financial services to offer remittances, insurance and other products in the future. 

Vahid Monadjem, Founder & CEO of Nomanini, said: “This partnership with Standard Bank will be instrumental for Nomanini’s next wave of growth, while ensuring that millions of Africa’s underserved micro-entrepreneurs receive access to digital financial services for the first time. And this is just the beginning.”

“Nomanini’s interoperable wallet is a gateway to a whole range of digital banking services - loans and savings now but soon, remittances and insurance too. It’s only by bridging the divide between the digital and the physical cash that rules in these markets that we’ll be able to rewrite the rules of informal retail trade in Africa,” he added.

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