Nomanini is the first financial technology platform made for the informal retail sector. It makes it easier for retailers and wholesalers to do business with each other and with service providers all over the world.
Since 2012, their team in South Africa has been helping informal shops all over Africa by giving them a platform for business payments.
They’ve helped thousands of small business owners in Africa set up distribution and banking networks in their communities through their Pan-African alliances.
Nomanini is also a software company that wants to help people live better lives. Even though their core group is small, the bonds they’ve made are strong and though they work all over the world, they treat every place they work as if it were their home. At the moment, there is no other financial business that can bring Africa’s retail sector together as they can.
Additionally, they are a group of people who love technology and the people who use it.
They are also excited about how technology could help people work together, make service delivery fairer, and help the informal economy grow.
The business people were at the center of Nomanini’s plan. The fact that their platform can give merchants digital tools to help them succeed has a ripple effect up the value chain, digitizing and improving how merchants, distributors, and banks work together.
Nomanini is the first and only fintech company with patented technology and a lot of real-world industry knowledge that can bring together the different parts of the African retail sector.
Their managed service platform connects the formal and informal retail sectors by connecting payment processors, distributors, and banks. Field reps, contact centers, and sales managers could change the way retail supply chains work in Africa by using Nomanini’s cloud-based platform.
Nomanini has worked with retailers, wholesalers, banks, and regulators all over the African continent for more than a decade. This has given them unmatched knowledge of how to deal with the many problems that the new but quickly growing informal retail industry faces.
The Nomanini platform connects international service providers to local African retail markets and vice versa. The in-country teams of field representatives are given the skills and knowledge they need to test, verify, and turn on new services and capabilities to make sure that retail offerings are tailored to the needs of local markets.
How it Works
For Banks
The low cost of their scalable implementation makes it possible for a large number of MSMEs to use their banking wallet and credit platform.
Nomanini’s ability to connect new digital financial services to existing distribution networks helps financial service providers, companies that make fast-moving consumer goods, and Micro, Small, and Medium-Sized Enterprise (MSME) retailers.
They have the tools you need to reach your strategic goals, like getting small and medium-sized businesses (SMEs) to become banking clients in cash-first economies or finding a cheap and wide way to reach people who have never had a bank account before.
Merchant Channel
Setting up a financial channel could be pricey. Their Merchant Channel product makes it easy and cheap to set up more than one point of presence.
They have made deals with FMCG suppliers to get into retail networks that already exist. You can get more deposits by collecting them from more places than just banks and ATMs.
It’s important to combine a white-labeled, interoperable wallet with a cloud-based payments infrastructure, switching, core transaction ledger, and management tools to serve merchants well.
Merchant Business Wallet
It might be hard to find new customers and make them feel welcome. In economies where cash is king, their Merchant Business Wallet makes it easy for a large number of retail MSMEs to become business banking clients quickly.
You can now serve business owners who don’t have a bank account at their place of business with a business wallet for retail MSMEs. They can find and bring on retailers at a low cost because they already know people in the FMCG value chain.
Merchant Supply Chain Finance
Using money may be risky, especially in economies that have been based on hard currency for a long time. Using their Merchant Supply Chain Finance solution, you can give merchants a reliable balance sheet so they can buy inventory from FMCG suppliers.
The Supply Chain Finance solution ensures efficient loan book management with Nomanini’s custom-built, automated credit management system.
Founders
Vahid Monadjem
Vahid Monadjem started Nomanini and is in charge of it right now.
He was a Global Fellow at McKinsey & Company, where he worked on creating and introducing new products in developing economies before founding Nomanini.
Vahid Monadjem graduated from the University of Cape Town.
Investors & Funding Rounds
Standard Bank, Goodwell Investments
Standard Bank led a $4 million fundraising round for Nomanini, which was finished by Goodwell Investments, an investment group in Amsterdam, to help the company grow in Africa.
Standard Bank is helping Nomanini, which has gotten money from Goodwell and Fundamo founder Hannes Van Rensburg in the past, grow all over Africa.
Nomanini can now offer merchant finance to its clients because of this partnership. Soon, the company also plans to offer remittances, insurance, and other financial services.
Main Competitors
Zeepay: This is the fintech with the fastest growth when it comes to connecting digital assets.
Braintree: It has everything a web or mobile store needs to take credit cards.
Ondot Systems: It ensures that card issuers can give their customers instant access to their cards while still keeping full control over all transactions made online and offline with their cards.
Related:
Solarise Africa: Story, Founders, Investors & Funding Rounds