Reg Swart, an instrumental figure within the digital payments sphere, has joined the Nomanini Board of Directors. Nomanini is a South African-based enterprise payments platform provider that optimises transactions in the informal retail sector.
Swart is currently the Chief Commercial Officer of MFS Africa, the largest and fastest growing African digital network. Previous roles included VP Emerging Markets at Visa and Head of Global Business Development at Fundamo. Swart’s primary focus will be to guide Nomanini in developing and overseeing the implementation of a refined commercial strategy.
“Reg Swart’s experience in financial services innovation, and in particular, his experience in building commercial teams, makes him a superb fit for Nomanini,” says Nomanini CEO Vahid Monadjem. “Also, beyond his exceptional professional credentials, Reg’s passion for inclusive solutions, which also addresses pressing commercial needs, aligns well with the company.”
In its early years as a pioneering mobile payments platform, Nomanini worked directly with informal merchants, and later shifted to working with distributors in order to expand its reach in a fast evolving market. More recently, Nomanini has begun to partner with financial services companies, and has essentially become a platform and a managed service provider for the informal retail sector.
“This significant shift requires a far more sophisticated commercial approach, and Reg’s appointment directly addresses this change,” adds Monadjem. “Reg has already been part of some of the largest fintech success stories emerging from Africa, and we hope that Nomanini will follow a similar trajectory.”
Indeed, Nomanini’s evolution, which has mirrored the evolution of the exciting mobile payments sphere, bodes well for this vision.
Almost a decade ago, mobile payments began evolving out of mobile prepaid distribution. Today, we are seeing the first separate listings of these entities, as they are increasingly being recognised as both distinct from mobile operators' core businesses - and viable as stand-alone enterprises.
“Mobile money has revealed the latent potential to banks who, especially with the advent of the smartphone, are also looking more keenly at the space,” notes Monadjem. “With increased competition among consumer mobile money wallets and bank accounts, Nomanini will focus on building merchant and agent networks by enlisting existing informal trade channels.”
Looking ahead, Swart will play a key role in developing these networks and in driving the company’s mission of improving financial inclusion and access to financial services.
“I am extremely excited to be part of Nomanini’s non-executive board,” says Swart. “It aligns perfectly with my vision of empowering consumers in emerging markets to be included and to have access to financial services. In the context of Africa, I believe this will be instrumental in unlocking the continent’s vast potential.”