CAPE TOWN – 11 February 2021. Nomanini, a fintech platform that supports the development and deployment of business banking products for informal retail merchants in Africa, today announced the addition of FMO — the Dutch Entrepreneurial Development Bank — to its list of investors in its latest funding round.
Nomanini will leverage the funding to grow its network of financial service providers and value chain partners, invest in product development and operational scalability, and expand the team with top-tier talent working across Africa. In addition to funding, FMO brings its deep understanding and network of African financial services partners to support Nomanini’s expansion.
Nomanini’s fintech SaaS platform is built for the informal retail ecosystem, providing informal retail Micro, Small and Medium-Sized Enterprises (MSMEs) with the tools to improve their businesses. The company leverages new digital financial services and existing distribution networks to support digital banking and supply chain financing in cash-first markets.
Late last year, the company announced it was working with Nestlé to boost the businesses of informal retail MSMEs across Eastern and Southern Africa by providing access to working capital. This new partnership follows the company’s Pan-African deal with Standard Bank Group signed in 2019.
Over the past year, Nomanini has more than doubled the number of merchants on its platform as well as increased the number of loans fourfold, underpinning the large need for financial services and supply chain financing in this traditionally underserved sector. The company is now focusing on cultivating more partnerships and further developing its solutions for both financial service and FMCG (Fast Moving Consumer Goods) providers.
“Nomanini continues to put the livelihoods of MSME retailers at the centre of our focus,” said Vahid Monadjem, CEO of Nomanini. “COVID-19 served to underscore the importance of these entrepreneurs for their communities as well as their lack of access to financial tools to provide resilience in this time of crisis. With FMO on board, we are looking forward to expanding our partnerships to include more like-minded financial service providers.”
“Nomanini’s focus on informal and un(der)banked merchants, including vendors, kiosk- and shop holders across Africa, fit perfectly with the mandate of the financial inclusion fund”, added MASSIF fund manager Jeroen Harteveld. “Beyond Nomanini’s talented team, we believe its existing B2B partnerships are unprecedented for a FinTech. We are excited to support Nomanini to scale further by leveraging FMO’s knowledge and vast network of partners in the African financial services sector.”
FMO joins Goodwell Investments and Standard Bank Group in backing the South African-based fintech company in a recent joint funding round.
“We are very impressed with Nomanini’s traction and resilience during the pandemic. We believe in Nomanini’s market approach and the ability of the team to capture the growth opportunities,” said Wim van der Beek, managing partner of Goodwell Investments and board member at Nomanini. “As investors focused on inclusive growth, we are excited to put more money behind this conviction. We are happy to welcome FMO into the circle of investors: their support will help Nomanini grow its circle of partners around Africa even faster.”
The funding from Standard Bank follows its initial strategic investment in 2019, reaffirming its commitment as an investor and strategic partner to Nomanini as well as its support for Africa’s informal retail sector.
Adrian Vermooten, Chief Innovation Officer at Standard Bank notes, “Being able to support the creation of wealthier and healthier communities by providing working capital to retail MSME’s is a real win for all. Our partnership is a culmination of Standard Bank and Nomanini’s shared mission: to help the informal retail trader grow.”