The company is currently seeking $5m in equity to finance its growth, with a larger debt round for $20m to $40m planned in the next 18 months. Launches in Zimbabwe and Ghana are set to take place this year.
Set up in 2010, Nomanini provides till-point services for informal retailers, and supplies credit to enable them to free up working capital. The company’s tool can be used by merchants to integrate third-party inventory management and employee payroll systems.
Partners include Nestlé, the world’s largest food and beverage company, and Standard Bank, the continent’s largest bank, with whom the Trader Direct till-point solution was developed. Standard Bank is also a shareholder, as are impact investor Goodwell and Dutch development bank FMO.
According to McKinsey, the fact that cash is still used in around 90% of transactions in Africa means that fintech has huge potential to
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