Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Nomanini Raises $4m for Fintech Expansion

Article Image
African fintech platform Nomanini has raised $4 million through a funding round led by Standard Bank.

Nomanini, which means 'anytime' in SiSwati (one of the official languages of South Africa), is a platform which targets the informal retail ecosystem in Africa. It uses mobile technology to help informal retail merchants offer electronic products and banking services to their communities.

The strategic investment from the South African-headquartered bank sees it gain an unspecified stake in Nomanini and for the fintech player allows it to expand its offerings and scale into new markets. The partnership has also resulted in the launch of a mobile application, powered by Nomanini, which will offer under-served informal retailers the bank's financial services for the first time.

Standard Bank will now provide access to new lines of business, credit and savings services for millions of informal merchants across 14 African countries. It says the service will be available in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania eSwatini, Lesotho and Botswana.

Headquartered in Cape Town and founded in 2011, Nomanini's merchant wallet now connects thousands of merchants across Africa to distributors and banks.

Cash remains king in Sub-Saharan Africa, especially in the informal sector, despite the rapid growth in mobile money and mobile payments during the past 10 years. The payments infrastructure supporting retail is still mostly analogue: Mastercard estimates that around 95% of transactions in Africa and the Middle East are still conducted using cash.

"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," says Adrian Vermooten, head of digital in Africa regions at Standard Bank.

Transaction data analysis via Nomanini's platform means that micro-merchants' creditworthiness can be more accurately assessed and, as a result, many will become eligible for working capital loans for the first time.

The partnership also falls in line with Standard Bank's recent commitment to branchless banking. Earlier this year the bank announced it would close over 100 branches and retrench hundreds of staff in an effort to become a more digitized bank.

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.

"This partnership with Standard Bank will be instrumental for Nomanini's next wave of growth, while ensuring that millions of Africa's under-served micro-entrepreneurs receive access to digital financial services for the first time," says Nomanini founder and CEO Vahid Monadjem.

"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," added Monadjem.

The funding round was completed by Goodwell Investments, an Amsterdam-based investment firm focused on fintech and financial inclusion.

The Staff Connecting Africa

Innovation hub


Interview: Juliet Ehimuan on Africa's next wave of innovation

Juliet Ehimuan, founder and CEO of Beyond Limits Africa and ex-MD of Google West Africa, spoke to Connecting Africa about the next wave of innovation in Africa and the continent's digital future.


InDrive enters Zimbabwe's Bulawayo

Ride-sharing platform InDrive is expanding its services to Zimbabwean city of Bulawayo after successfully introducing its services in the capital of Harare in May this year.

More Innovation hub

Latest video

More videos

Industry announcements

More Industry announcements

Sponsored video

More videos

Partner perspectives

All Partner Perspectives

Africa Tech Perspectives


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.


Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

More AfricaCom perspectives

Upcoming events

Nextv Series Africa
October 4-5, 2023
Hotel Sky Sandton, Johannesburg
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Flash poll

All polls

Guest Perspectives


Omdia View: August 2023

By Omdia Analysts

Highlights in August 2023 in the Middle East and Africa included a commercial 5G launch from Ethio Telecom and the signing of a virtual wheeling agreement between Vodacom South Africa and Eskom – that and more in this month's Omdia View.


Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id I-0000192