South African fintech startup Nomanini is expanding its recently launched StockNow supply chain financing solution to eight new African markets through a strategic partnership with financial services provider Baobab Group.
Founded in 2010, Nomanini has developed a platform that allows informal traders and microentrepreneurs in emerging markets to distribute digital goods such as airtime and prepaid electricity.
The startup, which also offers microloans to traders and operates in markets such as Ghana and Mozambique, raised a $ 4 million round of funding directed by Standard benchthe largest bank in Africa, and completed by Goodwell Investmentsan investment company based in Amsterdam in 2019. Also bank financing worth US $ 1.5 million in 2021.
Disrupt Africa has been reported last month on the release of Nomanini StockNow, which connects FMCGs and financial service providers to serve informal retailers in Africa at scale. The easy-to-use app makes it possible for micro and small informal retailers to buy stock digitally.
The startup has now agreed a strategic partnership with Baobab, a financial services group that, through its subsidiaries, offers financial services to half a million micro-entrepreneurs and small businesses. The company has operations in eight African countries, to which Nomanini will now, over time, expand StockNow. They are Senegal, Mali, the Democratic Republic of the Congo (DRC), Tunisia, Burkina Faso, Ivory Coast, Nigeria and Madagascar.
In its first project with Baobab Group, Nomanini will launch StockNow in the DRC, while in the other seven markets, over the next five years, the partnership has set itself the goal of achieving a total commercial base of 820,000 micro, small and retail media that sell a large number of fast-moving consumer goods, but face a number of challenges such as access to responsible capital that hinder the growth of their businesses.
“Nomanini continues to identify innovative approaches for partnerships that allow us to stay at the forefront of connecting retailers with digital financial services to improve their businesses,” said CEO Vahid Monadjem.
“The partnership of Nomanini and Baobab Group is a powerful combination. It strategically aligns both companies to create services that offer the best value to retailers. Our understanding of Africa’s general commercial sector is complemented exclusively by the Baobab Group’s mission to make make financial services more accessible, affordable, inclusive and transparent, and supports our intention to expand more rapidly into African markets that will benefit from inclusive financing.We believe this partnership will create compelling value. and sustainable for the evolving needs of Africa’s general trade sector ”.