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South Africa’s Nomanini raises $500k from FMO to Connect SMEs to Retail Distributors & Financial Services

South Africa’s fintech platform Nomanini has received $500,000 in the form of a convertible loan from Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership.

The $500,000 was disbursed from MASSIF, a fund it manages for the Dutch government. Set up in 2006, MASSIF supports access to financial services such as savings and loans for micro-, small and medium-sized enterprises. The fund is active mostly in low-income countries, supporting MSMEs, agricultural value chains, access to basic goods, and enterprises owned by women and youth. MASSIF has a portfolio of EUR 545 million (USD 647 million) as of December 2019.

According to Jeroen Harteveld, MASSIF’s fund manager, “Nomanini’s focus on informal and unbanked or underbanked merchants across Africa fit perfectly with the mandate of the financial inclusion fund.”

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Founded in 2011, Nomanini facilitates financial service providers and fast-moving consumer goods (FMCG) companies in reaching retail micro-, small and medium enterprises (MSMEs) and their customers in South Africa. Through Nomanini, merchants can use a mobile phone as a retail point-of-sale (POS) solution. Nomanini also finances merchants’ purchases from FMCG firms. In addition, MSMEs can use Nomanini to offer their customers financial services such as bill payments, prepaid utility transactions, and cash-in and cash-out banking services.

Nomanini has offices in Kenya as well as in South Africa and has received investments from Goodwell Investments, which also has offices in Kenya, the Netherlands, and South Africa, and Standard Chartered, a UK-based bank that is mainly active in Africa, Asia, and the Middle East. Financial data for Nomanini are unavailable.

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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 provides informal retail Micro, Small and Medium-Sized Enterprises (MSMEs) with the tools to improve their businesses using digital financial services and existing distribution networks to support digital banking and supply chain financing in cash-first markets.
The firm reports having 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. Nomanini is now focusing on cultivating more partnerships and further developing its solutions for both financial service and FMCG (Fast Moving Consumer Goods) providers.
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Milcah Lukhanyu
Milcah Lukhanyu
I cover tech news across Africa. Drop me an email at [email protected]

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