Standard Bank, the largest bank in Africa by assets, has invested $4 (KSh412) million in the fintech firm Nomanini, in a partnership that seeks to help informal traders in African countries.
The $4 million investment was made together with Goodwell Investments, an Amsterdam-based investment firm, although both investors haven’t disclosed their individual stakes.
Nomanini, whose mission is to provide affordable access to payment for everyone, offers a platform that optimises transactions in the retail sector and provides technology for distribution of pre-paid services.
Standard Bank will use Nomanini’s technology to collect relevant data on retailers such as purchasing powers and spending patterns, enabling them to build a financial profile which would, in turn, allow the bank to determine their needs early enough.
Standard Bank will, however, face stiff competition from other institutions already offering financial services such as Safaricom’s M-Pesa platform and FirstRand’s First National Bank which partnered with Selpal Pty Limited, a fintech company, to connect informal traders in townships with fast-moving consumer-goods companies.
Advantages of using the services include boosting of trade, increased variety of goods and services and more return customers.
Standard Bank and Nomanini will roll out their service in South Africa, Zambia, Mozambique, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania, eSwatini and Lesotho.
