FMO has invested in fintech platform Nomanini to further boost their pan-African expansion. The participation is a US$500,000 convertible loan from the government fund MASSIF.
Nomanini focuses on unbanked vendors, kiosk- and shop holders, while its strategic partnerships allow the fintech platform to be one of the ‘winning’ models. Nomanini connects merchants and distributors to each other and global service providers, integrating payments, working capital, and data analytics to unlock the latent potential of Africa’s economy. This fits with MASSIF’s objective to support end-beneficiaries through financing local financial intermediaries and institutions.
Over the past year, Nomanini has 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. The company is now focusing on cultivating more partnerships and further developing its solutions for both financial service and FMCG (Fast Moving Consumer Goods) providers.
Nomanini continues to put the livelihoods of MSME retailers at the centre of our focus,” said Vahid Monadjem, CEO of Nomanini. COVID-19 served to underscore the importance of these entrepreneurs for their communities as well as their lack of access to financial tools to provide resilience in this time of crisis. With FMO on board, we are looking forward to expanding our partnerships to include more like-minded financial service providers.”
Nomanini’s focus on informal and un(der)banked merchants, including vendors, kiosk- and shop holders across Africa, fit perfectly with the mandate of the financial inclusion fund”, added MASSIF fund manager Jeroen Harteveld. Beyond Nomanini’s talented team, we believe its existing B2B partnerships are unprecedented for a FinTech. We are excited to support Nomanini to scale further by leveraging FMO’s knowledge and vast network of partners in the African financial services sector.”
FMO joins Goodwell Investments and Standard Bank Group in backing the South African-based fintech company in a recent joint funding round.« Back to Member News