What does financial inclusion look like in Ghana?
22 JULY 2016, ACCRA, GHANA
SummaryNomanini is pleased to announce that we are one of the first three partners of FIBR to launch a project in Ghana. Together with FIBR, we will use data on merchants to generate a credit scoring algorithm that would top up the float whenever the merchants require additional working capital.
FIBR, or Financial Inclusion on Business Runways is a new project of BFA in partnership with The MasterCard Foundation. FIBR rethinks financial inclusion by working with a broader set of partners, such as fintech companies and small businesses in addition to traditional banks and microfinance institutions (MFIs), to provide data-driven ways to bring financial services to unbanked and underserved populations.
We are pleased to announce that we are one of the first three partners of FIBR to launch a project in Ghana. Together with FIBR, we will use data on merchants to generate a credit scoring algorithm that would top up the float whenever the merchants require additional working capital. Right now, these small merchants have a difficult time accessing credit for their business needs. FIBR could help change this by partnering merchants with Nomanini.
As the pioneering fintech platform for the informal retail ecosystem, 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.
Nomanini turns any mobile device into a retail point-of-sale solution for informal merchants that is connected to an interoperable merchant wallet. The interoperable merchant wallet allows merchants to offer a broad range of digital banking (including cash-in/cash-out), mobile, utility and entertainment services to their customers boosting competitiveness. In turn, digital service providers rapidly increase the scale and reach of their offerings. By generating real-time insights based on transaction data, distributors using the platform gain a single view of their merchant network, ensuring inventory is where it is needed most to improve sales. Distributors can also begin to accept payments for goods electronically, eliminating the risk and inefficiency of collecting cash. With data analytics, Nomanini helps extend working capital loans to merchants via distributors allowing them to invest in inventory to grow their businesses. The increased volume of goods and services set against reduced operational friction increases the profits for all platform participants.
Nomanini was founded in 2010 and is headquartered in South Africa.
For more information, please visit https://www.nomanini.com