Nomanini integrates with MFS Africa to increase mobile money footprint
South Africa-based enterprise payments platform provider, Nomanini, has announced it is integrating with MFS Africa to enable informal merchants to send and receive international remittances.
14 DECEMBER 2016, CAPE TOWN, SOUTH AFRICA
SummarySouth Africa-based enterprise payments platform provider, Nomanini, has announced it is integrating with MFS Africa to enable informal merchants to send and receive international remittances. The integration with MFS Africa allows Nomanini merchants to facilitate international remittances, increasing their financial service offering in their communities.
Nomanini’s payments platform enables informal retail merchants in emerging markets to distribute digital goods, including airtime and prepaid electricity, as well as facilitate cash transfers, bill payments and other banking transactions for people in informal markets. The integration with MFS Africa allows merchants to facilitate international remittances, increasing their financial service offering in their communities.
“This means that merchants in far-flung areas can act more and more like a bank branch, increasing the level of financial inclusion where it’s most needed”, says CEO Vahid Monadjem.
Increasing the availability of mobile money in informal markets
MFS Africa connects over 120 million mobile money recipients across all major mobile networks in Africa, and Nomanini’s clients will have immediate access to this network, increasing the availability of mobile money in informal and rural areas across Africa.
Mobile money integration has benefits across the board, with service providers such as mobile operators and financial institutions, merchants and consumers all benefitting from the move. For mobile operators and banks, Nomanini helps to increase merchant acceptance, and in turn increasing consumer usage.
By offering international remittances and other mobile money services, Nomanini merchants increase direct revenue, and also attract footfall to their business. This provides informal retailer merchants the opportunity to cross-sell other goods and services, and become a ‘one stop shop’.
Consumers gain from this greater availability of mobile money services, because informal retail merchants are 10 to 20 times more prevalent than mobile money agents. This in turn creates affordability for consumers, as merchants can transact lower values because they are not entirely dependent on mobile money transactions to earn an income.
A maturing fintech ecosystem
Says Monadjem, ‘Mobile money’ used to be a catch-all phrase used to describe everything from consumer wallets to building agent networks, to switching to more services, and international remittances. This is now maturing into a fintech industry with more specialist roles.’
This widespread shift towards specialisation undoubtedly makes strong partnerships even more critical for long-term improvement. To this end, Nomanini is convening a peer conference to foster more dialogue and partnerships between fintech innovators in this maturing ecosystem. Nomanini is also in talks with more partners, and by leveraging existing technology it allows them to focus on their niche - merchant services.
"This means that merchants in far-flung areas can act more and more like a bank branch, increasing the level of financial inclusion where it’s most needed." Vahid Monadjem
"‘Mobile money’ used to be a catch-all phrase used to describe everything from consumer wallets to building agent networks, to switching to more services, and international remittances. This is now maturing into a fintech industry with more specialist roles." Vahid Monadjem
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