Nomanini shortlisted for the MIT Inclusive Innovation Challenge
28 AUGUST 2017
SummaryNomanini has been selected as a Finalist in the MIT Inclusive Innovation Challenge. Nomanini is one of four finalists (from among 300 organisations) in the Financial Inclusion category and has received a $35,000 award in recognition of our transformative approach to driving economic opportunity in the digital age. The funds will be used to support our mission of increasing financial inclusion via local informal retail merchants, who serve as a daily touch point for over 80% of people in Africa.
Nomanini has been selected as a Finalist in the MIT Inclusive Innovation Challenge.
Nomanini is one of four finalists (from among 300 organisations) in the Financial Inclusion category and has received a $35,000 award in recognition of our transformative approach to driving economic opportunity in the digital age. The funds will be used to support our mission of increasing financial inclusion via local informal retail merchants, who serve as a daily touch point for over 80% of people in Africa.
CEO Vahid Monadjem will be attending the IIC Celebration on October 12 in Boston to receive the award. Four Grand Prize winners, whose total prize will be $150,000 each, will be also be announced.
The MIT Inclusive Innovation Challenge (IIC) was formed to identify, reward, and promote innovators and solutions that are driving greater economic prosperity for all, as we face some of the most disruptive changes in human history, namely: financial inclusion, technology access, skills development and opportunity matching, and income growth and job creation.
“It's an honour to be a finalist for the IIC. IIC has the clout of MIT's global standing in technology along with the recognition that one of the biggest problems in the world today is inequality and exclusion. We appreciate Nomanini being recognised as a leader in inclusive innovation,” said Monadjem.
A challenge facing low income consumers (many living on less than $5 a day) across Africa is their reliance on cash and lack of affordable access to payments and banking services. This makes them financially vulnerable, as they have no access to savings or credit. Additionally, they often have to travel far distances reach a bank/ATM which is not economically viable for low value payments.
Nomanini’s technology leverages the potential of informal merchants to serve as a “mini bank branch” in their communities.
We have developed a payments platform used by informal merchants and money agents, to facilitate a wide-range of basic transactions including mobile top-ups, utility payments, remittances, deposits, withdrawals, account opening and mobile money/card acceptance. Merchants who already sell various physical goods such as fruit, softdrinks and shampoo can become a channel for increasing financial inclusion, supplement their income, and attract footfall to their stores with these new products and services.
As all transactions are recorded through the platform, we are able to conduct credit risk assessments for each merchant. Based on this, we are also able to offer instant loans for improved float management. This improved liquidity means merchants can sell for longer, increasing their income. At the same time, the short term loans create a credit record, which opens the opportunity for merchants to gain better supplier terms and apply for larger bank loans to grow their business.
In this way, Nomanini’s creates greater economic prosperity for informal merchants and enables them to become a channel for financial inclusion in their local communities.
About the MIT IIC
The MIT IIC is the flagship program of the MIT Initiative on the Digital Economy (IDE). Co-founders Erik Brynjolfsson and Andrew McAfee define the era we live in as the ‘Second Machine Age’, and in their prescient, best-selling book, they proposed that the way forward is not to preserve the jobs of the past, but to create new paths for more people to share in the prosperity that digital technology creates.
Nomanini, meaning ‘Anytime’ in Siswati, provides affordable access to payments for everyone, everywhere.
The company is a South African-based enterprise payments platform provider that optimises transactions in the informal market.
Nomanini provides banks and mobile operators with an end-to-end payments platform.
Its range of merchant and agent transaction tools enable financial inclusion via widespread and convenient access to VAS products, money transfers, bill payments and other banking transactions for people in informal markets.
The advanced merchant and agent management solution provides banks and mobile operators with the ability to increase activity rates driven by unique KPIs and data-driven insights.
Nomanini has Pan-African partnerships enabling thousands of merchants and agents provide payment and banking services in their local communities.
"It's an honour to be a finalist for the IIC. IIC has the clout of MIT's global standing in technology along with the recognition that one of the biggest problems in the world today is inequality and exclusion. We appreciate Nomanini being recognised as a leader in inclusive innovation." 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.
Headquartered in Cape Town and founded in 2011, Nomanini has partnered with Standard Bank Group.
For more information, please visit https://www.nomanini.com