Nomanini secures funding for international expansion
African mobile innovation company Nomanini receives funding boost from IDC for international expansion
04 AUGUST 2014, CAPE TOWN, SOUTH AFRICA.
SummaryEmerging markets payments innovator Nomanini today received additional funding from the Industrial Development Corporation (IDC) to enable its expansion into international markets.
Nomanini has been granted ZAR 4.8 million which will enable it to scale operations internationally, streamline its fulfillment process and recruit the talent needed to keep up with its growth.
Nomanini CEO Vahid Monadjem started the company to bring the power of the mobile revolution to the communities that have the most to gain from it. Nomanini partners with local enterprises in each market to create a locally relevant product on the company’s prepaid platform.
“Our experience with South Africa’s IDC has been fantastic. As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors.”
Monadjem encourages more entrepreneurs in South Africa to utilise the IDC’s services, saying “The representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful.”
The IDC’s Technology Venture Capital Fund provides equity or debt funding to emerging technology-focused businesses. The objective of this fund is to enable the commercialisation of technology-rich South African intellectual property into market-ready products.
"“Our experience with South Africa’s IDC has been fantastic. As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors.”" Vahid Monadjem
"“IDC representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful.”" 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