Cash is still king, says Nomanini CEO and AfricaCom speaker Vahid Monadjem

“Mobile money, while undoubtedly achieving impressive growth across Africa, is really still in its infancy,” says Vahid Monadjem, co-founder and CEO of cash-based POS platform provider Nomanini.

20 OCTOBER 2014
Summary
CEO of Nomanini, Vahid Monadjem, will be discussing solutions for the cash to digital convergence at AfricaCom 2014. His presentation is at 12.40 pm on Day 2 of the conference (12 November) under the Mobile Money and M-commerce stream.

20 October 2014 - “Mobile money, while undoubtedly achieving impressive growth across Africa, is really still in its infancy,” says Vahid Monadjem, co-founder and CEO of cash-based POS platform provider Nomanini.

“Unfortunately, many of the statistics surrounding the number of mobile money transactions taking place in countries like Kenya are misleading. We need to continue to build on the gains in digital money with an appreciation of the realities of these markets. Cash is definitely still king.”

Monadjem will explore the state of Africa’s emerging economies, investigating and debunking some of the myths and hype around mobile money at AfricaCom 2014, taking place at the Cape Town International Convention Centre on 11-13 November.

Monadjem believes that there is still a lot of work to be done to create true financial inclusion, and that innovative cash-based solutions need to be put in place today while the mobile solutions of tomorrow are developed and refined.

“Cash is still king in most informal markets, but technology - mobile and cloud - can unlock essential services for under-served people, create new revenue streams for informal entrepreneurs and business owners, and help large service providers reach consumers in even the most rural of areas.”

Nomanini is a Cape Town-based business that is revolutionising the prepaid industry across Africa and in emerging markets around the world. Its rugged, mobile point of sale terminals and highly scalable, cloud-based backend enable cost-efficient distribution of prepaid mobile and electricity vouchers and facilitation of micropayments. Nomanini has been shortlisted in two AfricaCom Awards categories: Best Device and Best Cost Efficiency Solutions.

Nomanini is an exhibitor at AfricaCom this year, and can be found at Stand A21, where delegates can view demonstrations of its colourful terminals and cloud-based backend system, as well as pick up a free SIM card and airtime to avoid costly roaming charges. Nomanini is also hosting a drinks reception on the evening of Day 1. To be added to the RSVP list, kindly email kim@nomanini.com.

About Vahid Monadjem - CEO and co-Founder, Nomanini

Vahid Monadjem is the co-founder and CEO of Nomanini, a South African-based mobile Point of Sale service for facilitating cash transactions in emerging markets. He is passionate about working at the intersection of technology and design in informal markets, where Nomanini’s solutions can directly impact people's lives.

Vahid’s vision for Nomanini is to provide platforms for transactions in emerging markets by empowering local partners to create the tools that best suit their particular environment. He is a trained engineer with extensive innovation and product design experience.

Before founding Nomanini, he was McKinsey & Company’s global fellow for Emerging Market Product Development. He has worked in Africa, South East Asia, North America and Europe within a wide range of industries, including technical services, design, consumer goods, state-owned utilities, petrochemicals and telecommunications.

Quotes
"Mobile money, while undoubtedly achieving impressive growth across Africa, is really still in its infancy." Vahid Monadjem, CEO of Nomanini
"Unfortunately, many of the statistics surrounding the number of mobile money transactions taking place in countries like Kenya are misleading. We need to continue to build on the gains in digital money with an appreciation of the realities of these markets. Cash is definitely still king. " Vahid Monadjem, CEO of Nomanini
"Cash is still king in most informal markets, but technology - mobile and cloud - can unlock essential services for under-served people, create new revenue streams for informal entrepreneurs and business owners, and help large service providers reach consumers in even the most rural of areas." Vahid Monadjem, CEO of Nomanini
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About 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

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