Standard BankCape Town-based fintech startup Nomanini has raised $4 million in a funding round led by Africa’s biggest lender by assets, Standard Bank along with Amsterdam-based Goodwell Investments.

Under the deal, Standard Bank will acquire a stake in the company and will use Nomanini’s mobile application. Through the app, the bank will provide access to new lines of business, credit and savings services for informal merchants across 14 African countries.

The service will be available in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania eSwatini, Lesotho and Botswana.

Transaction data analysis via Nomanini’s platform would help the bank to assess the micro-merchants’ creditworthiness more accurately, and as a result, many will become eligible for working capital loans for the first time. For the merchants using this service, this means a boost to ongoing trade, increased return customers and the sale of additional goods and services, the company said.

The partnership with the bank will help Nomanini add merchant financing to its existing services and will help it scale into new markets. The company plans to use the funds to expand its portfolio of financial services to offer remittances, insurance and other products.

Fintech platform Nomanini connects merchants and distributors and global service providers, integrating payments, working capital, and data analytics.

Goodwell is an investment firm focused on financial inclusion, fintech and inclusive growth in sectors providing basic goods and services and income generation opportunities to the underserved.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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