South African fintech startup Nomanini is increasing its recently-launched provide chain finance answer StockNow to eight new African markets by way of a strategic partnership with monetary providers supplier Baobab Group.

Based in 2010, Nomanini has developed a platform that allows casual retailers and micro-entrepreneurs in rising markets to distribute digital items reminiscent of airtime and pay as you go electrical energy.

The startup, which additionally gives micro-loans to retailers and operates in markets reminiscent of Ghana and Mozambique, raised a US$four million funding spherical led by Customary Financial institution, Africa’s largest financial institution, and accomplished by Goodwell Investments, an Amsterdam-based funding agency, in 2019. It additionally banked funding value US$1.5 million in 2021.

Disrupt Africa reported final month on Nomanini’s launch of StockNow, which connects FMCGs and monetary service suppliers to serve Africa’s casual retailers at scale. The simple-to-use app makes it attainable for casual micro and small retailers to buy inventory digitally.

The startup has now agreed a strategic partnership with Baobab, a monetary providers group that, by way of its subsidiaries, supplies monetary providers to half one million micro-entrepreneurs and small companies. The corporate has operations in eight African nations, to which Nomanini will now, over time, develop StockNow. They’re Senegal, Mali, the Democratic Republic of the Congo (DRC), Tunisia, Burkina Faso, Ivory Coast, Nigeria, and Madagascar. 

In its first undertaking with Baobab Group, Nomanini will launch StockNow within the DRC, whereas throughout the opposite seven markets, over the subsequent 5 years, the partnership has set the objective to succeed in a complete service provider base of 820,000 micro, small and medium retailers who promote numerous the fast-moving shopper items however face plenty of challenges like entry to accountable capital that make it exhausting for his or her companies to develop.

“Nomanini continues to establish modern approaches to partnerships that allow us to remain on the forefront of connecting retailers to digital monetary providers to enhance their companies,” stated CEO Vahid Monadjem. 

“The Nomanini and Baobab Group partnership is a strong mixture. It strategically aligns each corporations to create providers that ship the very best worth to retailers. Our understanding of Africa’s basic commerce sector is uniquely complementary to Baobab Group’s mission to make monetary providers extra accessible, reasonably priced, inclusive and clear, and helps our intention to develop extra rapidly into markets in Africa that can profit from inclusive finance. We imagine this partnership will create compelling and sustainable worth for the evolving wants of Africa’s basic commerce sector.”