The deal was completed by Goodwell Investments, an Amsterdam-based investment firm focused on fintech and financial inclusion.
Adrian Vermooten, Head of Digital in Africa Regions, Standard Bank, said, “The reality is, around 86% of all employment in Sub-Saharan Africa is informal. Going to the bank and filling out forms for a loan is simply not viable – and can take days. In Nomanini, we’ve found a partner uniquely placed to help micro-merchants in Africa thrive, not just survive.
"Our partnership and investment in Nomanini has helped us uncover simple, scalable opportunities while granting new and existing customers access to financial services for the first time. Previously, this type of information was unavailable to us but now our merchant customers can access banking services wherever they are and whenever it suits them.”
“This partnership with Standard Bank will be instrumental for Nomanini’s next wave of growth while ensuring that millions of Africa’s underserved micro-entrepreneurs receive access to digital financial services for the first time. And this is just the beginning. Nomanini’s interoperable wallet is a gateway to a whole range of digital banking services - loans and savings now but soon, remittances and insurance too. It’s only by bridging the divide between the digital and the physical cash that rules in these markets that we’ll be able to rewrite the rules of informal retail trade in Africa,” commented Vahid Monadjem, Founder & CEO of Nomanini.
Through the terms of the strategic investment, Standard Bank gains a stake in the company and the ability to use Nomanini’s platform to unearth previously ‘invisible’ data on the informal retail economy.
The bank said it will offer mobile banking services to offer new lines of business, credit, and savings in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania, eSwatini, Lesotho and Botswana.
The informal market in Sub-Saharan Africa
According to McKinsey, Sub-Saharan Africa remains one of the world's largest untapped economic opportunities, with consumer spending expected to reach $2.1 trillion by 2025.