South African fintech startup Nomanini has launched StockNow, a digital retailer solution that aims to bring affordable working capital to Africa’s informal retail markets.
Founded in 2010, Nomanini has developed a platform that enables informal merchants and micro-entrepreneurs in emerging markets to distribute digital goods such as airtime and prepaid electricity.
The startup, which also offers micro-loans to merchants and operates in markets such as Ghana and Mozambique, raised a US$4 million funding round led by Standard Bank, Africa’s largest bank, and completed by Goodwell Investments, an Amsterdam-based investment firm, in 2019. It also banked funding worth US$1.5 million in 2021.
Nomanini has now announced the launch of a new supply chain finance solution called StockNow, which connects FMCGs and financial service providers to serve Africa’s informal retailers at scale. The easy-to-use app makes it possible for informal micro and small retailers to purchase stock digitally.
Ten million informal retailers in Africa are reached by global FMCG value chains but lack access to responsible and affordable finance solutions to keep their shelves stocked to attract customers and grow their businesses.
Going live in Tanzania with a key partner Nestlé ESAR, the StockNow app connects informal retailers to distributors of global fast moving consumer brands relevant in the general trade market, enabling them to purchase goods using stock advances to keep their shelves stocked with essential goods, ensuring business continuity and support for last-mile consumers.
“COVID-19 really highlighted how important these retailers are to their communities. And unfortunately, their lack of access to responsible business finance solutions means that they are particularly vulnerable during and after times of crisis,” said Nomanini CEO Vahid Monadjem.
“In response to challenges we saw retailers face during the pandemic and related lockdowns, we established the opportunity to accelerate the development of our digital working capital solutions to provide tools to help retailers keep their shelves stocked with essential goods.”
StockNow is now live and being rolled out to thousands of informal retailers in Tanzania, with plans underway to scale the solution across the continent.
