South Africa’s Nomanini fintech plans to expand into Zimbabwe before end of this year, CEO Vahid Monadjem told The Africa Report publication on Thursday.
Nomanini is a firm supplying digital commerce solutions to informal traders, since it has established in 2010. The firm is backed by South Africa’s Standard Bank.
From Zimbabwe, the next target market is Ghana, then Egypt, Monadjem said. He added that the firm aims $5 million in equity to finance its growth, with a larger debt round for $20 million to $40 million planned in the next 18 months.
Nomanini built a handheld prepaid vending terminal tied to a cloud-based transactional platform. The Nomanini platform creates a direct conduit from remote points-of-sale to service providers and prepaid distributors.
The company’s tool can be used by merchants to integrate third-party inventory management and employee payroll systems.
“This increases voucher availability, gives resellers a better margin and enables more people in remote areas to access these basic services at a fair price,” Vahid Monadjem.
Nomanini means “anytime” in Siswati. The company provides affordable access to payments for everyone, everywhere.
The South African-based enterprise payments platform provider enables transactions in the cash-based informal retail sector.