SA’s Nomanini now Offers Credit to Informal Retailers

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Cape Town based enterprise payments platform, Nomanini, recently launched a loans system for Ghanaian merchants, aimed at offering credit to informal retailers previously excluded from financial services.

Nomanini started their entrepreneurial journey by launching a product that serves a pressing need that the current model doesn’t serve in 2010- a system that enables transactions in the cash-based informal retail sector.

The startup has now introduced merchant micro-loans for Ghanaian merchants, those registered on Nomanini’s platform will be offered overnight or weekly loans of up to US$100. The idea behind this is to offer merchants increased access to capital and help them develop a financial history as a retail business.

“While Nomanini has been focused on merchant transactions thus far, we have gathered a lot of data on merchants. These individuals have for the most part been unable to access credit as banks know little or nothing about them,” said Vahid Monadjem, CEO of Nomanini.

“Traditionally, the merchants we serve have lacked access to finance, but this rollout breaks down those barriers. Long-term we will be looking for partners to help us offer advances to as many merchants as need them, and in doing so we can play a part in helping informal economies grow.”

Nomanini is now collecting repayment and default data on merchants with the aim of presenting it to possible partners in March, at which point the company aims to be able to expand the service to other markets, offering larger amounts for longer durations.

www.nunnovation.com