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TechnologyStandard Bank signs deal with Nomanini to reach informal traders

16:41  28 august  2019
16:41  28 august  2019 Source:   qz.com

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Standard Bank and Nomanini will roll out their service in South Africa, Zambia, Mozambique, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania, eSwatini and Lesotho. Other products it will offer the retailers include short-term savings and insurance. Nomanini is open to partnerships with

JOHANNESBURG - Standard Bank has taken a stake in local fintech firm Nomanini to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited access to banking services.

Africa’s largest bank wants to bring the continent’s small and informal businesses into its fold.

Standard Bank signs deal with Nomanini to reach informal traders© Provided by Atlantic Media, Inc.

In a deal announced on Tuesday (Aug. 27), Standard Bank invested $4 million into Nomanini, a fintech firm that connects banks and distributors ​​​​​​​to informal merchants. As part of the deal, Standard will offer a mobile application that provides credit to customers in 14 countries including South Africa, Uganda, Kenya, and Nigeria. By tapping into Nomanini’s data and client lists, Standard hopes to offer loans to first time users, expand its customer base, and boost its branchless banking services.

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Standard Bank and Nomanini will roll out their service in South Africa, Zambia, Mozambique, Malawi, Angola, among others. Picture: Moneyweb. Standard Bank has taken a stake in to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited

Standard Bank has taken a stake in local fintech firm Nomanini to offer credit to potentially millions of Vermooten pointed to tens of thousands of informal traders who currently act as mobile money Vahid Monadjem, founder and CEO of Nomanini , said even just 100,000 retailers could reach

The deal is a win for Nomanini too, says founder and chief executive Vahid Monadjem. The partnership will allow the Cape Town-based company to widen its services and scale into new markets by piggy-backing on the bank’s wide reach.

Standard Bank Group is the largest African banking group by assets, with a market cap of approximately $23 billion as of June 2019, and has an on-the-ground presence in 20 countries. Nomanini has, in turn, served several thousand merchants by working with a dozen distributors across six countries including Namibia, Kenya, Mozambique, and Ghana.

“In addition to credit and loans, we’ll be providing savings and insurance,” Monadjem says. “As a merchant-first solution, we will essentially provide whichever tools merchants need to grow their businesses.”

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Standard Bank looks to help informal traders and mobile money agents in African countries offer financial services. Standard Bank aims to use Nomanini technology to collect and analyse data on retailers in order to understand their ordering patterns and offer financial services [File: Nadine

The deal with Nomanini gives Standard Bank an excellent way of getting into the Fintech sector but also allows it to study the date with regards to the shopkeepers in the continent in a much more comprehensive fashion. As everyone knows, the availability of actionable data is now one of the most

African banks, large and small, are trying to figure out ways help drive up financial inclusion and offer more credit services from micro-credit to loans for small to medium-sized enterprises. Banks, seeing fast-growing availability of financial services via mobile phones across the continent, are looking to small and nimble fintech startups as partners to help them reach a customer base they had traditionally ignored.

With 456 unique mobile subscribers and 400 million registered mobile money accounts across Sub Saharan Africa, according to the GSMA, financial institutions are also coming to terms with the transformative power of mobile money and its potential as a source of revenue and deposits.

Given that, banks and fintech startups have both been trying to permeate the mobile financial services sector and pull some of these customers their way. This strategy is also animated by the rising adoption in Africa of smartphones, the growth of account-to-account interoperability, besides the ancillary industries like e-commerce facilitated by mobile money.

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Using Nomanini technology, Standard Bank will collect and analyse data on the retailers. Adrian Vermooten, Standard Bank ’s head of digital in This will allow the bank to pre-empt the trader ’s re-stocking needs and send them alerts offering to arrange and underwrite its next order, for instance.

Nomanini provides banks , mobile networks and mobile money operators with merchant tools and management platforms to enable widespread and convenient access to VAS products, cash transfers, bill payments and bank transactions for people in informal markets.

Standard Bank signs deal with Nomanini to reach informal traders© Provided by Atlantic Media, Inc.

Banking institutions are especially looking to the unbanked given how their high-cost models, transaction fees, and complicated paper processes keep off large low-income segments of the population. As such, Africa’s retail-banking penetration stands at half the global average for emerging markets at 38% of the gross domestic product, according to management consulting firm McKinsey.

But as the banking population grows in Africa, financial establishments aren’t waiting for customers but are partnering with fintech companies and telecom operators to target them directly.

Standard Bank signs deal with Nomanini to reach informal traders© Provided by Atlantic Media, Inc.

Monadjem says one of the challenges they foresee is that they will be operating across fragmented and heterogeneous markets where needs and demands will differ. But if all goes well, their short term target is to reach one hundred thousand retail traders. “Each trader reaches hundreds of consumers each month, translating into a positive ripple effect to tens of millions of consumers.”

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