The funding round was led by Standard Bank, Africa’s bank, and completed by Goodwell Investments, a Netherlands-based investment company focused on fintech and financial inclusion.

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.

With the benefit of these business analytics, the bank can offer a mobile application which provides access to new lines of business, credit and savings services for millions of informal merchants across 14 African countries – all without having to set foot in a bank branch or leave their points-of-sale. The service will be available in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania Eswatini, Lesotho, and Botswana.

Transaction data analysis via Nomanini’s platform means that micro-merchants’ creditworthiness can be more accurately assessed and, as a result, many will become eligible for working capital loans for the first time. For the merchants using this service, this means a boost to ongoing trade, increased return customers and the sale of additional goods and services.

For Nomanini, the partnership with Standard Bank bank adds merchant financing to its existing service offering and provides the opportunity to scale into new markets. With the investment, the company plans to expand its portfolio of financial services to offer remittances, insurance and other products in the future.