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Nestlé, Nomanini and Standard Bank partner to provide MSMEs access to working capital

Tuesday 18 January 2022 11:08 CET | News

Nestlé Eastern, Nomanini, and Standard Bank have partnered to provide MSMEs with access to working capital via Trader Assist, a digital finance solution that enables retailers to stock up their shops.

With Trader Assist, Standard Bank provides access to responsible working capital while Nestlé enables products to be delivered to the retailers, helping them to offer a wider range of products and attract more customers.

Since launching the solution, Standard Bank has been able to onboard more than 20 merchants per week per branch with minimal back-office staff. More than 70% of retailers who were onboarded were eligible for credit after the initial 30-day period, and over 80% of those retail merchants who used credit once went on to become repeat borrowers. This credit has funded between 60%- 80% of retailers’ trading volumes.


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Keywords: partnership, banks, retail, merchant
Categories: Banking & Fintech
Companies:
Countries: Africa
This article is part of category

Banking & Fintech