TANZANIA – Nomanini, a fintech platform, has launched a new supply chain finance solution called StockNow that connects Fast-moving consumer goods (FMCGs) and financial service providers to serve Africa’s informal retailers at scale.
StockNow, an app for retailers developed by Nomanini, makes it possible for informal micro and small retailers to purchase stock digitally.
The StockNow app connects informal retailers to distributors of global fast-moving consumer brands relevant in the general trade market, enabling them to purchase goods using stock advances to keep their shelves stocked with essential goods, ensuring business continuity and support for last-mile consumers.
Going live in Tanzania with a Nestlé ESAR as a key partner, Nomanini’s launch of StockNow has formalised the relationship enabling a more strategic approach to alleviate some of the challenges experienced by retailers in Africa’s general market, especially as they recover from the effects of the pandemic.
StockNow is now live and being rolled out to thousands of informal retailers in Tanzania, with plans underway to scale the solution across the continent from Mozambique to Uganda, The Democratic Republic of Congo to Egypt.
“COVID really highlighted how important these retailers are to their communities,” explains Nomanini’s CEO, Vahid Monadjem.
“And unfortunately, their lack of access to responsible business finance solutions means that they are particularly vulnerable during and after times of crisis.”
“In response to challenges we saw retailers face during the pandemic and related lockdowns, we established the opportunity to accelerate the development of our digital working capital solutions to provide tools to help retailers keep their shelves stocked with essential goods.”
As sole proprietors, retailers in the informal sector require stability, and working capital solutions such as the StockNow app, which is available on android devices and feature phones, can provide greater resilience and a buffer against shocks.
StockNow will also enable them to build a stronger financial track record and trade with more confidence and volume over time.
By digitising the supply chain, StockNow enables FMCGs to increase operational efficiency by unlocking trade data and gaining visibility into the sales and preferences of informal retailers.
For Nomanini, the launch of StockNow marks a big shift from enterprise B2B technology solutions to a move into embedded stock advances in the FMCG value chain.
Founded in 2010 in South Africa, Nomanini has developed a platform that enables informal merchants and micro-entrepreneurs in emerging markets to distribute digital goods such as airtime and prepaid electricity.
Last year, the platform raised a new round of funding worth US$1.5 million from new and existing investors to grow its team, invest in product development and scale its offering.
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