African fintech platform, Nomanini has launched a new supply chain finance solution dubbed StockNow. The solution serves as a bridge that connects FMCGs and financial service providers to serve Africa’s informal retailers at scale.
Founded in 2010 and headquartered in South Africa, Nomanini is a fintech platform that provides informal retailers with the tools to improve their businesses by combining new digital financial services with existing distribution networks.
Nomanini’s StockNow is an easy-to-use app for retailers developed by Nomanini, makes it possible for informal micro and small retailers to purchase stock digitally.
According to the company, ten million informal retailers in Africa are reached by global FMCG value chains but lack access to responsible and affordable finance solutions to keep their shelves stocked to attract customers and grow their businesses.
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.
The company revealed that the app will be going live in Tanzania with the support of Nestlé ESAR 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.
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
Speaking on the impact the new solution will have in the face of the present challenges being encountered by retailers in Africa, Nomanini’s CEO, Vahid Monadjem explained, “COVID really highlighted how important these retailers are to their communities 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.” He continued.
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.
FMCGs scaling into emerging markets encounter challenges as, without affordable working capital, many informal retailers go through periods when they cannot pay suppliers to restock their inventory due to a lack of cash flow at the time of delivery. As a result, stock is unexpectedly returned to the depot, leading to high operational costs.
Nomanini’s StockNow solution helps FMCGs overcome these challenges by providing an end-to-end solution to provide responsible working capital so that informal retailers can predictably stock their shelves.
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. Automating settlements and incentivising e-payments within the value chain also lead to improved efficiencies.
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.
Nomanini with the support of Standard Bank raised $4 million in 2019 to help drive its mission to boost the growth of the informal trade sector in Africa. In January 2022, the fintech company also teamed up with Nestle and Standard Bank to provide MSMEs with access to working capital through Trader Assist, a digital finance solution that enables retailers to sufficiently stock up their shops.
