Nestlé partners Nomanini, Standard Bank to empower retail traders

Informal retail micro, small and medium-sized enterprises across the Eastern and Southern Africa Region are set to receive a technological and operational boost for their businesses, thanks to Nestlé, Nomanini and Standard Bank.

Announcing the project, Chairman and Managing Director of Nestlé ESAR, Bruno Olierhoek, emphasised that the region’s economic growth was interdependent on strong partnerships amongst various stakeholders, including the informal retail sector.

“As one of the fastest-growing consumer retail markets in the world, Africa is full of economic potential. This potential lies firmly within the informal retail sector, which constitutes the vast majority of the retail market in Africa. To give impetus to this positive outlook, we have leveraged Nomanini’s technology to unlock business opportunities, drive economic growth, create jobs and improve ways of doing business,” he said.

The majority of retail transactions in sub-Saharan Africa are cash-based and occur in informal channels, according to International Finance Corporation’s research.

“Being able to support the creation of wealthier and healthier communities by providing working capital to retail MSMEs is a real win for all,” said Chief Innovation Officer at Standard Bank Group, Adrian Vermooten.

Similarly, Vahid Monadjem, Chief Executive Officer of Nomanini, stated, “With Nestlé as one of our newest clients, we are able to address these and other key business challenges and transform the informal retail ecosystem through an innovative solution. Through our platform, Nestlé is able to provide much-needed access to sufficient working capital so that retailers can stock a wide range of high-quality products. This capital is offered in the form of physical stock rather than cash.”

He added, “Our solutions are designed with MSME retailers at the core so that we can support, rather than disrupt their businesses. We know that while many of these MSMEs are un- or under-banked, they would qualify for credit if they were. By using our technology and data, our partners can help MSMEs access credit responsibly.”

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