SA i fintech eyes Zimbabwe informal sector

South African fintech Nomaini is expanding into Zimbabwe and two other African countries with its informal sector payment platform solutions.

CEO Vahid Monadjem told The Africa Report that the company is set to establish in Zimbabwe and Ghana this year and is also planning to go into Egypt.

It is not yet cleat if Nomaini will be working with local partners.

The firm aims to raise $5 million in equity to finance its growth, with a larger debt round for $20 million to $40 million planned in the next 18 months.

Established in 2010, Nomaini is a South African-based payments platform provider that enables transactions in the cash-based informal retail sector.
“I'm passionate about working at the intersection of technology and design in informal markets, where Nomanini’s solutions can directly impact people's lives. My vision for Nomanini is to provide platforms for transactions in emerging markets by empowering local partners to create the tools that best suit their particular environment,” says Vahid Monadjem.

Zimbabwe has a large informal sector which Government has been trying to woe into formalisation with limited success.

The sector is underbanked with most of its business transactions in cash and unrecorded, making it difficult for entrepreneurs to access loans and other financial services.