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Fintech Nomanini raises $4M from Standard Bank-led funding round

Nomanini SA (Pty.) Ltd. raised $4 million in a funding round led by Standard Bank Group Ltd., in a deal that will provide the South African lender the ability to use the financial technology firm's platform to gain access to data on the country's informal economy.

Through the investment, Standard Bank has launched a mobile app powered by Nomanini through which it will offer financial services to underserved informal retailers for the first time. Standard Bank plans to roll out the service in South Africa, Zambia, Mozambique, Uganda, Malawi, Angola, Zimbabwe, Namibia, Ghana, Nigeria, Kenya, Tanzania, eSwatini, Lesotho and Botswana by 2021, Reuters noted.

Nomanini said the partnership with Standard Bank adds merchant financing to its existing services offering and allows it to scale into new markets, adding that it plans to expand its portfolio of financial services to offer remittances, insurance and other products in the future.

Goodwill Investments, an Amsterdam-based investment company focused on fintech and financial inclusion, completed the funding round.

The deal comes amid increasing competition in South Africa's banking sector from digital entrants such as TymeBank and Discovery Bank.