Informal retail Micro,
Announcing the project today, Bruno Olierhoek, Chairman and Managing Director of Nestlé ESAR, emphasised that the region's economic growth is interdependent on strong partnerships amongst various stakeholders, including the informal retail sector. "As one of the fastest-growing consumer retail markets in the world,
The vast majority of retail transactions in Sub-Saharan Africa are cash-based and occur in informal channels, according to IFC research(https://bit.ly/3mxPfE9). Many retail MSMEs are therefore unable to create the digital footprint necessary to access the credit they need to keep their shelves stocked with high-quality essential items. Additionally, many MSMEs across
"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," shared Vahid Monadjem, CEO and Founder of Nomanini.
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."
Nomanini's platform analyses the sales history of an MSME to create a credit score. If approved, the retailer is offered an uncollateralised loan in the form of stock from Nestlé. MSMEs are given access to the working capital they need to grow their businesses without having to open a bank account or visit a bank branch. When it is time to repay the loan, they do not need to go to the bank or even have a bank account to make an electronic transfer.
Following the successful implementation of the trial of concept in
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AboutNestlé:
Nestlé (www.Nestle-CWA.com) is the world's largest food and beverage company. It is present in 187 countries around the world, and its 291,000 employees are committed to Nestlé's purpose of unlocking the power of food to enhance quality for everyone, today and for generations to come.Nestlé offers a wide portfolio of products and services for people and their pets throughout their lives. Its more than 2,000 brands range from global icons like Nescafé or Nespresso to local favourites like Ninho*.Company performance is driven by its Nutrition, Health and Wellness strategy. Nestlé is based in the Swiss town of
About Nomanini:
As the pioneering fintech platform for the informal retail ecosystem, Nomanini (www.Nomanini.com) integrates payments, working capital, and data analytics to unlock the latent potential of
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