The South African Standard Bank Group Ltd. announced Monday, August 26, its entry into the capital of Nomanini, up to $ 4 million. Through this digital platform, the first South African intends to support the banking of the informal sector (merchants, small retailers) in the country.
Later, Standard Bank, with technological assistance from Nomanini, is also planning to expand its services in 14 African countries by 2021.
« The bank will look to help these retailers provide financial services, such as cash deposits and withdrawals, to their customers, » said Adrian Vermooten, Head of Digital Services, Standard Bank Africa.
For Vahid Monadjem, founder and CEO of Nomanini, the diversification of product offerings (insurance …), will give Standard Bank the advantage over the mobile operators who currently dominate financial services.
Standard Bank Group Limited is one of the largest banking institutions in South Africa. Present in more than 18 African countries, the bank recorded in 2017 a total assets of 2000 billion rand, nearly 165 billion dollars.