Standard Bank has gained a stake in the Nomanini fintech platform following a strategic investment of $4 million, which was completed by Amsterdam-based investment firm Goodwell Investments. Through this investment, the bank will now also be able to utilise Nomanini’s platform to uncover inaccessible data on the informal retail economy.
How mobile money is transforming Africa
Mobile money payments began with the innovative Mpesa service in 2007. A decade later, the service is widely used across the continent and in other parts of the world. An estimated 30 million Mpesa users are spread out in more than 10 countries including; Kenya, Tanzania, D.R. Congo, Lesotho, Egypt, Ghana, Albania, and Romania. Additionally, there are other mobile money service providers such as Orange money and MTN money.