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Operating across Southern Africa and other emerging markets, the Cape Town, South Africa based mobile Point-of-Sale (PoS) startup Nomanini has just received an investment of R4.8-million from the Industrial Development Corporation (IDC).
Nomanini is popular for its rather uniquely colourful mobile PoS terminal which gives a merchant the ability to sell airtime, electricity, insurance process other cash based transactions.
Aimed at emerging markets lacking modern infrastructures and therefore primarily cash reliant, vendors using the company’s hardware help provide critical services to their communities. Nomanini’s portable PoS terminals are said to be easy-to-use, fully mobile, and specifically designed for use in informal markets.
Nomanini CEO Vahid Monadjem says that this investment will come in handy with its vision to leverage mobile tech in emerging markets. Part of the company’s growth strategy, Nomanini partners with enterprises in each market so that it can create a locally relevant product on the company’s prepaid platform.
Last time Ventureburn checked-in with Nomanini, the company started setting up shop in Mozambique to facilitate its long-term vision of serving the unbanked markets of Nigeria and Ghana, and possibly Namibia, Guinea, Morocco and Zambia.
“Our experience with South Africa’s IDC has been fantastic,” tells Monadjem. “As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors.”
The IDC’s Technology Venture Capital Fund provides equity or debt funding to emerging technology-focused businesses. The objective of this fund is to enable the commercialisation of technology-rich South African intellectual property into market-ready products.
Monadjem encourages more entrepreneurs in South Africa to utilise the IDC’s services, saying “The representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful.”