SA payments platform Nomanini selected as MIT awards finalist, nets $35 000

South African based payments platform Nomanini has been selected from among 300 companies as one of four finalists in the financial inclusion category of the MIT Inclusive Innovation Challenge.

In addition Nomanini has received a $35 000 award in recognition of its transformative approach to driving economic opportunity in the digital age, the Cape Town based company said in a press release today.

The company, which provides banks and mobile operators with a better way to serve the continent’s informal sector, plans to use the funds to help boost financial inclusion via local informal retail merchants, who serve as a daily touch point for over 80% of people in Africa. The company was started in 2010.

Nomanini CEO Vahid Monadjem will attend the IIC Celebration on 12 October in Boston to receive the award. Four grand prize winners, who will each take away $150 000 each, will also be announced at the event.

Nomanini has received a $35 000 award in recognition of its transformative approach to driving economic opportunity in the digital age

Monadjem said he is honoured to be a finalist for the IIC. “IIC has the clout of MIT’s global standing in technology along with the recognition that one of the biggest problems in the world today is inequality and exclusion. We appreciate Nomanini being recognised as a leader in inclusive innovation,” he said.

Read more: Nomanini sees 1 500% transaction growth

Featured image: Nomanini CEO Vahid Monadjem