Fintech platform Nomanini today announced the launch of a new app that connects FMCGs and financial service providers to serve Africa’s informal large-scale retailers.
Known as StockNow, the app enables informal micro and small retailers to purchase inventory digitally.
Ten million informal retailers in Africa are reached by global FMCG value chains, but lack access to responsible and affordable financing solutions to keep their shelves stocked to attract customers and grow their businesses. activities.
The StockNow app connects informal retailers to distributors of relevant fast-moving global consumer brands in the general trade market, allowing them to purchase goods using stock advances to keep their shelves stocked with essential goods, ensuring the business continuity and last mile consumer support.
By setting up shop in Tanzania with key partner Nestlé ESAR, Nomanini’s launch of StockNow has formalized the relationship allowing for a more strategic approach to alleviating some of the challenges faced by retailers in the general African market, particularly as they are recovering from the effects of the pandemic.
“COVID has really highlighted how important these retailers are to their communities,” says Nomanini CEO Vahid Monadjem. “And unfortunately, their lack of access to responsible corporate finance solutions means they are particularly vulnerable during and after times of crisis.”
“In response to the challenges we have seen retailers face during the pandemic and associated lockdowns, we have created the opportunity to accelerate the development of our digital working capital solutions to provide tools to help retailers keep their shelves stocked with essentials.” he adds.
As sole proprietors, informal sector retailers need stability, and working capital solutions such as the StockNow app, which is available on Android devices and feature phones, can provide greater resilience and a buffer against shocks. StockNow will also allow them to build a stronger balance sheet and trade with greater confidence and volume over time.
StockNow is now live and rolling out to thousands of informal retailers in Tanzania, with plans underway to scale the solution across the continent, from Mozambique to Uganda, Democratic Republic of Congo to Egypt .
FMCGs expanding into emerging markets face challenges because without affordable working capital, many informal retailers go through periods when they cannot pay suppliers to replenish their stock due to a lack of cash at the time of purchase. delivery. As a result, inventory is unexpectedly returned to the depot, resulting in high operational costs.
Nomanini’s StockNow solution helps FMCGs overcome these challenges by providing an end-to-end solution to provide responsible working capital so informal retailers can stock their shelves predictably.
By digitizing the supply chain, StockNow enables FMCGs to increase operational efficiency by unlocking business data and gaining visibility into informal retailer sales and preferences. Automating settlements and incentivizing electronic payments within the value chain also leads to improved efficiency.
For Nomanini, the launch of StockNow marks a big shift from B2B enterprise technology solutions to moving towards integrated equity advancements in the FMCG value chain.