Nomanini records massive growth in transactions as platform scales
Payments platform provider Nomanini has achieved a 1,500-percent growth in transactions as the company successfully scaled its mobile point-of-sale (PoS) platform for informal markets.
- FinTech: Nomanini CEO Vahid Monadjem chats about its prepaid vending machine.
Having hit one million transactions in August 2014, the company has seen phenomenal growth since then, and recently saw the 16 millionth transaction take place on its platform. Much of this growth has been focused on Mozambique, Ghana and South Africa.
Vahid Monadjem (pictured), Nomanini founder and CEO, says the growth is a validation of the company's business model and its ability to provide a valuable, relevant and efficient product at scale.
This kind of growth is the result of our partnership model and the way in which we enter new markets by ensuring we have expert local partners on the ground. Much of this growth is focused on two or three partners, and it has proven that we can deliver a scalable platform by combining world-class technology with local expertise. To have achieved such growth with almost 100-percent uptime also demonstrates the maturity of the product and the infrastructure around it. Reaching such a landmark number of transactions would mean nothing if there were periods when merchants were unable to use the platform and the fact that it is available to them all the time means it is a product they can trust."
Founded in 2010, Nomanini provides merchant aggregators with sophisticated business insights via a cloud-based platform, and merchants and micro-entrepreneurs in informal markets with the means to sell different types of services electronically and create a sustainable income. At the end of last year the company launched its second generation product for informal markets, eLula, which provides enterprise prepaid distributors with more sophisticated business insights and management tools.
Earlier this year, the company announced that it had integrated with M-Pesa in Mozambique, enabled via its local country partner, Mozambique Mobile Solutions (MMS), to allow merchants to use mobile money agents to top up their virtual vending accounts on Nomanini's PoS terminals. Monadjem added that continuing to hone the product was vital as Nomanini looks to serve merchants in informal markets.