Cape Town-based electronic prepaid service distribution platform Nomanini has partnered with Nigeria-based Aurora VM to launch its services in Nigeria, aimed at building financial inclusion and alleviating poverty.
HumanIPO reported in February Nomanini had secured series B funding from Seychelles-based investment company Rockbridge Investments, with the funding – which brings Nomanini’s total raised capital to over ZAR20 million (US$1.9 million) – set to enable the company to expand its prepaid platform across Africa and other developing countries.
The company is active in South Africa, Kenya and Mozambique and expanding to Nigeria, Guinea and Somalia, with Nomanini saying the Aurora partnership marks its entrance into Nigeria.
Nomanini said its core business of facilitating cash transactions in informal markets is well-aligned with Aurora’s goal of alleviating poverty in Nigeria.
Under the partnership, Aurora will use Nomanini’s technology to enable self-employment opportunities to empower women and unemployed youth to alleviate poverty in Nigeria.
Nomanini chief executive officer (CEO) Vahid Mondajem said: “Nigeria represents a key market in Africa. It is the continent’s biggest, and by some estimations, most dynamic market. We are delighted that, together with Aurora VM, our solutions are providing opportunities for women and youth.”
Aurora CEO Iyabode Uko said: “The most commonly used form of prepayment in Nigeria is scratch cards. We were looking for a better form and researched POS terminals used both in Nigeria and abroad as an alternative. Unfortunately, they generally have a steep learning curve and are difficult to operate. What we wanted was a simple and quick solution that satisfied all our needs and Nomanini offers us this.”
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