Standard Bank is working with fintech Nomanini and food giant Nestlé on a digital platform that gets working capital to underbanked informal retailers in sub-Saharan Africa.
The new Trader Assist platform gives MSMEs access to working capital from Standard Bank, while Nestlé enables products to be delivered to the retailers.
Since launch, Standard Bank says it has been able to onboard more than 20 merchants per week per branch with minimal back-oﬃce staff. More than 70% of retailers who were onboarded were eligible for credit after the initial 30-day period, and over 80% of those who used credit once went on to become repeat borrowers.
Vahid Monadjem, CEO, Nomanini, says: “Access to finance has been a major obstacle for MSMEs in Africa. Trader Assist connects the informal retail ecosystem by integrating payments, working capital, and data analytics to help ensure small retailers continue to thrive.”