Kenyan FinTech platform Nomanini has launched StockNow, a supply chain finance solution designed to connect fast-moving commercial goods (FMCG) and financial service providers, according to a Monday (June 27) press release.
The app lets Africa’s informal microbusinesses and small- to medium-sized businesses (SMBs) buy stock digitally, the release stated.
“Ten million informal retailers in Africa are reached by global FMCG value chains but lack access to responsible and affordable finance solutions to keep their shelves stocked to attract customers and grow their businesses,” according to the release. “The StockNow app connects informal retailers to distributors of global fast-moving consumer brands relevant in the general trade market, enabling them to purchase goods using stock advances to keep their shelves stocked with essential goods, ensuring business continuity and support for last-mile consumers.”
StockNow has launched in Tanzania in partnership with Nestlé ESAR and is designed to lessen some of the burdens on Africa’s retailers as they recover from the fallout of the pandemic. Nomanini CEO Vahid Monadjem said in the release that COVID-19 underscored how valuable those retailers are to their communities.
“And unfortunately, their lack of access to responsible business finance solutions means that they are particularly vulnerable during and after times of crisis,” he said in the release. “In response to challenges we saw retailers face during the pandemic and related lockdowns, we established the opportunity to accelerate the development of our digital working capital solutions to provide tools to help retailers keep their shelves stocked with essential goods.”
Following the launch in Tanzania, Nomanini plans to bring StockNow to countries across Africa, including Egypt, Uganda, Mozambique and the Democratic Republic of Congo.
Tanzania was also the launching point earlier this year for Dubuy.com, a wholesale eCommerce platform operated by DP World.
Read more: DP World Launches B2B Platform in Tanzania
The marketplace is designed to give users better access to international markets, as well as a more secure and reliable supply chain. The platform lets businesses in Tanzania sell wholesale products across numerous categories.
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