Fintech platform Nomanini has announced the launch of a new supply chain finance app called StockNow that connects fast-moving consumer goods (FMCGs) and financial service providers in order to serve Africa’s informal retailers at scale.
Nomanini points out that 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.
StockNow makes it possible for informal micro and small retailers to purchase stock digitally. The 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.
The app, which is available on Android devices and feature phones, can provide greater resilience and a buffer against shocks, says Nomanini, adding that StockNow will also enable retailers to build a stronger financial track record and trade with more confidence and volume over time.
In addition, by digitising the supply chain StockNow enables FMCGs to increase operational efficiency by unlocking trade data and gaining visibility into the sales and preferences of informal retailers. Automating settlements and incentivising e-payments within the value chain can also lead to improved efficiencies.
StockNow is now live and being rolled out to thousands of informal retailers in Tanzania. Plans are under way to scale the solution across the African continent.