Informal market payments technology firm Nomanini has been awarded funding worth R4.8 million by the Industrial Development Corporation (IDC).

Nomanini is dedicated to building tools needed to facilitate cash payments in informal markets, and has signed partnerships in Kenya, Nigeria, Zambia and Mozambique.

According to a press statement, the funds are expected to help Nomanini scale up operations internationally.

The funding will also streamline Nomanini's fulfillment process and recruit the talent needed to keep up with its growth, the statement reads.

“Our experience with South Africa’s IDC has been fantastic. As a beneficiary of its funding, Nomanini has been able to create almost 20 direct jobs as well as many more indirect jobs through our network of local suppliers and contractors,” said Nomanini chief executive officer Vahid Monadjem .

Monadjem has also encouraged more entrepreneurs in South Africa to utilise the IDC’s services, saying “The representatives with whom we worked are highly capable, thoroughly diligent and extraordinarily helpful.”