OmniRetail: Empowering Small Shops in West Africa with Norfund's Investment
Deal News | May 07, 2025 | Norfund
Norfund, a private equity firm, has embarked on its first direct equity investment in African fintech by partnering with OmniRetail, a Nigerian firm. OmniRetail's technology platform provides small retail shops in Nigeria, Ghana, and Côte d'Ivoire with access to credit, rapid product delivery, and digital payment systems. This move exemplifies how fintech can address the challenges faced by small and underserved businesses in Africa, offering low-cost financial solutions through the use of alternative data and technology. OmniRetail has built an extensive commerce network linking thousands of suppliers and distributors, enhancing the financial ecosystem for small shops across three West African countries. The venture highlights OmniRetail’s role in promoting financial inclusivity and its impact on local economies where small enterprises form a substantial part of the employment and GDP. Norfund's investment of USD 20 million is set to accelerate OmniRetail's growth and scale its operations further through institutional financial support.
Sectors
- Financial Technology
- Private Equity
- Retail and Commerce
- Economic Development
Geography
- Nigeria – As the largest economy in Africa and a focal point of OmniRetail’s operations, Nigeria is central to the article.
- Ghana – Part of OmniRetail's operational geography, serving local small shops with financial technology solutions.
- Côte d'Ivoire – Another country within OmniRetail's commercial network, benefiting from the fintech solutions provided.
- West Africa – The broader regional focus of OmniRetail’s fintech-enabled financial inclusion efforts.
Industry
- Financial Technology – The article discusses the significant role of fintech for small businesses in Africa, highlighting the technological solutions provided by OmniRetail.
- Private Equity – Norfund's involvement as an investor in OmniRetail places this article within the context of private equity investments in emerging markets.
- Retail and Commerce – OmniRetail connects suppliers, distributors, and retailers, building a retail network in Nigeria, Ghana, and Côte d'Ivoire.
- Economic Development – Norfund's investment aims to foster economic growth and financial inclusion in underserved markets in West Africa.
Financials
- USD 20 million – The amount invested by Norfund into OmniRetail as part of the equity investment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norfund | Investor | Company | A development finance institution involved in making a direct equity investment in OmniRetail. |
| OmniRetail | Target company | Company | A Nigerian fintech platform providing access to credit and digital payment solutions for small businesses. |
| Cathrine Conradi | Investment Director | Person | An investment director at Norfund, who comments on the strategic intentions and benefits of the investment. |
| Deepankar Rustagi | CEO | Person | The CEO of OmniRetail, leading the company in its mission to serve small shops with fintech solutions. |