Nigeria’s OmniRetail acquires Traction Apps
OmniRetail, named Africa’s Fastest Growing Company in the 2024 FT rankings, has acquired Traction Apps, a payment solutions provider for small merchants in Nigeria. Details of the transaction were not disclosed.
OmniRetail, which launched OmniPay in 2022, provides a platform that integrates with 13 financial service providers to facilitate collections and supplier payments. OmniPay also leverages transaction data to generate credit scores for underserved retailers.
The acquisition will enable OmniRetail to incorporate Traction’s merchant POS services into its existing OmniPay platform. Traction currently serves sectors including retail, supermarkets, restaurants, fashion and electronics, three of which align with Omni’s customer base.
Following the acquisition, the combined company is expected to serve 180,000 customers in the wholesale and retail sectors, with annual transaction volume of US$1 billion and annual loan facilitation of US$122 million.
The integration of Traction Apps and OmniPay will be implemented in stages, with full integration expected to be completed by the end of Q1 2025.
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