OmniRetail Acquires Traction Apps to Power SME Growth
OmniRetail, a leading provider of financial services and trade solutions for SMEs in the FMCG space, has announced the acquisition of Traction Apps, a prominent payment solutions provider. This strategic move positions OmniRetail as a dominant force in the Nigerian retail market, offering a comprehensive suite of financial services to over 160,000 customers.
By combining forces, the merged entity will process over N2 trillion in transactions annually and facilitate loans worth N200 billion. This significant expansion will enable OmniRetail to provide enhanced payment solutions, credit access, and loyalty programs to SMEs across the country.
OmniRetail has been at the forefront of addressing the challenges faced by SMEs in the FMCG sector since its inception in 2019. Its flagship product, OmniPay, a seamless payment platform, has gained traction by integrating with 13 financial service providers. Leveraging transaction data, OmniPay empowers underserved retailers with creditworthiness scores, facilitating access to capital for growth.
Deepankar, CEO of OmniRetail, expressed his enthusiasm for the acquisition, highlighting the strong synergies between the two companies. “This merger is a natural progression of our successful partnership with Traction,” he stated. “Together, we will revolutionize the way SMEs operate by simplifying payments, credit access, and loyalty solutions.”
Traction Apps, with its extensive network of over 100,000 merchants, offers a comprehensive platform that includes payment acceptance, lending, and retail software solutions. The acquisition will allow OmniRetail to integrate Traction’s merchant POS services into OmniPay’s existing ecosystem, creating a more robust and integrated retail financial platform.
Mayowa Alli, co-founder of Traction, emphasized the strategic benefits of the merger.
“By joining forces with OmniRetail, we can scale our solutions and reach a wider audience of small businesses,” he said. “Our combined platform will provide unparalleled value to SMEs across Nigeria and beyond.”
The acquisition aligns with Traction’s commitment to empowering small businesses and aligns with OmniRetail’s mission to bridge the gap between retailers and financial services. The combined entity will offer a unified platform that enhances access to financial resources, improves operational efficiency, and strengthens differentiation from other fintech players.
