Book a free demo with us
Book Now
OmniRetail Acquires Traction to Strengthen Retail Tech Ecosystem

OmniRetail Acquires Traction to Strengthen Retail Tech Ecosystem

By Staff Writer 24 October 2024
Man in blue shirt sitting at a desk with tablet, smartwatch, and other tech gadgets.

Deepankar Rustagi, CEO of OmniRetail

Nigerian retail-tech startup OmniRetail has acquired Traction Apps, a prominent payment solutions provider for small merchants in Nigeria. Founded in 2019, OmniRetail focuses on offering digital infrastructure to address key challenges in Africa's commerce sector, particularly for informal retailers. Its flagship platform, Omnibiz, along with OmniPay and Mplify, supports over 140,000 small retailers and 90 brands in boosting profitability and growth.

The acquisition of Traction Apps, founded in 2020 by Mayowa Alli and Dolapo Adejuyigbe, will enhance OmniRetail’s ecosystem by integrating Traction’s merchant POS services into OmniPay. Traction Apps provides over 100,000 merchants with payment acceptance, lending, and retail software solutions.

Deepankar Rustagi, CEO of OmniRetail, emphasized the merger's potential to streamline payments and credit access for retailers and SMEs. Traction's co-founders highlighted the acquisition as a step towards scaling solutions and simplifying payments for small businesses. The combined entity will now serve 180,000 customers across Nigeria's retail sector, positioning itself as a leader in FMCG merchant services.

The founding team of Traction will join OmniRetail's leadership to drive product development and expand the reach of OmniPay’s solutions.

Source: Tom Jackson / Disrupt Africa

Related Report

MENA's M&A

The Middle East & North Africa’s M&A Landscape 2017-2022

A five year review of the 2,911 M&A transactions executed across MENA region, amounting to over $276 billion in transaction value across the top 5 markets: Israel, United Arab Emirates, Egypt, Kingdom of Saudi Arabia, and Kuwait.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems