Nigeria’s OmniRetail acquires SME payments platform Traction Apps
OmniRetail, a Nigeria-based start-up aiming to digitise traditional e-commerce through its suite of software products, has purchased Traction Apps, a business payments platform based in Lagos, to bolster its point of sale (POS) and inventory management services for African SMEs.
OmniRetail acquires Traction Apps
Announcing the deal on LinkedIn, OmniRetail says the acquisition will “strengthen our support for retailers, distributors, and manufacturers”.
Founded in 2018, Traction Apps provides a range of applications designed to assist SMEs in streamlining their operations. Its tools help businesses accept payments, send invoices, and manage retail operations, logistics, and supply chains.
As part of the purchase, the financial terms of which have not been disclosed, OmniRetail will merge Traction’s merchant POS services into its embedded finance solution, OmniPay, with the company’s full integration expected by Q1 2025.
Alongside OmniPay, OmniRetail’s other flagship solutions include its B2B e-commerce platform OmniBiz and its distribution management solution Mplify, which the firm says “helps FMCG distributors drive growth by automating their sales and inventory”.
Both OmniRetail and Traction Apps are portfolio companies of Abuja-based investment fund Venture Platform, which facilitated the transaction.
