Nigeria’s OmniRetail Acquires Traction Apps

OmniRetail, named Africa’s fastest-growing company in the FT Rankings 2024, has acquired Traction Apps, a payment solutions provider for small merchants in Nigeria. The details of the transaction have not been disclosed.

OmniRetail, which launched OmniPay in 2022, provides a platform that integrates with 13 financial service providers, facilitating 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 such as retail, supermarkets, restaurants, fashion, and electronics, three of which align with Omni’s customer base.

Following the acquisition, the combined entity will service 180,000 customers in the wholesale and retail sectors, with annual transaction volumes projected at USD 1 B and loan facilitation of USD 122 M annually.

The integration of Traction Apps with OmniPay will be carried out in phases, with full integration expected by the end of Q1 2025.