OmniRetail, a Nigerian start-up focused on transforming traditional e-commerce through innovative software solutions, has acquired Traction Apps, a Lagos-based business payments platform.
The move aims to enhance OmniRetail’s point-of-sale (POS) and inventory management services tailored for African small and medium-sized enterprises (SMEs).
In a LinkedIn announcement, OmniRetail highlighted that this acquisition will significantly “strengthen our support for retailers, distributors, and manufacturers.”
Founded in 2018, Traction Apps specializes in developing a suite of applications designed to help SMEs streamline their operations, offering tools for payment acceptance, invoicing, and management of retail operations, logistics, and supply chains.
While the financial details of the acquisition remain undisclosed, the integration of Traction’s merchant POS services into OmniRetail’s embedded finance solution, OmniPay, is expected to be completed by the first quarter of 2025.
The integration will bolster OmniRetail’s capabilities, making it easier for businesses to manage their transactions and inventory.
In addition to OmniPay, OmniRetail boasts other flagship products, including OmniBiz, a B2B e-commerce platform, and Mplify, a distribution management solution aimed at helping fast-moving consumer goods (FMCG) distributors automate their sales and inventory processes to drive growth.
OmniRetail and Traction Apps are part of the portfolio of Venture Platform, an Abuja-based investment fund that facilitated this strategic acquisition, reinforcing its commitment to fostering innovation in Africa’s digital economy.
Meanwhile, in a significant move to enhance digital connectivity in Nigeria, the Nigerian government has signed a memorandum of understanding (MoU) with telecom equipment vendor Ericsson.
The partnership aims to develop the potential of 5G technology across the country.
The MoU establishes a framework of cooperation between the Nigerian government and Ericsson Nigeria, focusing on the development and deployment of 5G technology.
