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OmniRetail Acquires Traction Apps, Aims to Process ₦2 trillion For SMEs Annually
OmniRetail acquires Traction Apps, a payment solutions provider to enhance financial services and trade solutions for small and medium-sized enterprises (SMEs).
The combined entity will now process over N2 trillion and facilitate loans worth N200 billion annually while servicing 160,000 customers across wholesale and retail sectors, positioning itself as a leader in the FMCG space.
OmniRetail Acquires Traction Apps
This acquisition will allow Omniretails to integrate Traction’s merchant POS services into OmniPay’s existing ecosystem, creating an enhanced financial platform for retailers.
Traction’s founding team will join OmniRetail to grow OmniPay.
Alli joins as Director of Technology for Payments while Adejuyigbe joins as Director of Operations for Payments.
“This acquisition is a testament to the synergies we’ve built with Traction. What started as a partnership to integrate Traction’s POS into OmniPay for card payments has grown into a full merger,” Deepankar Rustagi, CEO of OmniRetail, said.
“Together, we will simplify payments, credit access, and loyalty solutions for retailers and SMEs, helping them thrive in an increasingly digital market.”
About OmniRetail
OmniRetail, a unified consumer goods distribution platform launched in 2019, was recognized as Africa’s Fastest Growing Company in 2024 by the Financial Times. In 2022, the company introduced OmniPay, a payment platform that integrates with 13 financial institutions, streamlining collections and supplier payments.
By leveraging transaction data to assess creditworthiness, OmniPay empowers underserved retailers with the capital they need to thrive.
Also Read: Goodwell Investments Partners with Alitheia Capital to Invest EUR 150 million in OmniRetail
About Traction Apps
Launched in 2020 by Mayowa Alli and Dolapo Adejuyigbe, Traction Apps has rapidly expanded to serve over 100,000 merchants. As a comprehensive platform, Traction provides payment acceptance, lending, and retail software solutions, empowering businesses to streamline their operations.”
Benefits of The Acquisition
According to Alli and Adejuyigbe, the acquisition will enable Traction’s services to reach a larger audience.
“As part of OmniRetail, we will become the leading growth partner for SMEs across Nigeria, offering a more comprehensive platform than ever before,” Adejuyigbe noted.
The acquisition will be implemented in phases, beginning with streamlining operations and integrating platforms. Traction’s full integration with OmniPay is expected by the end of Q1 2025.
While neither of the companies disclosed the exact transaction value, Deepankar hinted at the acquisition’s strategic benefits.
He finally explained, ‘By acquiring both debt and equity, we’re not only gaining Traction’s assets but also enabling its investors to participate in the future growth of the combined entity.
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