With the integration of Traction’s merchant POS services into its payment platform, Omnipay, OmniRetail anticipates processing over ₦1.8 trillion annually and facilitating loans amounting to ₦200 billion each year.
“This acquisition highlights the synergies we have developed with Traction. What began as a partnership to incorporate Traction’s POS into OmniPay for card transactions has evolved into a complete merger. Together, we will streamline payments, improve access to credit, and enhance loyalty solutions for retailers, enabling them to succeed in a rapidly digitalizing market,” stated Rustagi Deepankar, CEO of OmniRetail.
The acquisition was supported by Venture Platform, an investor in both OmniRetail and Traction. The teams involved chose not to disclose the financial details of the transaction. However, as part of the acquisition, OmniRetail will incorporate both debt and equity from Traction, allowing Traction’s investors to share in the ongoing growth of the merged entity.
“This will empower us to expand our solutions and expedite our goal of simplifying retail payments. OmniRetail’s ecosystem will allow us to deliver our innovative offerings to a broader audience, benefiting even more small businesses throughout Nigeria and beyond,” commented Mayowa Alli, co-founder of Traction.
Founded in 2020 by Mayowa Alli and Dolapo Adejuyigbe, Traction specializes in payment acceptance, lending, and retail software solutions designed specifically for small businesses. The founding team will join OmniRetail’s leadership, concentrating on the growth of OmniPay, solution integration, and product development.
The complete integration of Traction with OmniPay is anticipated to be finalized by the conclusion of the first quarter of 2025, after which improved services will be made available to customers.