Fast-growing Nigerian fintech platform, FinStore, has announced that small and medium-sized enterprises using its platform can access loans of up to N100m to finance business expansion and growth across the country.

The company’s Co-founder, Ayomide Olupitan, disclosed this during an interaction with journalists on Monday, explaining that FinStore was created to empower micro, small and medium-sized enterprises and increase the value of their businesses.

According to Olupitan, customers on the platform can receive up to N1m monthly, while businesses may qualify for loans of as much as N100m, depending on their size and operations.

“Our customers are being empowered. We give businesses up to N1m every month. Aside from that, our customers also have access to loans of up to N100m. The bigger your business, the bigger your opportunity to access credit,” he said.

Olupitan stressed the importance of MSMEs to economic development and said FinStore’s focus is on providing straightforward and accessible digital tools capable of helping businesses expand.

“One of the main reasons we started FinStore was specifically to empower businesses. SMEs account for about 50 per cent of Nigeria’s Gross Domestic Product, a trend similar across global economies. We are looking to increase the value of our customers’ operations,” Olupitan said.

He said FinStore sets itself apart by providing zero-cost digital tools developed specifically for the African market.

Through the platform, business owners can establish online storefronts without paying a fee. Its automated system also assists with inventory management, payment processing and other operational functions.

Olupitan further disclosed that some merchants on the platform have processed transactions worth up to N80m, noting that the size of a business influences the level of credit and opportunities available to its users.

“We have merchants who have recorded up to N80m in transactions, and they are benefiting immensely from the platform. The goal is for an average Nigerian intending to run a business to pick up a mobile device and start generating revenue,” he said.

He added that FinStore’s automation is intended to ease the workload of entrepreneurs by taking care of backend processes, including payment collection.

Speaking on the company’s growth strategy, Olupitan said FinStore plans to move beyond Nigeria and provide African businesses with technology capable of enabling smooth transactions across different currencies.

“Our goal is to expand beyond Nigeria and power African businesses through seamless operations that support transactions across various currencies within the continent,” he said.

Another Co-founder of the fintech, Samuel Ojerinde, called on the Federal Government to maintain policies that encourage the growth of small businesses. He also praised ongoing initiatives targeted at making business registration free for local entrepreneurs.

Meanwhile, FinStore rewarded four of its top-performing merchants with more than N1m in August after they recorded high transaction volumes and strong usage of the platform.

One of the beneficiaries, Mabel David Hope, who owns Doublegold Enterprises, said she planned to reinvest the grant into strengthening her business and preparing it for future opportunities.

The other merchants recognised at the event were Ruth Effiom Stephanie of Beautysuppliesng, Temitope Abosede Adejoro of King Elrad Collections and Blessing Damilola Olakojo of DXCA Fashion Store.

Source: msmeafricaonline