Nigerian fintech platform FinStore has announced that small and medium-sized enterprises (SMEs) using its platform can now access loans of up to N100 million to expand their operations. The company’s co-founder, Ayomide Olupitan, made the disclosure during an interaction with journalists on Monday.
FinStore Expands Access to Business Loans
Olupitan said the platform provides regular financial support to its customers, with businesses able to receive up to N1 million monthly, while larger firms can access loans of up to N100 million. “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.
He stressed the importance of MSMEs to the Nigerian economy, noting that small businesses contribute significantly to economic growth both locally and globally. “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 added.
Free Digital Tools for Business Owners
According to the FinStore co-founder, the platform stands out because it is free to use and was designed with African businesses in mind. He said entrepreneurs can create online stores without paying setup fees, while the platform’s automated system helps them manage inventory, payments, collections and other backend operations.
“Our platform is free and built for the African market with simplicity in mind. We allow businesses to create online stores at no cost, while our automated, seamless system helps them take stock and manage inventory,” he explained. Olupitan added that some merchants on the platform currently process transactions worth as much as N80 million. He said the size and performance of a business also influence the level of credit and other opportunities available to it.
FinStore Plans Expansion Across Africa
Olupitan said FinStore’s automation tools are designed to reduce the pressure on business owners by taking care of several routine operational tasks, including collections. He also disclosed that the company plans to expand beyond Nigeria and establish a wider presence across Africa.
According to him, the expansion will help FinStore support multi-currency transactions and make cross-border trade easier for African businesses. The announcement underscores the growing role of fintech platforms in providing credit and digital tools to SMEs, which are vital to Nigeria’s economy.
