Nigerian Fintech FinStore Offers Nigerian SMEs Loans of Up to N100m to Expand Businesses
- FinStore says SMEs using its platform can access loans of up to N100 million to expand their businesses
- Co-founder Ayomide Olupitan said the fintech offers free online stores and automated tools for inventory, payments and business operations
- FinStore plans to expand across Africa and support multi-currency transactions and cross-border trade
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Fast-growing Nigerian fintech platform FinStore has announced that small and medium-sized businesses using its platform can now access loans of up to N100 million to expand their operations.
The company’s Co-founder, Ayomide Olupitan, disclosed this during an interaction with journalists on Monday. He said FinStore was created to support micro, small and medium-sized enterprises (MSMEs) and help them grow their business value.
Source: UGC
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 said.
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
He said FinStore’s automation tools are designed to reduce the pressure on business owners by taking care of several routine operational tasks, including collections.
Olupitan 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.
Source: UGC
Moniepoint disburses $700m loans to MSMEs
Meanwhile, Legit.ng earlier highlighted facts about Moniepoint’s disbursement of more than $700 million in loans to Nigerian MSMEs in 2025.
The fintech reported that 75% of beneficiaries received formal business credit for the first time, while recipient businesses recorded a 36% increase in transaction value.
Women-owned businesses emerged as major beneficiaries, with loan disbursements to them rising by more than 300%.
Source: Legit.ng
