Paystack, the Stripe-owned Nigerian fintech, has launched a Small Business Program to provide Nigerian merchants with access to funding, networks, tools and services to run operations effectively.
The initiative launched with the Paystack Small Business Bundle, a package that offers 2,000 eligible merchants discounts worth up to ₦4 million ($2,923), according to the company.
The launch is a part of Paystack’s effort to strengthen its relationship with the businesses that use its payment infrastructure. Paystack has recently expanded into services that support merchants beyond payments, as evidenced by its acquisition of a microfinance bank licence in January.
The Small Business Program extends that strategy by partnering with service providers to help merchants access the tools they need to run and grow their businesses, including commerce, bookkeeping, logistics, design, customer communication, and digital tools.
Micro, small and medium enterprises (MSMEs) remain the backbone of Nigeria’s economy. According to a 2021 NBS-SMEDAN MSME survey, they contribute 46.3% of GDP, account for 96.9% of businesses, and employ 87.9% of the country’s workforce.
