Paystack rolls out $2,900 support package for Nigerian small businesses

For millions of Nigerians working in small businesses, every naira counts. These entrepreneurs have long been the backbone of Nigeria's economy, contributing 46.3% of GDP and employing 87.9% of the country's workforce, according to a 2021 survey by the National Bureau of Statistics (NBS) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). But many of these businesses struggle to survive due to a lack of access to the tools and services they need to grow. That's where Paystack comes in, the fintech has just launched a Small Business Program that will provide discounts worth up to ₦4 million ($2,923) to 2,000 eligible merchants.

Paystack's new initiative is a natural extension of its existing mission, according to Jumoke Gbeleyi, who oversees the program in Paystack's strategy and operations department. The company has observed that merchants often struggle with operational issues like inventory management, bookkeeping, customer communication, and access to growth opportunities. By partnering with service providers, Paystack aims to bring these tools and services together in one package, making it easier for small businesses to access the support they need to grow. This is a crucial step in helping Nigerian small businesses move from simply transacting to building the systems, relationships, and opportunities they need for their next stage of growth.

One of the most significant barriers to growth for small businesses in Nigeria is access to funding. Paystack's Small Business Program aims to address this issue by providing merchants with access to funding, networks, tools, and services. A notable step, especially considering that Paystack has recently expanded into services that support merchants beyond payments, as evidenced by its acquisition of a microfinance bank licence in January. By offering discounts worth up to ₦4 million, Paystack is sending a clear message that it is committed to supporting the growth of Nigerian small businesses.

The Paystack Small Business Program is just the beginning of a new era of support for Nigerian small businesses. With its acquisition of a microfinance bank licence and the launch of this new initiative, Paystack is positioning itself as a key player in the Nigerian fintech landscape. As the program rolls out, it will be interesting to see how it addresses the operational issues that small businesses face. Will it be enough to help these businesses grow and thrive?## A New Era of Support for Nigerian Small Businesses

Paystack's Small Business Program is a turning point for Nigerian entrepreneurs. By providing access to funding, networks, tools, and services, Paystack is giving small businesses the support they need to grow and thrive. This is a crucial step in helping Nigeria's economy recover from the impact of the COVID-19 pandemic. As the program rolls out, it will be interesting to see how it addresses the operational issues that small businesses face.