FinStore Offers Up to N100m Loans for Nigerian SMEs

FinStore, a fast-growing Nigerian fintech platform, has introduced a loan offering for small and medium-sized enterprises (SMEs) that allows them to access up to N100 million to expand their operations. Co-founder Ayomide Olupitan disclosed this information during a press interaction on Monday.

He emphasized that FinStore aims to support micro, small, and medium-sized enterprises (MSMEs) by providing regular financial assistance, with businesses eligible for loans of up to N1 million monthly. Larger firms can access loans of up to N100 million.

Olupitan highlighted that the platform is free to use, enabling entrepreneurs to create online stores without setup fees. The platform's automated system assists in managing inventory, payments, and collections.

He noted that some merchants on FinStore process transactions worth as much as N80 million. The company also plans to expand its operations across Africa to facilitate multi-currency transactions and enhance cross-border trade for African businesses.