FinStore offers SMEs loans of up to N100m, free online stores
By Aboki Forex —
Small and medium-sized businesses using FinStore can now access loans of up to N100 million, the Nigerian fintech said, as it pushes deeper into credit for MSMEs.
FinStore co-founder Ayomide Olupitan disclosed this during an interaction with journalists on Monday. He said businesses on the platform can receive up to N1 million every month, while bigger firms can draw as much as N100 million.
Loans of N1m a month, N100m for bigger firms
Olupitan said the credit offer is tied to the size and performance of each business, meaning larger merchants get access to larger facilities.
"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 added that some merchants on the platform currently process transactions worth as much as N80 million. The company said the platform provides regular financial support to its customers.
Free stores and automated back office
According to Olupitan, FinStore is free to use and was built with African businesses in mind. Entrepreneurs can set up online stores without paying setup fees, while an automated system handles inventory, payments, collections and other routine 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.
He said the automation tools are designed to cut the pressure on business owners by taking over several day-to-day tasks, including collections.
Why MSMEs matter, and what comes next
Olupitan stressed the weight of small businesses in the economy. He said SMEs account for about 50 per cent of Nigeria's Gross Domestic Product, a pattern he described as similar across global economies.
"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," he said.
The co-founder also said FinStore plans to expand beyond Nigeria and build a wider presence across Africa. That expansion, he said, will allow the platform to support multi-currency transactions and make cross-border trade easier for African businesses.
The announcement lands in a market where MSME lending is scaling fast. Moniepoint recently reported disbursing more than $700 million in loans to Nigerian MSMEs in 2025, with 75 per cent of beneficiaries receiving formal business credit for the first time and recipient businesses recording a 36 per cent rise in transaction value. Loan disbursements to women-owned businesses rose by more than 300 per cent.