Supporting Nigerian Small Businesses: How PalmPay is Making a Difference

As we celebrate World Micro, Small, and Medium-sized Enterprises (MSME) Day this June, we remember the businesses that drive Nigeria’s economy.

In Nigeria, small businesses are not just about making money. They are ways of life, survival methods, and family traditions built on hard work and hope.

The SMEDAN/NBS MSME Survey shows that Nigeria has over 39 million MSMEs. These small businesses make up about 96% of all businesses and contribute nearly 48% of our GDP. Still, many of these businesses struggle to last beyond five years because they lack access to funding, face high costs, deal with poor infrastructure, and have problems managing cash flow.

For many small business owners, the real challenge is not just starting a business but growing it in a sustainable way.

At the 2026 Digital PayExpo, Chika Nwosu pointed out that access to finance is one of the biggest challenges for SME growth in Nigeria. He said that having better financial infrastructure and funding is key to driving financial inclusion and economic progress.

Mr Nwosu mentioned that PalmPay is helping businesses move from cash-based operations to digital payment options. This change helps them work more efficiently, manage their finances better, and gain access to formal credit.

Supporting MSMEs Through Targeted Interventions

To tackle these issues, PalmPay offers a digital platform that helps businesses operate online, manage their finances well, and find opportunities in the formal economy. As more MSMEs start using digital payment solutions, they can improve their operations and set their businesses up for long-term growth.

Besides payments, PalmPay is also investing in direct support for entrepreneurs to help them access finances.

In 2025, the company launched the PalmPay Hustle Grant, which gives financial support to small businesses so they can grow and overcome money challenges. One beneficiary, John Adekunle Akinloye, who runs GreenTead Farm NG in Ijebu Ode, shared how the grant helped him grow his tomato farming to N2 million.

With the funding, he started processing tomatoes, marking his first big step into adding value in agriculture. He also bought irrigation materials for his farmland.

"I now have a 2-hectare irrigation farm, 5 plots of tomatoes, 5 plots of okro, 5 plots of pepper, and 5 plots of cucumber farms. All these were achievable with the help of PalmPay. Shoutout to PalmPay for believing in people’s vision. I am a beneficiary of this vision," Mr John said.

PalmPay has also reached out to women entrepreneurs in Kano and Kaduna, providing them with financial tools and resources to help them grow their businesses and increase financial inclusion in underserved areas.

These initiatives show a strong commitment to not just making transactions easy but also creating real growth opportunities for small business owners across Nigeria.

Chika Nwosu, Managing Director at PalmPay, spoke about the future of digital payments:

"Small businesses are the backbone of Nigeria’s economy. SMEs contribute over 40 percent of the country’s GDP. For us in PalmPay, financial inclusion is not just about enabling transactions. It is also about helping businesses access the tools and support they need to expand, build resilience, and create jobs."

As Nigeria celebrates MSME Day, the focus shifts from just surviving to growing, which needs stronger investment in digital infrastructure, finance, and tools that support growth.

For entrepreneurs, empowering the hustle means building businesses that not only survive but also thrive in today’s economy.