Micro, Small, and Medium Enterprises (MSMEs) make up roughly 96% of Nigerian businesses and generate nearly half of the nation’s GDP, yet many fail within five years due to poor cash flow, high costs, and limited financing. Speaking at the 2026 Digital PayExpo, PalmPay Managing Director Chika Nwosu highlighted that resolving these funding and infrastructure bottlenecks is critical for financial inclusion. To counter these challenges, PalmPay is helping small businesses transition from cash to digital payment ecosystems, allowing them to build the formal financial footprints necessary to access credit.
Beyond digital payment tools, the fintech platform is actively injecting capital into local businesses. Through its PalmPay Hustle Grant launched in 2025, entrepreneurs like John Adekunle Akinloye of GreenTead Farm NG have successfully expanded operations—scaling tomato farming and investing in irrigation infrastructure across a 2-hectare farm. PalmPay has also focused on women entrepreneurs in Kano and Kaduna by providing targeted financial tools to boost underserved communities, proving that the future of financial inclusion relies on empowering small businesses to scale sustainably.
