As the world marks World Micro, Small, and Medium-sized Enterprises (MSME) Day this June, attention is once again drawn to the businesses that power Nigeria’s economy.
Across Nigeria, small businesses are more than economic units; they are livelihoods, survival strategies, and family legacies built on resilience and ambition.
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According to the SMEDAN/NBS MSME Survey, Nigeria has over 39 million MSMEs, accounting for about 96% of businesses, contributing nearly 48% of GDP. Yet, many MSMEs struggle to survive beyond their first five years due to limited access to funding, rising costs, weak infrastructure, and poor cash flow management.
For most small business owners, the challenge is not just starting; it is scaling sustainably.
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At the 2026 Digital PayExpo, Chika Nwosu identified access to finance as one of the biggest barriers to SME growth in Nigeria. He emphasised that stronger financial infrastructure and access to funding are essential in driving financial inclusion and economic growth.
Mr Nwosu noted that PalmPay is helping businesses transition from cash-heavy operations to digital payment solutions, enabling them to improve efficiency, better manage their finances, and increase their access to formal credit.
Supporting MSMEs Through Targeted Interventions
To address these challenges, PalmPay provides a digital ecosystem that makes it easier for businesses to operate digitally, manage their finances efficiently, and access opportunities within the formal economy. As more MSMEs adopt digital payment solutions, they can optimize their operations and position their businesses for sustainable growth.
Beyond payments, PalmPay is also investing in direct interventions aimed at expanding financial access for entrepreneurs.
In 2025, the company launched the PalmPay Hustle Grant, providing funding support to small businesses to help them scale operations and overcome capital constraints. For one of these beneficiaries, John Adekunle Akinloye, founder of GreenTead Farm NG in Ijebu Ode, the grant has helped him scale his tomato farming to N2 million.
The funding enabled him to begin tomato processing, marking his first major step into value addition in agriculture. He was also able to purchase irrigation materials currently being used on his farmland.
“I now have a 2-hectare irrigation farm, 5 plots of tomato, 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.
In addition, PalmPay extended support to women entrepreneurs in Kano and Kaduna, equipping them with financial tools and resources to grow their businesses and deepen financial inclusion within underserved communities.
These initiatives reflect a broader commitment to not only enabling seamless transactions but also unlocking real growth opportunities for small business owners across Nigeria.
Speaking on the future of digital payments, Chika Nwosu, Managing Director at PalmPay, said:
“Small businesses are the backbone of Nigeria’s economy. “SMEs contribute over 40 per cent 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 marks MSME Day, the focus shifts from survival to scale, requiring stronger investment in digital infrastructure, finance, and tools that enable growth.
For entrepreneurs, empowering the hustle means building businesses that not only survive but thrive in a modern economy.
To learn more about PalmPay, visit here.
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