Paystack rolls out $2,900 support package for Nigerian small businesses

Paystack, the Stripe-owned Nigerian fintech, has launched a Small Business Program to provide Nigerian merchants with access to funding, networks, tools and services to run operations effectively.

The initiative launched with the Paystack Small Business Bundle, a package that offers 2,000 eligible merchants discounts worth up to ₦4 million ($2,923), according to the company.

The launch is a part of Paystack’s effort to strengthen its relationship with the businesses that use its payment infrastructure. Paystack has recently expanded into services that support merchants beyond payments, as evidenced by its acquisition of a microfinance bank licence in January. 

The Small Business Program extends that strategy by partnering with service providers to help merchants access the tools they need to run and grow their businesses, including commerce, bookkeeping, logistics, design, customer communication, and digital tools.

Micro, small and medium enterprises (MSMEs) remain the backbone of Nigeria’s economy. According to a 2021 NBS-SMEDAN MSME survey, they contribute 46.3% of GDP, account for 96.9% of businesses, and employ 87.9% of the country’s workforce.

“Small businesses are at the heart of Nigeria’s economy, but many of them still face very practical barriers as they grow. Beyond accepting payments, they need better access to tools, services, networks, and funding that can help them run more efficiently, reach more customers, and build stronger businesses,” Jumoke Gbeleyi, who works in Paystack’s strategy and operations department and oversees the program, told TechCabal. 

“The Paystack Small Business Program is our way of bringing some of that support together in a more intentional way. We want to help Nigerian small businesses move from simply transacting to building the systems, relationships, and opportunities they need for their next stage of growth.”

According to Gbeleyi, the company developed the programme after observing that merchants also have to look out for operational issues such as inventory management, bookkeeping, customer communication, and access to growth opportunities. Rather than positioning the initiative as a standalone product, she described it as a natural extension of Paystack’s existing mission of helping businesses grow.

The Small Business Program will consist of three initiatives. The Small Business Bundle, which will be the first to go live, aims to give merchants access to partner offers across commerce, bookkeeping, logistics, design, workspace, customer communication, and digital business tools, according to the company. Depending on the partner, merchants may receive discounts, credits, free trials, subsidies, or other benefits.

Participating partners include e-commerce platform Bumpa, bookkeeping software Simplebks, coworking space Africaworks, logistics company FezDelivery, communications platform Pressone, commuting service Shuttlers, design platform Canva, and several others, including Ijeworks, Wiicreate, Flowcart, Kindlybook, Gamp, Paystack itself and Mercurie.

To be eligible, businesses must have an active Paystack account in Nigeria and have processed at least 10 transactions through the platform in the previous 30 days, according to Paystack. Eligible merchants can browse and select available offers and proceed to verification.

Once approved, merchants receive redemption instructions from Paystack and can claim multiple offers across different partners. However,  each partner perk can only be redeemed once per merchant. 

The Small Business Launchpad, the second initiative, would provide hands-on support to selected businesses to help them make better use of Paystack’s products. The third initiative, the Small Business Grant, is a funding initiative intended to support selected businesses as they prepare for their next stage of expansion.

“The broader goal of the Program is to support small businesses in multiple ways: by helping them access useful tools and services, connect to relevant opportunities, and access funding support over time,” Gbeleyi said.

Paystack has not yet disclosed when applications for the Launchpad and Grant programmes will open, or how much funding will be available through the grants initiative. However, the company said the Small Business Program will expand over time with additional partner offers and new forms of support for merchants.

“For us, supporting merchants beyond payments is a natural extension of the work we already do,” she said. “If Paystack is helping businesses collect payments, we also have an opportunity to help connect them to the tools, partners, networks, and support that can make those payments translate into stronger, more sustainable growth.”