Paystack targets Nigeria’s SME survival gap with new growth accelerator

Thousands of Nigerian small businesses struggle with rising operating costs, weak consumer spending and limited access to business support.

This is even as Paystack is launching a new accelerator programme aimed at helping entrepreneurs build stronger and more resilient companies beyond simply accepting digital payments.

The fintech company on Monday unveiled Small Business Launchpad, a four-week growth programme that will provide selected small and medium-sized enterprises (SMEs) with practical business training, one-on-one mentorship, operational support and financial incentives, underscoring a growing shift among fintech firms from payment processing to business development.

The initiative comes at a time when Nigerian SMEs, which account for the overwhelming majority of businesses and employ millions of people, are facing one of their toughest operating environments in years. Inflation, high borrowing costs, exchange-rate volatility and rising energy prices have squeezed profit margins, leaving many entrepreneurs searching for practical ways to improve efficiency, manage cash flow and grow revenues.

Paystack’s programme seeks to address those challenges by pairing founders with experienced operators who have built successful businesses, while giving them direct access to finance experts, growth specialists and Paystack’s own support teams.

“Small business owners are making decisions every day about customers, cash flow, operations and growth, often with limited time and support.

“Launchpad gives us a practical way to work more closely with the merchants building on Paystack, connect them with experienced operators, and help them leave with stronger systems, relevant networks and actions they can apply immediately. We want the programme to be useful from day one, not theoretical,” said Jumoke Gbeleyi, strategy and operations leader at Paystack.

The first cohort will begin on August 27 and admit up to 50 active Paystack merchants operating SMEs in Nigeria. Participants will attend business clinics, receive tailored advice through expert office hours, enjoy priority customer support from Paystack and qualify for three months of free payment processing after completing the programme, capped at N25 million in processed transactions.

Read also: PaySureFy seeks growth through AI-powered trust infrastructure

Businesses accepted into the programme will also gain access to exclusive product benefits, early access to Paystack features and a founder community designed to continue long after the four-week programme ends. Selected participants will pay a N150,000 participation fee and must commit to completing the entire programme.

The first cohort will focus on customer acquisition, financial management, business systems and operational excellence, with sessions led by entrepreneurs and executives who have scaled businesses across different sectors.

Among the facilitators are Babajide Duroshola, managing director of M-KOPA Nigeria; Luther Lawoyin, co-founder of Pricepally; Nana Abu, senior manager at KPMG; Kenny Isichei of Bumpa; and Jumoke Dada, founder of Taéillo.

The programme builds on Paystack’s broader push to become more than a payment infrastructure provider. In June, the company introduced its Small Business Bundle, offering eligible merchants discounted products and services from business partners. Launchpad expands that strategy by helping entrepreneurs strengthen the operational foundations needed to survive and grow.

The move also reflects a broader evolution across Africa’s fintech industry. As digital payment services become increasingly competitive, providers are looking for new ways to differentiate themselves by offering software tools, financing, education and business advisory services that help merchants succeed.

For Paystack, whose platform serves more than 300,000 organisations across Nigeria, Ghana, South Africa, Kenya and Côte d’Ivoire, stronger businesses could ultimately translate into greater payment volumes, higher customer retention and deeper engagement with its ecosystem.

While access to finance remains a major obstacle for Nigerian SMEs, many businesses also struggle because of weak financial management, limited business systems and inadequate mentorship. Programmes that provide practical guidance from experienced entrepreneurs could therefore become an important complement to funding initiatives.

Paystack said Small Business Launchpad will initially focus on Nigeria, with plans to introduce additional cohorts and expand the programme in the future. Applications for the inaugural cohort are now open to eligible Paystack merchants.