Nigeria’s startup ecosystem is witnessing a shift in focus as three tech entrepreneurs move from logistics to revolutionizing small business operations. The founders of Flashbike, a last-mile delivery service, have now launched 1Vault, a digital platform catering to Nigeria’s MSME sector.
This new platform comes at a crucial time for Nigeria’s economy, where micro, small, and medium enterprises play a significant role, contributing 40% of the GDP and providing 80% of employment opportunities. Despite their importance, these businesses face various operational challenges, from complex registration processes to limited access to financial services.
Segun Adebirigbe, Babajide Padonu, and Kola Roberts identified the need for better bookkeeping and sales management tools for small businesses. Their solution, 1Vault, offers a range of services within a single platform to meet the diverse needs of Nigerian entrepreneurs.
1Vault simplifies business registration with the Corporate Affairs Commission, streamlining a traditionally complex process. It provides accounting solutions, automated bookkeeping, inventory tracking, and tools for tax compliance. Through partnerships with banks, the platform enables quick account creation, access to loans, overdrafts, and savings tools.
The timing for such innovation is ideal, given the increasing digital adoption trends in Nigeria. With over 25 million smartphone users engaging more with digital platforms for business purposes, 1Vault integrates e-commerce capabilities, social media management, and WhatsApp-based order processing to help businesses establish a strong online presence.
Despite challenges in educating traditional business owners about the benefits of digital tools and social media for growth, 1Vault has already onboarded over 200 businesses and processed transactions exceeding ₦20 million in its first month of launching payment services.
Drawing from their previous venture, the 1Vault team has devised a sustainable revenue model that includes service subscriptions, commission-based income from bill payments, and interest from financial services. This approach underscores their commitment to building a viable business while effectively serving their target market.
With a wealth of experience in both Nigerian and UK markets, the founders are well-equipped to address local business needs. Their ambitious goal of serving 23% of Nigeria’s MSMEs within three years highlights their dedication to transforming the country’s business landscape through accessible digital solutions.
The journey of 1Vault showcases the potential for innovation and growth within Nigeria’s startup ecosystem, as tech entrepreneurs leverage their expertise to create impactful solutions for small businesses.
