1Vault: A Game-Changer for Nigeria’s Small Businesses

Nigeria’s micro, small, and medium enterprises (MSMEs) are the backbone of the economy, contributing over 40% of GDP and employing 80% of the population. Despite their critical role, these businesses face persistent challenges such as informality, limited access to financial services, and underutilisation of digital tools. A new digital platform, 1Vault, aims to change the narrative.

Born from a pivot, 1Vault evolved from Flashbike, a last-mile delivery service that struggled to scale. Rather than folding, the founders—Segun Adebirigbe, Babajide Padonu, Kola Roberts, and Femi Adefaka—rechannelled their expertise into creating a “super app” for small businesses. According to Adebirigbe, the Chief Product Officer, 1Vault addresses critical gaps in MSME operations by offering an integrated suite of services.

“If you look at our suite of products, no other fintech has the robustness we offer,” Adebirigbe explains. The platform supports seamless business registration with the Corporate Affairs Commission (CAC), enabling businesses to gain legitimacy and access to government support.

Beyond formalisation, 1Vault simplifies bookkeeping, inventory management, and compliance with tax laws. Its banking services, offered in partnership with financial institutions, allow businesses to create accounts in minutes, access loans, and track transactions. For entrepreneurs looking to scale, the app includes eCommerce tools, social media management services, and insights into customer behaviour.

A Growing Market for Digital Solutions

With over 25 million Nigerians owning smartphones, the adoption of digital technology among MSMEs is growing. Platforms like WhatsApp and Instagram have become indispensable for customer engagement and sales. Recognizing this trend, 1Vault aims to bridge the gap between informal businesses and the digital economy.

Despite these opportunities, many MSMEs remain skeptical of using social media for business. “A lot of them don’t realize that platforms like Instagram can drive sales,” Adebirigbe notes. Educating business owners about these tools remains a priority for 1Vault.

Standing Out in a Competitive Market

1Vault’s business model combines free bookkeeping services with monetized features such as social media management and transaction commissions. This approach has attracted over 200 businesses since the app’s launch, and the platform processed more than ₦20 million in transactions within its first month of offering payment services.

The team is also focused on delivering exceptional customer experiences, a lesson learned from their previous venture. Adebirigbe emphasizes that charging customers early and offering top-notch support are key to building trust and loyalty.

With plans to onboard 23% of Nigeria’s MSMEs—roughly nine million businesses—within three years, 1Vault is positioning itself as a transformative force in the sector.

Challenges and the Road Ahead

While 1Vault’s founders bring a wealth of experience, they acknowledge the challenges ahead, including overcoming distrust among MSMEs and navigating competition from other startups. However, their commitment to innovation and customer-centric services sets them apart.

As the app continues to evolve, 1Vault represents a beacon of hope for Nigerian entrepreneurs, proving that MSMEs can thrive in the digital age with the right tools and support.