MSME Credit Gap Drives Fintech Shift as Optasia Rolls Out Merchant Lending

The persistent financing gap facing Micro, Small and Medium Enterprises (MSMEs) is increasingly reshaping Africa’s fintech landscape, with digital financial service providers expanding beyond consumer lending to develop credit solutions aimed at supporting business growth and economic productivity.

The shift comes as governments, development finance institutions and industry stakeholders intensify calls for greater access to productive credit for small businesses, widely regarded as the backbone of African economies but among the least served by formal financial institutions.

Providing fresh evidence of the trend, global AI fintech company Optasia has launched its first merchant lending proposition as part of a broader expansion strategy across emerging markets, signalling a move towards financing business growth while diversifying beyond traditional consumer-focused digital lending.

In its interim trading update for the six months ended June 30, 2026, the company disclosed that it had “successfully launched its first merchant lending proposition, which will be rolled out across its existing footprint,” alongside new market deployments in Gabon and South Sudan.

The initiative comes as development finance institutions continue to highlight inadequate access to finance as one of the biggest obstacles to MSME growth.

The Development Bank of Nigeria (DBN) has consistently identified access to affordable and sustainable finance as a critical challenge confronting Nigerian MSMEs, noting that expanding business credit is essential to job creation, enterprise development and inclusive economic growth. 

Similarly, the International Finance Corporation (IFC) has estimated that Africa’s MSMEs face a financing gap running into hundreds of billions of dollars, underscoring the scale of unmet demand for business credit.

Industry experts say merchant lending is emerging as one of fintech’s fastest-growing segments because it enables lenders to assess businesses using transaction histories, digital payment records and artificial intelligence rather than relying primarily on traditional collateral.

The development also aligns with ongoing efforts by policymakers to channel more digital finance towards productive sectors of the economy, particularly small businesses that drive employment and local commerce.

Optasia’s latest expansion comes against the backdrop of a strong first-half financial performance, demonstrating the resilience of its diversified operating model despite temporary disruption to Airtime Credit Services (ACS) in Nigeria earlier this year.

According to the company, its Mobile Financial Services (MFS) business now accounts for approximately 72 per cent of group revenue, with strong growth in Ghana, Pakistan, Indonesia and Congo-Brazzaville helping to offset the impact of the Nigerian disruption.

“The Board believes this performance demonstrates the resilience of Optasia’s platform and the strength of the Group’s diversified operating model,” the company said.

Based on preliminary management accounts for the six months ended June 30, Optasia expects revenue growth of between 50 and 60 per cent, adjusted EBITDA growth of 40 to 50 per cent, and normalised net income growth of 30 to 40 per cent compared with the corresponding period in 2025.

The company also reaffirmed its full-year guidance for revenue and adjusted EBITDA growth of more than 30 per cent.

While acknowledging the impact of the temporary suspension of airtime credit services in Nigeria, Optasia said operators had resumed the service following its restoration in June.

“The Company now expects Normalised Net Income growth of between 25 per cent and 35 per cent for the year, reflecting a prudent assumption regarding the pace of recovery of transaction volumes in Nigeria,” it stated.

The company’s expansion into merchant lending reflects a broader transformation across Africa’s fintech industry as operators increasingly seek to finance productive economic activities rather than focus solely on short-term consumer credit.

Analysts say the model allows fintech firms to deploy artificial intelligence and data analytics to assess merchants’ cash flows and provide working capital to small businesses, helping bridge longstanding financing gaps while supporting financial inclusion.

For investors, Optasia’s latest trading update also highlights the benefits of geographic and product diversification. Beyond expanding into merchant lending, the company recorded strong growth across multiple international markets, enabling it to absorb the impact of temporary regulatory disruption in one market without materially affecting its broader growth trajectory.

As African fintech continues to evolve, industry observers believe merchant lending is likely to become a major growth frontier, positioning technology-driven lenders to play a bigger role in closing the MSME financing gap while supporting enterprise development across emerging markets.