DigitMonie Expands Digital Lending Services to Support Nigerian SMEs

DigitMonie, a digital financial services company, has announced plans to expand access to financing for small and medium-sized enterprises (SMEs) across Nigeria.

Founded in July 2025 by King Leonard, Ifiok Akpan, Odudu Akpan and Uche Festus, the company said it was established to address the challenges businesses face in accessing timely financing for their operations and growth.

According to the company, many SMEs struggle to secure the capital required for working capital, inventory purchases, daily operations and expansion, particularly when seeking financing through conventional channels.

A representative of DigitMonie said the company was created to provide businesses with more accessible financial solutions.

“We recognised the financing challenges facing many SMEs and the impact this can have on their ability to sustain operations and pursue growth opportunities.

“Our focus is to provide financial solutions that are accessible and responsive to the practical needs of businesses,” the company said.

Since its establishment, DigitMonie said it has focused on providing financing solutions to businesses with short-term financial requirements.

The company said its services are designed to support areas including inventory purchases, working capital and other operational expenses.

DigitMonie also disclosed that it works with partners across the financial services, technology, payments and business sectors to support different aspects of its operations.

According to the company, such partnerships contribute to areas including payment infrastructure, technology, risk management, customer acquisition and business development.

The digital lender said it also maintains direct engagement with SME operators to understand the financial challenges confronting businesses and develop solutions around their needs.

“Our relationship with SMEs goes beyond providing financing. Understanding the realities of business owners is important in developing solutions that can respond to their financial needs,” it said.

The company said its internal operations are guided by values including innovation, accountability, customer-centricity, collaboration, integrity and continuous improvement.

However, DigitMonie acknowledged that businesses operating in the digital financial services sector face challenges including access to lending capital, credit-risk management, regulatory compliance and customer awareness.

It said responsible lending remains central to its approach as it seeks to meet the financing needs of SMEs while managing associated risks.

Beyond digital lending, DigitMonie said it is working towards developing a broader digital financial services ecosystem that could include payments, savings, investments and other financial products.

The company said its long-term plan is to increase its presence across Nigeria before exploring opportunities in other African markets.

“Our vision is to use technology to improve access to financial services and provide businesses and individuals with practical financial tools that can support their everyday needs and long-term growth,” the company said.