BAS Finance, a member of the BAS Group ecosystem, has disbursed over N20 billion in loans to small and medium-sized enterprises across Nigeria, marking a significant milestone in the country’s push to close its long-standing credit gap. The company says the achievement positions it among the fastest-growing fintech lenders in the market, with the funds reaching thousands of businesses that have historically struggled to access formal financing.
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Where the money went
The N20 billion portfolio spans several sectors central to Nigeria’s economic activity, including FMCG and retail operations, agricultural value chains, real estate, manufacturing, service enterprises, and trade and import support. Farmers, distributors, logistics operators, and small-scale manufacturers are among the businesses that benefited, many of whom had previously been turned away by traditional banks citing insufficient collateral or documentation.
A core part of BAS Finance’s approach is its digital-first model, which uses data analytics and mobile technology to reduce loan processing times from weeks to days. For a business owner managing tight cash flow, that speed often determines whether an opportunity is taken or lost.
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Why the financing gap matters
Access to credit remains one of the most persistent barriers to SME growth in Nigeria. Only a fraction of the country’s estimated 40 million MSMEs have ever accessed formal financing, with traditional lenders continuing to favour large corporates over smaller businesses. Fintech firms have moved into this gap with cash flow-based credit assessments and streamlined digital onboarding, a model gaining traction in Nigeria after proving itself in markets like Kenya and South Africa.
“Achieving N20 billion in disbursements is a testament to our conviction that MSMEs are the true drivers of structural economic growth in Nigeria,” said Adnan Kayode, MD and CEO of BAS Finance Company Limited.
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Investor confidence follows
Beyond lending, the company’s fundraising signals growing institutional interest in Nigeria’s fintech-SME space. BAS Finance raised N2 billion through its Series 1 Private Note Issuance, part of a broader N10 billion programme. The firm described the exercise as evidence of market appetite for solutions that address Nigeria’s financing gaps in a commercially viable way.
Private note issuances allow fintech companies to raise debt capital from institutional investors outside the traditional banking system. When they succeed, they signal that sophisticated investors are backing the lender’s credit model and, by extension, the viability of SME lending at scale. That institutional vote of confidence may matter as much as the N20 billion disbursement figure itself.
As fintechs demonstrate that SME lending can be both scalable and sustainable, pressure on commercial banks to compete with better-designed and faster products will continue to build. For Nigerian entrepreneurs, more competition in the lending market should translate into better terms and broader access over time.
