1Vault was on Monday announced a pioneering super app to empower Nigeria’s small and medium enterprises (SMEs).
Founded by a quartet of technocrats —Babajide Padonu, Segun Adebirigbe, Kola Roberts, and Femi Adefaka— 1Vault aims to address the challenges faced by its predecessor, Flashbike.
The team recognised the urgent need for better business management tools among Nigerian MSMEs, which significantly contribute to the economy by providing 80 percent of jobs and over 40 percent of GDP.
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Comprehensive solution for SMEs
1Vault combines multiple services into one platform, simplifying operations for SMEs. It offers business registration, bookkeeping, and banking services, enabling entrepreneurs to formalise their businesses and enhance their credibility.
“The reason we chose 1Vault was because we saw a need for better bookkeeping and sales for SMEs,” said Segun Adebirigbe, Co-founder and Chief Product Officer.
The app allows users to register businesses quickly with Nigeria’s Corporate Affairs Commission (CAC), automate bookkeeping, and track inventory.
Additionally, it facilitates easy banking access, allowing businesses to create accounts in under a minute and providing services like loans and savings tools.
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Building a robust ecosystem
1Vault’s revenue model includes service subscriptions for features like social media management while offering free bookkeeping to attract users. With over 200 businesses already signed up, the startup aims to reach approximately nine million MSMEs in Nigeria within three years.
Despite competition from various startups, 1Vault distinguishes itself with a comprehensive suite of services tailored for SMEs.
The founders are dedicated to providing an exceptional customer experience, applying lessons from their previous ventures. They aim to impact Nigeria’s business landscape significantly, empowering numerous entrepreneurs as they grow their platform.