A fintech company, PennyTree, has redesigned its app to provide retail banking services to individuals and merchants looking to scale and grow their business operations.

PennyTree co-founder Abayomi Ogunjobi explained that the app was a necessary solution designed to give individuals and traders the necessary financial and business advice and to locate themselves in their industries or seek to scale their operations.

He further explained that users can perform regular banking activities such as transfers to PennyTree users and users of other banks, lock their funds in secure savings wallets and get returns, create business accounts for new or existing businesses, and generate invoices and receipts for their clients. .

He added: “Over the past five years, small businesses in Nigeria have contributed approximately 48% of the national Gross Domestic Product. Many of these businesses are already thriving on their own and we believe that with the right support we can help them reach their potential faster and even scale quickly. This is the next phase of PennyTree’s journey. We want to help these companies do more in terms of spreading their stories and getting the support they need to expand.

“For merchants, the new PennyTree app provides a secure merchant account to manage transactions, track inflows and outflows, and grow conveniently.”

The company also announced the launch of the Merchant Community to serve as a support group for merchants at different levels of scale.

Another company co-founder, Ayo Ogunlowo, said the community would serve as a platform for merchants to connect, collaborate and grow together.

He said: “With this community, we want to provide high-level support to business owners, create an environment where they can easily access advice and learn from each other. The community is open to traders regardless of where they are in their growth process. We even have room for people who are looking to start side hustles but don’t know where to start. The PennyTree merchant community is a great place to start.

“Today, the community is home to merchants such as Thames Spice Haven, Lela’s Foodmart, Conspicuous Cakes, Oja Oye, Ade Badol, Gizmo Stores, BFH Designs, Arabella Beauty Affairs, Pink Velvet, Dami Interior, Dimex Bars, HairbySteph, Mimi’s Bakeshop and Maskin . Luxury.

“In addition to supporting merchants who already have their businesses up and running, we are supporting people who are looking to start their own. We want to democratize the process of setting up a business by removing the obstacles they face and providing guidance to help them set up and begin transacting.”