Bankit, a Nigerian fintech company, has launched a grant programme for small and medium-sized enterprises and introduced new rewards for its cardholders. The announcements were made on Thursday, July 10, 2026, as part of the company's strategy to deepen financial inclusion and support business growth in a competitive market.
The SME grant programme, named the Bankit SME Grant, will provide financial support to selected small businesses. The company's Chief Executive Officer, Olusegun Akano, stated that the initiative is designed to help SMEs overcome funding challenges and scale their operations. "We are committed to empowering SMEs, which are the backbone of the Nigerian economy," Akano said. The grants are not loans and do not require repayment, positioning them as direct capital injections for business development.
Alongside the grant programme, Bankit has unveiled an enhanced rewards system for customers using its debit cards. The new 'Bankit Card Rewards' scheme offers cashback and other incentives on transactions, aiming to encourage the use of formal digital payment channels over cash. The company highlighted that cardholders can earn rewards on everyday spending, including retail purchases and bill payments.
Bankit operates as a digital banking platform offering account services, payments, and savings products. Its move to directly fund SMEs comes at a time when access to credit remains a significant hurdle for small businesses in Nigeria, despite being a major driver of employment and economic activity. Many fintechs have focused on providing payment solutions or credit lines, making non-repayable grant programmes a less common but potentially impactful approach.
The Nigerian fintech landscape is one of the most vibrant on the continent, with players competing aggressively on services ranging from payments and transfers to lending and wealth management. Initiatives that combine financial support with incentives for digital adoption speak to two persistent challenges: funding gaps for SMEs and the continued high use of cash. The Central Bank of Nigeria has long championed a 'cashless Nigeria' policy, creating a regulatory environment that fosters digital financial services innovation.
While the specific size of the grant pool and the detailed selection criteria for the SME Grant were not disclosed, the programme is expected to attract significant interest from Nigeria's vast SME sector. The card rewards scheme, meanwhile, aligns with broader industry efforts to create loyalty and increase transaction volumes on proprietary platforms. Bankit's dual announcement reflects a strategic push to strengthen its value proposition to both business and consumer segments in a single move.
The success of such programmes often hinges on execution, including transparent selection processes for grants and the perceived value of the rewards offered. As Olusegun Akano noted, the initiatives are part of Bankit's commitment to fostering economic growth. The company will be judged on its ability to deliver tangible benefits to the SMEs it selects and to build a loyal cardholder base through consistent and valuable rewards.