Fintech firm launches retail app
A fintech company, PennyTree, has redesigned its app to provide banking services for individuals and merchants looking to scale and expand their business operations.
Co-founder of PennyTree, Abayomi Ogunjobi, explained that the app was a necessary solution designed to provide individuals and merchants with the necessary financial and business advice to find their footing in their industries or looking to scale their business.
He further explained that users could perform normal banking activities such as transfers to PennyTree users and users of other banks, lock their money in secure savings wallets and earn returns, create business accounts for new or existing businesses and generate invoices and receipts for their customers.
He added, “In the last five years, small businesses in Nigeria have contributed about 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 potentials faster and smoothly scale quickly This is the next phase of the PennyTree journey We want to help these businesses do more to get their stories out there and get the support they need to scale.
“For merchants, the new PennyTree app provides a secure business account to manage transactions, keep track of inflows and outflows, and grow conveniently.”
The company also announced the launch of a Merchant Community to serve as a support group for merchants at different scale levels.
Another co-founder of the company, Ayo Ogunlowo, said the community would serve as a platform for sellers 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 advisory services and learn from each other. The community is open to sellers regardless of where they are in their growth journey. We have and with space for people who want to start side hustles but don’t know where to start, the PennyTree Merchant Community is an ideal place to start.
“The community currently boasts vendors 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 sellers who already have their business up and running, we support individuals who want to start their business. We want to democratize the process of setting up a business by removing the blocks they face and providing guidance to help them set up and start trading.”
