Sylvia Duruson
Nigeria’s startup ecosystem three tech entrepreneurs shift their focus from logistics to revolutionizing small business operations. The founders of Flashbike, initially a last-mile delivery service, have channeled their experience into creating 1Vault, a comprehensive digital platform serving Nigeria’s vast MSME sector.
The platform emerges at a crucial time for Nigeria’s economy, where micro, small, and medium enterprises contribute 40% of the GDP and provide 80% of employment opportunities. These businesses, despite their economic significance, face substantial operational challenges, from complex registration processes to limited access to financial services.
Segun Adebirigbe, alongside co-founders Babajide Padonu and Kola Roberts, recognized the pressing need for better bookkeeping and sales management tools among small businesses. Their solution, 1Vault, combines multiple essential services into a single platform, addressing the diverse needs of Nigerian entrepreneurs
The platform streamlines business registration with the Corporate Affairs Commission, simplifying a traditionally complex process. It offers comprehensive accounting solutions, automated bookkeeping, inventory tracking, and tax compliance tools. Through banking partnerships, 1Vault provides quick account creation, access to loans, overdrafts, and savings tools.
Digital adoption trends in Nigeria have created fertile ground for such innovation. With over 25 million smartphone users increasingly utilizing digital platforms for business, 1Vault integrates e-commerce capabilities, social media management, and WhatsApp-based order processing to help businesses establish strong online presences.
The startup has already attracted over 200 businesses and processed transactions exceeding ₦20 million within its first month of launching payment services. This early success comes despite challenges, including helping traditional business owners understand the potential of digital tools and social media for growth.
Learning from their previous venture, the 1Vault team has implemented a sustainable revenue model combining service subscriptions, commission-based income from bill payments, and interest from financial services. This approach reflects their determination to build a viable business while serving their target market effectively.
The founders bring diverse experience from both Nigerian and UK markets, strengthening their ability to address local business needs. Their ambitious goal of serving 23% of Nigeria’s MSMEs within three years demonstrates their commitment to transforming the country’s business landscape through accessible digital solutions.
