In a strategic move set to reshape risk protection for small and medium-scale enterprises (SMEs) in Nigeria, fintech firm Paga has partnered with Leadway Assurance to deliver comprehensive, tailored insurance solutions to merchants operating on the Doroki platform. The initiative is designed to safeguard business income, assets, and operational continuity while enabling merchants to recover swiftly from unexpected disruptions.
Expanding Financial Protection for Everyday Commerce
Doroki, Paga’s merchant-focused digital commerce platform, already supports thousands of Nigerian businesses with payment processing, cash management, and operational tools. By embedding insurance directly into this ecosystem, the partnership introduces structured protection against common business risks such as cash-handling losses, fire or burglary incidents, and damage to point-of-sale (POS) terminals critical to daily transactions.
The collaboration also includes plans for credit-life insurance tied to merchant financing, ensuring that outstanding loan obligations remain protected in the event of unforeseen life circumstance.
Beyond Coverage: Education, Awareness, and Resilience
Beyond financial protection, both firms emphasise risk awareness and merchant education—providing guidance on policy benefits, claims procedures, and preventive risk management practices. This holistic approach aims to strengthen decision-making, reduce vulnerability to shocks, and promote long-term business sustainability across Nigeria’s informal and semi-formal retail economy.
Doroki’s General Manager, Arike Okwunowo, described merchants as central drivers of Nigeria’s retail economy, noting that access to reliable insurance allows entrepreneurs to focus on growth with confidence that their businesses are protected.
Leadway executives similarly framed the alliance as part of a broader mission to make insurance practical, accessible, and seamlessly integrated into everyday commercial activity—particularly for underserved business owners.
Embedded Finance and the Future of SME Growth
Industry observers view the partnership as evidence of a growing convergence between fintech and insurance in Nigeria, where digital platforms are expanding beyond payments into embedded finance solutions such as insurance and credit. This evolution is expected to deepen financial inclusion, unlock new revenue opportunities, and strengthen resilience among SMEs that form the backbone of domestic trade.
With SMEs accounting for the overwhelming majority of businesses in Nigeria and contributing significantly to economic output, integrated risk-protection frameworks like the Paga–Leadway initiative could play a decisive role in stabilising grassroots commerce and accelerating sustainable growth.
Outlook
As Nigeria’s digital financial ecosystem matures, the embedding of insurance into trusted merchant platforms signals a shift from reactive protection to proactive resilience. For Doroki merchants, the Paga–Leadway partnership represents more than a corporate alliance—it offers a pathway toward stability, confidence, and scalable growth in an unpredictable operating environment.
Paga and Leadway partner to deliver embedded insurance solutions for Doroki merchants, boosting SME resilience, financial protection, and sustainable business growth across Nigeria.
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