Salad Africa, a rising fintech specializing in embedded lending, has teamed up with Glovo, the popular multi-category app, to deliver a game-changing boost for small businesses in Nigeria. Together, they’re rolling out an innovative SME financing program aimed at giving Glovo partners quick and easy access to working capital — with better rates and fewer hurdles than traditional banks.
Through this first-of-its-kind partnership, eligible businesses operating on the Glovo platform can now apply for loans ranging from ₦50,000 to over ₦100 million. The twist? Instead of the usual complex paperwork and collateral demands from banks, Salad Africa uses real-time sales data from the Glovo app to make smarter, faster credit decisions. Merchants only need to have been active on Glovo for at least three months and meet performance criteria to qualify.
Once eligible, partners will receive a notification outlining the Know Your Business (KYB) requirements. Upon approval, the funds are disbursed straight into their accounts — and repayments happen automatically through a small percentage of future Glovo sales. This embedded finance model means small businesses can access crucial funding without being bogged down by traditional lending red tape.
This partnership puts Salad Africa in the company of global fintech innovators like YouLend, R2, and Banxware, who are shaking up SME financing in Europe, North America, and Latin America. Interestingly, YouLend also partnered with Glovo Spain in 2024, helping expand credit access to restaurants across Spain — a model now replicated in Nigeria with Salad Africa.
For Salad Africa, the move is a major milestone. The fintech already processes over ₦500 million in credit monthly, and with this new collaboration, it’s on track to hit a ₦1 billion monthly disbursement goal. Since inception, Salad Africa has supported over 1,500 SMEs in scaling operations and driving sustainable growth.
This new initiative fits squarely under Glovo Local, Glovo’s global program dedicated to empowering SMEs. Through Glovo Local, businesses not only get financial support but also benefit from marketing tools, order management systems, and training resources to help them thrive in the digital economy. With SMEs making up 90% of shops and restaurants on Glovo across 23 countries, this kind of support could be transformational for many.
Kolawole Adeniyi, Head of Commercial at Glovo Nigeria, summed up the impact best:
“At Glovo, we’re constantly looking for ways to empower our partners and support their growth journeys. This partnership with Salad Africa is a game-changer—it ensures our merchants can unlock new opportunities without traditional barriers.”
Chikodi Ukaiwe, CEO of Salad Africa, echoed the sentiment:
“Supporting local businesses is at the heart of everything we do at Salad. Embedded finance is unlocking new channels of credit that simply weren’t available before, and we’re proud to make access to capital more seamless and timely for Glovo’s network of merchants.”
Glovo is currently the only player in the space offering this type of financing to SMEs in Nigeria, reinforcing its commitment to supporting local economies and driving financial inclusion through technology.
