Globally, small and medium enterprises (SMEs) account for 90% of businesses and 50% of employment, according to the World Bank. As of 2020, Nigeria's Small and Medium Enterprises Development Agency (SMEDAN) estimated that there are approximately 39.6 million MSMEs in Nigeria.
After Bamboo announced its $15 million Series A funding in January 2022, the fintech startup revealed that it intends to enter new markets like Ghana, Kenya and South Africa. Prior to the funding, Bamboo announced its plan to launch in Ghana in April 2021, as of January 2022 more than 50,000 Ghanaians joined the waitlist.