TradeDepot is the Nigeria B2B e-commerce leader. ShopTopUp app platform for retailers + BNPL Boopay financing. 50K+ Nigeria retailers, 100M$+ raised with Partech, IFC, Endeavor Catalyst.
TL;DR
- TradeDepot: Nigeria B2B retail leader.
- ShopTopUp app + Boopay BNPL retailers.
- 50K+ retailers Lagos/Abuja/Port Harcourt.
- 100M$+ funding Partech, IFC.
Nigeria market
- 200M+ population, rapid urbanization
- Informal retail: 80%+ commerce (vs 60-70% other Africa)
- Lagos, Abuja, Port Harcourt, Kano huge densities
- FMCG market: 50B$+ annual
- Mobile penetration: 90%+
TradeDepot stack
ShopTopUp (retailer app)
- FMCG product orders (Coca-Cola, Unilever, Nestlé, etc.)
- Delivery delays: 24h Lagos
- 2000+ SKUs catalog
- Loyalty program
- Mobile money + cash on delivery
Boopay (BNPL)
- 7-30 day short-term credit
- AI credit scoring (ShopTopUp history + mobile data)
- Typical $50-2000 tickets
- 2-10% interest per profile
Sourcing
- Direct brand partnerships
- Import management (China, India)
- Warehouses Lagos, Abuja, Port Harcourt
Distribution
- Own trucks + tricycles
- AI routing optimization
- Cold chain pilot (beverages)
2026 stats
- 50K+ retailers Nigeria
- Revenue ~$100M+ annual
- GMV ~$300-500M
- Funding ~$110M cumulative
- Expansion: Kenya, Ghana planned
Competitors
Nigeria
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- OmniRetail — Nigeria B2B retail challenger
- Bumpa — B2C/B2B retail SaaS
- Renda — B2B last-mile
- Wasoko (cf T9/1) — not Nigeria yet
Continental
- Wasoko-MaxAB
- Twiga Foods (Kenya)
- Carry1st (SA, more gaming but retail tech)
Business model
Revenue streams
- FMCG product margins (5-15%)
- Boopay BNPL interest
- Brand partnerships data + promotion fees
- External logistics fees
Unit economics
- Average order: $80-200 Nigeria
- Retailer CAC: $30-80
- LTV: $1000-5000+ over 3+ years
- Margins: 10-20% gross, 5-10% net path
Challenges
- Naira devaluation: -40%+ vs USD 2023-2024
- Inflation: 30%+ annual Nigeria 2024
- Currency controls: difficult to repatriate profits
- Retailer credit defaults: 8-15%
- Competition: Wasoko if entering Nigeria
FAQ
Q: TradeDepot vs Wasoko?
A: TradeDepot Nigeria focus (huge market). Wasoko multi-Africa. Direct competition if expansion.
Q: Nigeria inspired builders?
A: Pharma verticals (Lifestores), beauty / cosmetics, Nigeria B2B agri. Intense competition but huge market.
Conclusion
2026 TradeDepot: Nigeria B2B retail leader. ShopTopUp + Boopay BNPL modern stack. 50K+ retailers, Kenya / Ghana expansion planned. Nigeria challenges (devaluation, inflation) offset by market scale. For builders, niche verticals + Nigeria-focus + embedded BNPL = roadmap inspiration.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
