Small and medium enterprises (SMEs) in Nigeria are leveraging digital payments, innovation, and partnerships to expand their reach and strengthen business operations.
Mastercard, the global technology company, stated this in its third edition of the SME Confidence Index.
The report said about 99% of SMEs in Nigeria are now accepting digital payments as businesses continue to capitalise on cashless transactions to enhance efficiency, improve customer experience, and build financial resilience.
“This digital shift is enabling SMEs to grow in an evolving business environment, with many prioritizing secure payment solutions and financial inclusion initiatives,” the report said.
“Small and medium enterprises are the backbone of economies, driving innovation, employment, and resilience. As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financial inclusion. Their ability to adapt and grow in a rapidly evolving business landscape reflects the strength of an ecosystem that prioritizes access to finance, digital enablement, and sustainable growth,” said Dimitrios Dosis, president of Eastern Europe, Middle East and Africa, Mastercard.
“Nigerian SMEs are demonstrating remarkable adaptability and foresight by leveraging digital payment solutions to drive economic transformation. Their positive revenue outlook highlights a commitment to harnessing technology for sustainable growth. At Mastercard, we are dedicated to empowering these businesses with innovative digital tools, fostering strategic partnerships, and supporting their journey toward greater financial inclusion and security,” said Mark Elliott, division president, Africa, Mastercard.
The report also noted that SMEs are recognising the advantages of cashless transactions in driving business efficiency. Many business owners highlight ease of managing payments, seamless supplier transactions, and reduced reliance on cash handling as key benefits.
“Looking ahead, SMEs are focused on expanding their digital payment capabilities and ensuring seamless customer experiences to sustain their competitive edge.
“Looking ahead, 73% of SMEs plan to further expand their digital payment capabilities across various channels and 70% are focused on providing seamless, user-friendly payment experiences to customers to drive business improvement.”
