Nigerian small and medium enterprises (SMEs) are embracing digital payments and innovation to boost revenue, expand their reach, and strengthen business operations.
According to the Mastercard SME Confidence Index, 99% of SMEs in Nigeria now accept digital payments, leveraging cashless transactions to improve efficiency and customer experience.
As businesses navigate an evolving financial landscape, many are prioritising secure payment solutions, financial inclusion, and digital transformation.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, highlighted that SMEs are unlocking new opportunities by adapting to digitalisation.
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Key benefits of digital payments for SMEs include seamless supplier transactions, easier payment management, and reduced reliance on cash. Looking ahead, 73% of SMEs plan to expand their digital payment capabilities, while 70% are focused on providing seamless customer payment experiences.
Financial access remains a top priority, with 47% of SMEs seeking financing for growth and 27% for daily operations. Despite inflation and rising costs, 78% of SMEs expect stable or higher revenue this year, reflecting resilience and adaptability.
Mark Elliott, Division President for Africa at Mastercard, noted that Nigerian SMEs are leveraging technology for sustainable growth, reinforcing their role in economic transformation.
