馃嚦馃嚞NigeriaWest Africa
Nigerian SMEs show strong confidence in growth, prioritize digital payments and staff training
via Punch Nigeria4 min read
A Mastercard study reveals that 81% of Nigerian small and medium enterprises SMEs are confident about the next 12 months, with 68% expecting revenue growth. All surveyed SMEs agree that digital and online payments are vital for business expansion. Their top growth priorities include training and upskilling staff 79% and digitizing their businesses 78%. Mobile payment adoption among SMEs is at 67%, with card payments at 45% and online payments at 42%. Many businesses 57% now operate through both physical and online channels. More than two-thirds of SMEs 69% are seeking credit for growth, and 34% sought external funding in the past year. Gabriel Swanepoel, division president, Africa, Mastercard, highlighted the opportunity to accelerate SME development through digital innovation. Folasade Femi-Lawal, country manager, West Africa, Mastercard, noted that Nigerian businesses are investing in their people, embracing digital payments, and seeking capital. Despite financial concerns 62%, access to credit, and inflation, optimism remains high. SMEs also identify stronger physical and digital security 60% and access to mentorship 52% as critical enablers. Mastercard supports Nigerian SMEs with tools, financial solutions, and security capabilities, including low-cost acceptance innovations like Tap on Phone and QR Pay-by-Link, and programs like Start Path and Product Express for fintechs.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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