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Nigerian SMEs show strong optimism and digital adoption for growth, Mastercard report finds

Nigerian micro, small, and medium-sized enterprises MSMEs are demonstrating resilience and ambition, with nearly 40 million businesses forming the backbone of the country's economy. Mastercard's new SME Confidence Index, a multi-market study, reveals that 81% of Nigerian SMEs are optimistic about the next 12 months, and 68% anticipate revenue growth. Crucially, 100% of surveyed businesses believe digital and online payments are vital for their future success. While consumers are ready for digital payments, a significant 'acceptance gap' prevents merchants from receiving them. Mastercard is addressing this by pioneering 'hardware-lite' solutions, transforming existing smart devices into secure payment hubs. Collaborations with Wema Bank and UBA have enabled 1.8 million Nigerian SMEs and gig workers to accept payments instantly with zero hardware costs through QR-on-Card solutions. To overcome cross-border friction, Mastercard is leveraging its Move infrastructure, connecting over 200 countries, to facilitate faster and more efficient international money movement. Partnerships with Access Bank Group and Fidelity Bank are scaling seamless cross-border remittances, while fintechs like BMONI are enabling instant issuance of virtual Naira and U.S. dollar cards. The report also highlights that 79% of Nigerian SMEs prioritize staff training and upskilling for growth. Mastercard's collaboration with the Lagos State Employment Trust Fund LSETF is driving financial literacy and digital