Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, says Nigerian Small and Medium Enterprises (SMEs) are driving growth through digital payments, workforce investments, and expansion plans.
She made this statement based on findings from the Mastercard SME Confidence Index.
The report reveals that 81% of Nigerian SMEs are confident about their prospects over the next 12 months, with 68% expecting revenue growth.
Femi-Lawal noted that Nigerian businesses continue to demonstrate resilience and a strong understanding of growth factors.
“Nigerian businesses are ambitious—they’re investing in their people, adopting digital payments, and seeking capital to expand,” she said.
She also reaffirmed Mastercard’s commitment to supporting SME growth through partnerships and accessible financial solutions, aiming to bring secure financial tools to every entrepreneur.
The report showed that all respondents (100%) see digital and online payments as vital for growth.
Mobile payments led adoption at 67%, followed by card payments at 45%, and online payments at 42%.
Additionally, 57% of SMEs operate both physically and digitally.
The report highlighted that 79% prioritize staff training and upskilling, while 78% are investing in digitization initiatives.
Seventy-three percent focus on expanding digital payment acceptance to enhance efficiency and customer experience.
Security remains a concern, with 60% prioritizing stronger cybersecurity and fraud prevention.
Moreover, 52% seek mentorship and business advisory support.
On financing, 69% are looking for credit to support expansion, and 34% obtained external funding last year.
However, 63% still rely on personal cards for business expenses, indicating ongoing financing gaps.
Mastercard’s EVP for Market Development in Eastern Europe, Middle East, and Africa, Gabriel Swanepoel, described Nigerian SMEs as among the most entrepreneurial globally.
“Nigeria has one of the most entrepreneurial SME communities worldwide. When every business recognizes the importance of digital payments, it creates opportunities to accelerate SME development,” he said.
Swanepoel emphasized Mastercard’s focus on providing tools, financing, and partnerships to help SMEs scale sustainably.
The report noted that 56% of SMEs experienced revenue growth last year, driven by infrastructure improvements and government efforts.
However, inflation and financial pressures remain key challenges.
The index stresses the importance of inclusive financial systems to sustain SME growth and boost their contribution to economic development.
Mastercard continues to support SMEs through digital solutions like Tap on Phone, QR Pay-by-Link, tokenization, and cybersecurity initiatives.
