The Country Manager, West Africa, Mastercard, Mrs Folasade Femi-Lawal, says Nigerian Small and Medium-scale Enterprises (SMEs) are driving growth through digital payments, workforce investments and expansion plans.
Femi-Lawal said this in a statement cited by themomentng citing findings from the Mastercard SME Confidence Index.
According to the report, 81 per cent of Nigerian SMEs are confident about their business prospects over the next 12 months, while 68 per cent expect revenue growth within the period.
Femi-Lawal said Nigerian businesses continue to demonstrate resilience and a clear understanding of the factors required for growth.
“Nigerian businesses have never been short on ambition.
“They are investing in their people, embracing digital payments and seeking the capital to expand,” she said.
She said Mastercard remained committed to supporting SME growth through partnerships and accessible financial solutions.
“We are working to put accessible and secure financial tools within reach of every entrepreneur,” she said.
The report showed that 100 per cent of respondents considered digital and online payments critical to business growth.
It indicated that mobile payments led adoption at 67 per cent, followed by card payments at 45 per cent and online payments at 42 per cent.
According to the findings, 57 per cent of SMEs now operate across both physical and digital channels.
The report also showed that 79 per cent of SMEs prioritise staff training and upskilling, while 78 per cent are investing in digitisation initiatives.
It added that 73 per cent focus on expanding digital payment acceptance to improve efficiency and customer experience.
The report identified security as a major concern, with 60 per cent of SMEs prioritising stronger cybersecurity and fraud prevention systems.
It further revealed that 52 per cent of respondents sought mentorship and business advisory support.
On financing, the report showed that 69 per cent of SMEs were seeking access to credit to support expansion, while 34 per cent obtained external funding in the past year.
However, 63 per cent still rely on personal cards for business spending, highlighting persistent financing gaps.
Also, Mastercard’s Executive Vice-President, Market Development, Eastern Europe, Middle East and Africa, Mr Gabriel Swanepoel, described Nigerian SMEs as among the most entrepreneurial globally.
“Nigeria is home to one of the most entrepreneurial SME communities anywhere in the world.
“When every business agrees that digital payments matter, it highlights opportunities to accelerate SME development,” he said.
Swanepoel said Mastercard remained focused on providing SMEs with the tools, financing solutions and partnerships needed to scale sustainably.
The report noted that 56 per cent of SMEs recorded revenue growth in the past year, supported by improvements in infrastructure and government interventions.
However, inflation and broader financial pressures remained key challenges facing businesses.
The index emphasised the need for more inclusive financial systems to sustain SME growth and unlock the sector’s contribution to economic development.
Mastercard said it continues to support SMEs through digital solutions and partnerships, including Tap on Phone, QR Pay-by-Link, tokenisation and cybersecurity initiatives.
