Nigeria’s small and medium-sized enterprises (SMEs) are showing strong demand for integrated digital payment and business management platforms, but adoption remains low, highlighting a growing gap in the country’s digital business transformation.
A new report by Visa, Pay and Get Paid 2026, found that 94 percent of Nigerian SMEs surveyed consider an all-in-one payment and business management solution appealing, yet only 29 percent currently use platforms that combine payment processing with broader business operations.
The findings suggest that while digital payment adoption has gained traction among Nigerian businesses, the next phase of digital transformation will depend on how effectively financial technology providers and banks integrate payments with everyday business activities.
The survey, which covered 251 Nigerian SMEs between March and April 2026 as part of research across 11 markets, identified fragmented financial administration as a major challenge for small businesses.
Read also: More Nigerians embrace e-payment channels as transfers hit N295trn in Q1
According to the report, 19 percent of surveyed businesses struggle to keep payroll records organised, while 16 percent face difficulties preparing financial reports and 14 percent have challenges tracking outstanding invoices.
These administrative difficulties reflect the limitations of operating separate systems for receiving payments, managing employees, tracking revenue, and monitoring business performance.
For many SMEs, the disconnect means spending additional time reconciling transactions and maintaining records, potentially limiting their ability to focus on expansion and productivity.
The report also identified resistance to adopting integrated platforms, despite the overwhelming interest expressed by business owners.
About eight percent of respondents said their existing manual processes were working sufficiently, while another eight percent feared that integrated platforms could disrupt their current operations. Seven percent expressed concerns about trusting a single provider with multiple aspects of their business.
However, businesses already using integrated solutions reported significant benefits.
Visa found that 93 percent of Nigerian SMEs using integrated payment and business management platforms were satisfied with the solutions, while 88 percent reported efficiency gains, including reductions in the time and effort required to manage their businesses.
The findings highlight an opportunity for banks, fintech companies, and payment service providers to move beyond transaction processing towards offering business management tools that address the operational needs of SMEs.
The opportunity also extends to SME financing, as integrating payment records with business operations could give financial institutions better visibility into the financial health of small businesses.
With access to more comprehensive transaction and operational data, lenders could develop a clearer understanding of business cash flow patterns, strengthen risk assessment, and potentially offer more tailored credit products.
This is particularly relevant in Nigeria, where limited access to formal financing remains a constraint for many small businesses seeking to expand operations, invest in equipment, and manage working capital.
Andrew Uaboi, vice-president and cluster head, Visa West Africa, said the next opportunity for digital payments lies in helping SMEs extract greater value from their transactions by connecting them with tools used to manage daily operations.
“Digital payments are now a core part of how many SMEs in Nigeria operate. The next opportunity lies in helping businesses get more value from those transactions by connecting payments with the tools they use to manage their day-to-day operations,” he said.
He added that combining payments with business management could help financial institutions gain deeper insights into cash flow patterns, improve decision-making and unlock opportunities to provide relevant financial products, including financing.
Similarly, Abiodun Olubitan, group head, SME Banking at Access Bank, said the opportunity for Nigerian SMEs had shifted from simply adopting digital payments to using digital solutions to improve business efficiency and make informed decisions.
According to him, connecting payments with everyday business operations could improve cash flow visibility, strengthen financial management and create a stronger foundation for accessing financing.
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Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
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