Nigerian SMEs Face Digital Management Gap Despite Widespread Adoption of Electronic Payments, Visa Report Shows

Nigeria's small and medium-sized enterprises (SMEs) are experiencing a digital management gap despite the widespread adoption of electronic payments, as highlighted in a new Visa report. Conducted on 251 Nigerian SMEs, the Pay and Get Paid 2026 report found that only 29% of businesses utilize integrated platforms that combine payment services with other management functions.

The report highlights that 94% of respondents are interested in an all-in-one platform to manage payments and daily business operations simultaneously. The fragmented approach to business management has led to administrative difficulties, particularly in tracking outstanding invoices (14%), organizing payroll records (19%), and preparing financial reports (16%).

Concerns about new systems disrupting operations (8%), dissatisfaction with manual processes (8%), and trust in a single provider (7%) are some reasons SMEs have not adopted integrated platforms. However, SMEs already using integrated solutions report improved operational efficiency, with 93% satisfied with their experience and 88% noting better performance.

Visa's Vice President and Cluster Head, Andrew Uaboi, emphasized that connecting payment systems with business management tools could provide better insights into cash flow patterns, improve decision-making, and create opportunities for offering relevant products and services, such as financing. Access Bank's Group Head, SME Banking, Abiodun Olubitan, urged Nigerian SMEs to focus on using technology to improve business management and support growth.