Visa report highlights opportunity to connect digital payments with business operations for SMEs in Nigeria

Small- and medium-sized enterprises (SMEs) in Nigeria have largely embraced digital payments, but a productivity gap remains according to Visa's Pay and Get Paid 2026 report. While most surveyed SMEs use digital payments, only 29% have integrated solutions connecting payments with broader business management. This integration gap creates friction, with financial administrative tasks like tracking outstanding invoices, organizing payroll records, and preparing financial reports posing challenges for SMEs.

Despite this, 94% of surveyed SMEs find an all-in-one payment and business solution appealing. However, adoption has yet to catch up, with only 29% currently using integrated payment and business platforms. Perceived barriers include businesses already having working manual processes, fear of disruption, and distrust in a single provider.

SMEs using integrated solutions report high satisfaction (93%) and efficiency gains (88%). Integrated platforms could create new opportunities for financial institutions to offer relevant lending solutions. Visa's Andrew Uaboi emphasized the need for businesses to get more value from digital transactions by connecting payments with management tools, enabling financial institutions to gain deeper insights and offer relevant products and services.

Access Bank's Abiodun Olubitan noted the importance of integrated solutions in helping SMEs make informed decisions and unlock new growth opportunities. Visa's global mission is to connect the world through secure, innovative payment solutions, supporting economies to thrive.