New Visa report shows how digital payments can boost Nigerian SMEs

Small and medium-sized enterprises (SMEs) in Nigeria have mostly moved past the early stage of using digital payments. But there is still a gap in productivity. A new survey by Visa for its Pay and Get Paid 2026 report shows that most SMEs in Nigeria now use digital payments. This shows that digital commerce is really growing in Nigeria's small business scene.

Still, many SMEs handle financial and operational tasks separately. Only 29% use a combined solution that connects payments with overall business management. The report reveals that managing finances and using different tools creates issues for SMEs. Businesses said they face problems like tracking unpaid invoices (14%), keeping payroll organized (19%), and preparing financial reports (16%). These challenges show that there is a gap between payments and the tasks that come after. Some businesses are using multiple systems just to keep things running.

There is a clear desire for a more connected approach. The report says 94% of SMEs would like an all-in-one payment and business solution. This shows strong interest in tools that can combine payments and important business operations in one place. But the adoption of these tools has not kept up. Only 29% of SMEs currently use an integrated payment and business platform.

The report also highlights some reasons that may be slowing down adoption. Businesses mentioned that they have manual processes that work for them (8%), that an integrated platform might change how they currently operate (8%), or that they do not fully trust a single provider (7%). These findings suggest that to increase adoption, SMEs need to understand better how integrated tools can be relevant and useful for businesses at different stages.

At the same time, SMEs that already use integrated solutions show a strong case for their value. The report found that Nigerian businesses using an integrated tool reported 93% satisfaction. About 88% also said they gained efficiency, including less time and effort needed to manage their business.

Besides efficiency, integrated platforms might also open new chances for financial institutions to build better relationships with SMEs. By using richer payment and business management data, banks can understand cash flow patterns, support risk assessments, and possibly offer better lending options over time.

Andrew Uaboi, Vice President/Cluster Head Visa West Africa, said, "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. When payments and business management come together, financial institutions can gain deeper insights into cash flow patterns, support better decision-making, and unlock opportunities to offer more relevant products and services, including access to financing. At Visa, we remain committed to enabling our partners with secure, innovative solutions that help SMEs operate more efficiently and grow with confidence."

Abiodun Olubitan, Group Head SME Banking at Access Bank, added, "For Nigerian SMEs, the opportunity is no longer just about adopting digital payments, but about using digital solutions to run their businesses more efficiently, make informed decisions, and unlock new opportunities for growth. At Access Bank, we recognize that when payments are connected to everyday business operations, SMEs can gain better visibility into their cash flow, strengthen financial management, and build a stronger foundation for accessing financing. We remain committed to supporting businesses with relevant financial solutions and digital capabilities that help them navigate challenges, scale sustainably, and contribute more meaningfully to Nigeria’s economic development."

About the Study

The Visa Pay and Get Paid 2026 study looks into how SMEs manage payments, daily operations, and the need for integrated payment and business solutions. The research involved face-to-face interviews with business owners and financial decision-makers between March and April 2026 across 11 markets, including Nigeria, where 251 SMEs were surveyed.