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Digital Payments Fuel Growth for Nigerian SMEs: Mastercard Report Highlights Trends
Small and medium enterprises (SMEs) in Nigeria are leveraging digital payments, innovation, and partnerships to expand their reach and strengthen business operations, according to the third edition of the Mastercard SME Confidence Index.
With 99% of SMEs in Nigeria now accepting digital payments, businesses are capitalizing on cashless transactions to enhance efficiency, improve customer experience, and build financial resilience. This digital shift is enabling SMEs to grow in an evolving business environment, with many prioritizing secure payment solutions and financial inclusion initiatives.
“Small and medium enterprises are the backbone of economies, driving innovation, employment, and resilience. As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financial inclusion.
“Their ability to adapt and grow in a rapidly evolving business landscape reflects the strength of an ecosystem that prioritizes access to finance, digital enablement, and sustainable growth,” said Dimitrios Dosis, president Eastern Europe, Middle East and Africa, Mastercard.
“Nigerian SMEs are demonstrating remarkable adaptability and foresight by leveraging digital payment solutions to drive economic transformation. Their positive revenue outlook highlights a commitment to harnessing technology for sustainable growth. At Mastercard, we are dedicated to empowering these businesses with innovative digital tools, fostering strategic partnerships, and supporting their journey toward greater financial inclusion and security,” said Mark Elliott, division president, Africa, Mastercard.
Digital payments at the core of SME expansion
As Nigeria’s economy embraces digitalization, SMEs are recognizing the advantages of cashless transactions in driving business efficiency. Many business owners highlight ease of managing payments, seamless supplier transactions, and reduced reliance on cash handling as key benefits. Looking ahead, SMEs are focused on expanding their digital payment capabilities and ensuring seamless customer experiences to sustain their competitive edge.
Looking ahead, 73% of SMEs plan to further expand their digital payment capabilities across various channels, and 70% are focused on providing seamless, user-friendly payment experiences to customers to drive business improvement.
SMEs focus on growth, cybersecurity, and financial access
While most SMEs anticipate maintaining or increasing their revenue, they acknowledge cybersecurity, inflation, and financial access as key areas influencing business growth. Strengthening digital security measures is a growing priority as businesses increase their reliance on online transactions.
Many SMEs also emphasize the need for broader financial access, with business owners identifying private sector partnerships, government-led initiatives, and international collaborations as key enablers for long-term success.
This highlights the growing role of collaboration in driving SME resilience and supporting businesses as they navigate an evolving financial landscape.
Access to credit remains a priority for over three-quarters of SMEs, with 47% aiming to secure financing to grow their businesses and 27% seeking capital to maintain daily operations.
Optimism amid challenges
While SMEs face challenges such as inflation (77%) and rising costs of goods and services (75%), a significant 78% expect to achieve the same or higher revenue this year compared to last, signaling resilience and adaptability.
SMEs identify private sector initiatives or partnerships (56%), government-led initiatives (47%), and international collaborations (41%) as key factors that will positively impact their operations this year.
Through strategic collaborations, Mastercard aims to support Nigerian SMEs in achieving their growth objectives. For instance, in July 2023, Mastercard partnered with Alerzo, a leading Nigerian B2B e-commerce company, to digitize SMEs in the fast-moving consumer goods (FMCG) sector, making digital payments more accessible and efficient.
Recognizing the growing market need, Mastercard’s Product Express is helping Nigerian fintech launch card programs quickly and easily, enabling them to reduce their time to market and service customers more efficiently.
Furthermore, Mastercard’s award-winning startup engagement program, Start Path is providing fintech like Duplo and Mono with operational support, commercial engagement, and the opportunity for strategic investment.
Mastercard remains committed to supporting SMEs in Nigeria by leveraging its extensive network, cutting-edge technology, and strategic collaborations. By introducing contactless payment solutions like Tap on Phone, QR Pay by Link, and Payment Link, and collaborating with governments, financial institutions, and private sector partners, Mastercard is driving financial inclusion and digital transformation, and supporting small businesses as they navigate evolving commercial landscapes.
In the true spirit of the festive season, Globacom has introduced “Glo Take a Guess,” a new value-added service designed to entertain, engage, and reward subscribers across Nigeria.
The interactive trivia game lets customers test their knowledge of everyday topics and lifestyle trends for a chance to win airtime, data, and exciting cash prizes.
According to Globacom, subscribers can join the fun by dialing 209992# and choosing from daily, weekly, or monthly plans. Once subscribed, they’ll receive an SMS confirmation with a link to play.
“Participants stand a chance to win fantastic rewards, including airtime, data, and cash prizes, when they answer trivia questions correctly,” the company explained. “It’s a fun and rewarding experience for everyone.”
Subscription costs ₦100 per day, ₦300 per week, or ₦500 per month — with corresponding rewards of ₦10,000 daily, ₦100,000 weekly, and up to ₦1 million monthly. The more subscribers play, the greater their chances of winning.
Globacom added that “Glo Take a Guess” is more than just a game — it’s a lighthearted way to stay entertained and earn rewards while easing the pressures of rising living costs.
Telecommunications giant, Globacom, has launched an exciting new lottery service — Glo Play Up — designed to blend fun, anticipation, and the prospect of life-changing rewards for its subscribers.
Glo Play Up offers Nigerians a simple yet thrilling opportunity to turn small predictions into multi-million-naira wins. The game invites subscribers to pick a lucky number between 1 and 9 for a chance to strike gold.
To participate, Glo customers simply dial *400# or send their chosen number via SMS to 400. Each entry costs just ₦100, and players can either subscribe daily or play on demand — whenever inspiration strikes.
In a statement issued in Lagos, Globacom described the initiative as more than just a game of chance, but a celebration of hope and possibility.
“We understand the optimism and adventurous spirit of Nigerians,” the company explained. “People love to dream, play, and believe in the power of that one big win. Glo Play Up makes that dream more attainable — it’s easy to play, affordable, and truly rewarding.”
Every Friday at 4 p.m., a weekly draw will take place at Glo’s Head Office, where ten lucky subscribers will each receive ₦1 million. In addition, a grand prize winner will be announced monthly, walking away with an impressive ₦10 million. Winners will be hosted at their nearest Glo Regional Office, and all cash prizes will be credited directly into their MoneyMaster Wallet accounts.
With Glo Play Up, entertainment meets empowerment — reinforcing Globacom’s commitment to innovation, connection, and customer delight. The service not only promises excitement but also the possibility of transforming lives through rewarding experiences.
For more information, visit https://www.gloworld.com/ng/glo-play-up-lottery
In an era where organisations are redefining leadership and equity, MTN Nigeria continues to set the pace with its growing cadre of women in senior leadership positions. The company’s consistent recognition of female excellence, both within and beyond its walls, reflects a deep, deliberate culture of inclusion and empowerment.
L-R: Katuka Halilu, Regional General Manager, MTN Nigeria; Ajibola Opeoluwa-Calebs, Senior Manager, Reward, MTN Nigeria; Esther Akinnukawe, Chief Human Resources Officer, MTN Nigeria, and ThankGod Otorkpa, General Manager, Regional Operations (Northwest), MTN Nigeria at the Award Ceremony and Gala Night of the Chartered Institute of Personnel Management (CIPM), held at the Bola Ahmed Tinubu International Conference Centre, Abuja, on Thursday, October 30, 2025.
Most recently, Esther Akinnukawe, Chief Human Resources Officer (CHRO) at MTN Nigeria, was conferred with the Fellowship Award of the Chartered Institute of Personnel Management (CIPM) at the CIPM Gala Night and Awards Ceremony held on Thursday, October 30th, 2025.“This recognition is truly fulfilling, it represents the culmination of years of passion and perseverance. To be honoured by the leading institute for HR professionals in Nigeria is a remarkable achievement. I look forward to applying my experience and insight to continue strengthening MTN’s people strategy and driving excellence in human resource management,” Akinnukawe said following the honour.
Her recognition adds to a growing list of milestones achieved by MTN Nigeria’s female leaders in recent years. In July 2025, Uto Ukpanah, the company’s Company Secretary, made history as the 30th President and Chairman of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), becoming only the second woman to hold the role in nearly six decades. According to the company’s 2024 Annual Report, women now represent 41.4% of the total workforce, 34.7% of management, and 21.4% of the board. These figures reflect a steady rise in gender representation across all levels, supported by a range of internal programmes focused on inclusion, mentorship, and leadership development.
In the first half of 2025, MTN Nigeria’s strong financial and operational performance further reinforced the strength of its diverse leadership. The company recorded a 54.6% increase in service revenue to ₦2.4 trillion and an impressive EBITDA growth of 119.5%, reflecting its resilience, innovation, and effective people strategy.
This performance culture, anchored on inclusion and excellence, is reflected across the company’s leadership team. Beyond Ukpanah and Akinnukawe, several women occupy influential positions shaping the company’s vision and social impact. They include Dr. Mosun Belo-Olusoga, Chairman of the MTN Foundation; Odunayo Sanya, Executive Director of the MTN Foundation and recipient of the 2024 CSI Personality of the Year Award at the Nigeria Tech Innovation & Telecoms Awards; A’isha Mumuni, Chief Digital Officer; Oby Ugboma, Chief Risk & Compliance Officer; Lynda Saint-Nwafor, Chief Enterprise Business Officer; Ugonwa Nwoye, Chief Customer Relations and Experience Officer; and Onyinye Ikenna-Emeka, Chief Marketing Officer.
Her journey, from teaching and consulting to leading human capital strategy for Africa’s leading TechCo brand, exemplifies MTN’s belief that empowered women empower organisations.
MTN’s ongoing success story, both in its financial results and in people development, demonstrates that diversity is not just a metric, it’s a growth strategy. As the company continues to invest in digital skills, entrepreneurship, and social impact programmes, its commitment to elevating women into positions of influence remains resolute.
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