Connect with us

Telecom

Digital Payments Fuel Growth for Nigerian SMEs: Mastercard Report Highlights Trends

Published

on

Kindly share this post

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.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

No Plans for Fresh Tariff Hike – MTN

Published

on

Kindly share this post

Dr Karl Toriola, chief executive officer, MTN Nigeria, has assured its subscribers that another telecom tariff increase is not imminent.

No Plans for Fresh Tariff Hike - MTN

Dr Karl Toriola, chief executive officer, MTN Nigeria

He also clarified his recent comments on unlimited mobile data, saying they were taken out of context.

Toriola who spoke during an interview on TVC’s Beyond the Headlines, said his remarks at MTN’s Data on Trial public engagement were intended to explain the technical limitations of mobile networks rather than suggest that consumers could never access unlimited data.

According to him, excerpts of his comments circulated online did not reflect the full context of the discussion.

“People took snippets of the conversation, and the entirety of the conversation is available on YouTube. There’s nothing to be hidden there, and they took it slightly out of context,” he said.

Toriola explained that mobile networks are constrained by finite spectrum resources, making unrestricted data usage technically impossible without affecting the quality of service for other subscribers.

“Mobile wireless technology to offer data is limited by one factor—spectrum—and spectrum is a finite resource. You cannot put an excessive load of data traffic onto a mobile network without having a degradation of the quality of service for other people,” he said.

He added that while many telecom operators market data plans as unlimited, such packages are generally governed by fair usage policies, under which internet speeds are reduced after subscribers exceed specified usage thresholds.

Toriola said MTN is working towards introducing similar products but noted that they would also be subject to fair usage limits to protect network quality.

Addressing concerns over rapid data depletion, the MTN chief executive said operators do not deliberately consume customers’ data, attributing much of the usage to background activities such as automatic cloud backups on applications including WhatsApp, Google Cloud and iCloud.

“A significant amount of data that’s consumed on your handsets is done without your realisation,” he said.

He advised subscribers to review their device settings and configure cloud backups to run only over Wi-Fi or at less frequent intervals.

To illustrate the point, Toriola said an audit of the phone of one of MTN’s chief officers, who had complained about unusually high data usage, revealed that WhatsApp was automatically backing up about 120 gigabytes of data.

On telecom pricing, Toriola said another tariff increase is not expected in the near term, although future reviews would depend on prevailing economic conditions and the cost of sustaining network operations.

“The increment is not imminent. But over time, depending on economic conditions, there might be possible tariff increases,” he said.

He maintained that the tariff adjustment implemented in 2025 was necessary to ensure the sustainability of the telecommunications industry after more than a decade without a price review despite rising operating costs.

Toriola also disclosed that MTN invested ₦390 billion in capital expenditure during the first quarter of the year, exceeding its ₦359 billion profit after tax for the same period.

He identified fibre cuts, vandalism, unreliable electricity supply and restricted access to telecom infrastructure as major factors affecting service quality.

“We have more fibre cuts in a day than the whole Kingdom of Saudi Arabia has in a year,” he said.

Responding to calls for sanctions against MTN over recurring xenophobic incidents in South Africa, Toriola said MTN Nigeria is a Nigerian company in ownership and operations, noting that it is listed on the Nigerian Exchange, has only four expatriates in its workforce and has millions of Nigerian shareholders through direct investments and pension funds.

“We unequivocally condemn any form of xenophobia, any form of violence, any form of attacks against any community in the world,” he said.


Kindly share this post
Continue Reading

Telecom

Airtel Africa Foundation Equips 200 Young Women with Digital Skills to Drive Nigeria’s Tech Economy

Published

on

Kindly share this post

Airtel Africa Foundation, through Airtel Nigeria and in partnership with the Ishk Tolaram Foundation, Co-Creation Hub (CcHub), and SAIL Innovation Lab, has commenced the DigiLeap Women in Tech Programme, a transformative initiative designed to equip 200 young women from underserved communities in Ikorodu, Lagos, with industry-relevant digital skills and pathways into Nigeria’s rapidly expanding technology sector.

The programme, hosted by the SAIL Innovation Lab Ikorodu, comprises a 12-week immersive learning experience from June to September 2026, designed to prepare participants for careers in Product Design, Software Development, Digital Marketing, and Data Analytics.

Beyond technical training, beneficiaries will receive leadership development, structured mentorship from Airtel Nigeria professionals, and internship opportunities that provide practical workplace experience and exposure to industry best practices.

Commenting on the programme kick-off, Segun Ogunsanya, Chairman of the Airtel Africa Foundation, said empowering young women with digital skills represents one of the most sustainable investments in Africa’s future.

He also noted that the initiative reflects Airtel Africa Foundation’s continued commitment to expanding access to digital education while creating opportunities for young Africans to participate meaningfully in the continent’s digital transformation.

“We encourage every participant to approach this programme with purpose, discipline, and curiosity. The knowledge, networks, and mentorship you gain over the coming weeks have the potential to transform not only your own future but also the lives of your families, communities, and the next generation of girls who will look up to you. This is how lasting impact is created,” Ogunsanya said.

Also speaking on the initiative, Dinesh Balsingh, Chief Executive Officer of Airtel Nigeria, highlights that the initiative aligns with the company’s commitment to building an inclusive digital economy by ensuring more young Nigerians, particularly women, are equipped for the jobs of the future.

Balsingh said, “Nigeria’s digital economy presents enormous opportunities, but participation must be inclusive if we are to realise its full potential. Through the Airtel Africa Foundation, we are intentionally investing in young women because we recognise the immense value they bring to innovation, technology, and economic growth.

“DigiLeap is designed to equip participants with practical, industry-relevant skills that employers are looking for today while also giving them the confidence, mentorship, and professional exposure needed to build successful careers.”

According to the DigiLeap curriculum, participants will engage in intensive classroom instruction, hands-on projects, mentorship sessions, and internship placements designed to bridge the gap between learning and employment.

Airtel Nigeria professionals will serve as mentors, providing career guidance and sharing real-world industry insights to help participants transition successfully into the technology workforce.

The DigiLeap Women in Tech Programme spotlights the Airtel Africa Foundation’s growing investment in digital inclusion and youth empowerment across Africa. By creating pathways for more women to access technology careers, the Foundation continues to contribute to Nigeria’s digital transformation agenda while helping build a diverse pipeline of talent capable of driving innovation, creating businesses, and shaping the future of the country’s digital economy.


Kindly share this post
Continue Reading

Telecom

Xenophobia: MTN Nigeria Belongs to Nigerians, Not Only South Africans — Toriola

Published

on

Kindly share this post

Karl Toriola, chief executive officer, MTN Nigeria, has stated that the telecom company is “a Nigerian company through and through,” emphasising that it belongs as much to Nigerians as to its global investors, with over 11 million Nigerians holding indirect stakes through pension funds.

Xenophobia: MTN Nigeria Belongs to Nigerians, Not Only South Africans — Toriola

Toriola also defended the federal government’s approval of telecom tariff adjustments, noting that the move helped prevent a financial crisis in the sector and enabled the company to ramp up capital expenditure to about N1 trillion in 2025 to improve network quality.

Speaking during an interview on Arise News, the MTN boss dismissed claims that the company is solely South African, despite its origins.

According to him, MTN Nigeria is incorporated locally, listed on the Nigerian Exchange, pays taxes in Nigeria, and is largely managed by Nigerians.

“We are labelled as a South African company because MTN Group was founded in South Africa. But the reality is that MTN Group has a very diverse global shareholding. Only about 50 percent of the shareholding is African, while the rest is held by investors from North America, Europe, the United Kingdom, the Middle East and Asia-Pacific,” he said.

Speaking further on MTN Nigeria’s identity, Toriola stressed the company’s deep roots in the Nigerian economy.

“MTN Nigeria is a Nigerian company through and through. We are domiciled in Nigeria. We are listed on the Nigerian Exchange. We pay all the taxes, duties and levies expected of us, and we are run by Nigerians.

“I am Nigerian. Apart from one executive, every member of our executive committee is Nigerian, while our entire expatriate workforce in Nigeria is just four people.

“We have over 201,000 retail investors, while about 11 million Nigerians own MTN shares indirectly through pension funds. We are very proud of our Nigerian identity,” he stated.

On the recent telecom tariff adjustment, Toriola said the increase was driven by necessity rather than profit motives, noting that operators were struggling to meet basic financial obligations before the review.

“People perceived the tariff increase as an aspiration for profitability, but the reality was that we were on our knees financially. We couldn’t even pay our month-to-month bills with the revenues we were generating. The tariff adjustment was an absolute necessity. It enabled us to stay alive,” he said.

He added that the improved revenue base has enabled MTN to scale up infrastructure investments to enhance service delivery.

“In the first quarter of this year alone, we spent N390 billion on capital expenditure, compared with a profit after tax of N359 billion. That shows our commitment to improving quality of service,” he said.

Addressing concerns over poor network quality, Toriola attributed the challenges to increasing demand, infrastructure gaps, vandalism, insecurity, and unreliable power supply.

“There are people who deliberately pour petrol into our manholes and set them on fire. A single incident can knock out services for millions of subscribers. We also face security challenges that prevent our engineers from quickly accessing some sites.

“In addition, we operate about 18,000 sites nationwide, each requiring generators, batteries, rectifiers and constant fuelling because of inadequate public electricity supply. All these affect quality of service,” he explained.

While acknowledging that service quality still needs improvement, he assured customers of continued investment.

“We are not perfect, but we are investing aggressively and continuously striving to do better,” he added.

On allegations that telecom operators deliberately deplete customers’ data, Toriola said findings often point to background data usage by smartphone applications.

“There is a perception that MTN goes and takes customers’ data, but our studies have shown repeatedly that background applications are consuming much of that data.

“I encourage customers to check their device settings. Daily automatic backups are unnecessary for many users. If possible, carry out backups over Wi-Fi instead of mobile data,” he advised.


Kindly share this post
Continue Reading

Trending