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

Despite the widespread adoption of digital payments among small and medium-sized enterprises (SMEs) in Nigeria, many businesses still struggle to integrate their financial and operational activities, relying on disconnected systems to manage their daily operations, a new Visa report has revealed.
The Pay and Get Paid 2026 report, based on a survey of 251 Nigerian SMEs, found that only 29 per cent of businesses surveyed use integrated platforms that combine payment services with other business management functions.
The findings highlight a digital management gap among Nigerian businesses, with 94 per cent of respondents expressing interest in an all-in-one platform that would enable them to manage payments and day-to-day business operations in one place.
According to the report, the fragmented approach to business management has contributed to administrative difficulties, particularly in tracking outstanding invoices, organising payroll records and preparing financial reports.
It found that 14 per cent of SMEs struggle with tracking outstanding invoices, 19 per cent face challenges organising payroll records, while 16 per cent have difficulties preparing financial reports.
The report also identified some of the reasons businesses have yet to adopt integrated platforms, including satisfaction with existing manual processes (eight per cent), concerns that new systems could disrupt their operations (eight per cent) and a lack of trust in relying on a single provider (seven per cent).
However, SMEs already using integrated solutions appear to be recording improvements in their operations. The report found that 93 per cent of Nigerian SMEs using such platforms were satisfied with their experience, while 88 per cent reported improved operational efficiency, including reduced time and effort spent managing their businesses.
Commenting on the findings, Vice President and Cluster Head, Visa West Africa, Andrew Uaboi, said the next phase of digital adoption among SMEs would depend on connecting payment systems with the tools businesses use to manage their daily operations.
“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,” he said.
Uaboi added that integrating payment and business management systems could provide financial institutions with better insights into cash flow patterns, improve decision-making and create opportunities to offer more relevant products and services, including financing.
Similarly, Group Head, SME Banking at Access Bank, Abiodun Olubitan, said the focus for Nigerian SMEs should shift from merely adopting digital payments to using technology to improve business management and support growth.
“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,” she said.
The study was conducted through face-to-face interviews with business owners and financial decision-makers between March and April 2026 across 11 markets.