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Despite widespread adoption of digital payment systems among small and medium-sized enterprises (SMEs) in Nigeria, only 29 per cent of businesses currently use integrated platforms that combine payment services with day-to-day business management, highlighting a significant gap in the country’s digital business transformation.
A new report by global payments technology company, Visa, has revealed that although 94 per cent of Nigerian SMEs surveyed expressed interest in adopting all-in-one payment and business management solutions, actual adoption remains relatively low, suggesting significant untapped demand for digital tools that can improve business efficiency and financial management.
The findings are contained in Visa’s Pay and Get Paid 2026 report, which examined how SMEs manage payments, business operations and their demand for integrated digital solutions across 11 markets.
The report, based on face-to-face interviews with business owners and financial decision-makers between March and April 2026, included 251 SMEs surveyed in Nigeria.
According to the report, Nigerian SMEs have made considerable progress in embracing digital payments, but the benefits are yet to translate fully into more efficient business operations, as many continue to manage financial transactions and administrative responsibilities through separate systems.
It identified gaps in routine business management, with 19 per cent of surveyed businesses citing difficulties organising payroll records, 16 per cent struggling with the preparation of financial reports, while 14 per cent reported challenges tracking outstanding invoices.
These administrative difficulties, the report noted, reflect the operational inefficiencies associated with managing payments separately from other essential business functions.
The findings suggest that while digital payment adoption has become increasingly embedded in Nigeria’s SME ecosystem, the next phase of digital transformation will depend on integrating payment systems with tools that enable businesses to monitor cash flow, manage employees, track invoices and generate financial reports from a single platform.
Despite the strong interest in integrated solutions, the report identified concerns that could be slowing adoption.
Some businesses indicated that their existing manual processes were working sufficiently, while others expressed concerns that introducing integrated platforms could disrupt their current operations. A further segment questioned the risks of depending on a single service provider.
Specifically, eight per cent of SMEs surveyed said their existing manual processes were adequate, another eight per cent feared that adopting an integrated platform could disrupt their operations, while seven per cent expressed reservations about relying on one provider.
However, businesses already using integrated solutions appear to be experiencing significant benefits.
The report found that 93 per cent of Nigerian SMEs using integrated business tools or platforms expressed satisfaction with their experience, while 88 per cent reported improvements in operational efficiency, including reductions in the time and effort required to manage their businesses.
Beyond improving productivity, Visa noted that connecting digital payments with business management systems could create opportunities for financial institutions to develop a deeper understanding of SME operations and financial needs.
By accessing more comprehensive transaction and business management data, financial institutions could gain better insights into businesses’ cash flow patterns, strengthen risk assessment and potentially develop more tailored financing products for SMEs.
Speaking on the findings, Vice President and Cluster Head, Visa West Africa, Andrew Uaboi, said the next phase of digital payment adoption among Nigerian SMEs should focus on helping businesses derive greater value from their transactions by connecting payments with everyday operational tools.
“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 explained that integrating payment systems with business management tools would provide financial institutions with deeper insights into cash flow patterns, support better business decisions and create opportunities to offer more relevant financial products, including financing.
He reaffirmed Visa’s commitment to supporting its partners with secure and innovative payment solutions that would enable SMEs to operate more efficiently and grow.
Also speaking, Group Head, SME Banking at Access Bank, Abiodun Olubitan, said the priority for Nigerian SMEs should move beyond merely adopting digital payments to leveraging digital solutions to improve business management, make informed decisions and unlock growth opportunities.
According to her, connecting payments with everyday business operations would give SMEs better visibility into their cash flow, strengthen their financial management and provide a stronger foundation for accessing financing.
She added that Access Bank remained committed to supporting SMEs with relevant financial solutions and digital capabilities to help them overcome business challenges, expand sustainably and contribute to Nigeria’s economic development.
The report’s findings highlight a growing opportunity for financial institutions and fintech providers to move beyond offering standalone payment services towards developing integrated digital business ecosystems for SMEs.
For Nigerian businesses, particularly those still relying on manual bookkeeping and fragmented payment systems, the transition could improve financial record-keeping, operational efficiency and their ability to demonstrate financial performance when seeking credit.
Visa said its Pay and Get Paid 2026 study examined SME payment practices, daily business operations and demand for integrated payment and business management solutions across 11 markets.
