Small and medium-sized enterprises in Nigeria are using digital payments widely, but most are failing to connect these systems with their broader business operations, according to a Visa report released on the findings of a survey of 251 Nigerian SMEs. The Pay and Get Paid 2026 report found that just 29 per cent of businesses surveyed operate integrated platforms that merge payment services with other business management functions, leaving the vast majority managing their finances and operations through disconnected systems.
The fragmented approach is creating real problems for business owners. The report identified that 14 per cent of SMEs struggle with tracking outstanding invoices, 19 per cent face challenges organising payroll records, and 16 per cent have difficulties preparing financial reports. Despite these challenges, 94 per cent of respondents expressed strong interest in accessing an all-in-one platform that would let them handle payments and day-to-day business operations in a single system.
Several factors are holding back adoption of integrated solutions. Eight per cent of businesses expressed satisfaction with their existing manual processes, eight per cent worried that new systems could disrupt their operations, and seven per cent lacked trust in relying on a single provider. However, the businesses that have already made the move report significant gains. The report found that 93 per cent of Nigerian SMEs using integrated platforms were satisfied with their experience, while 88 per cent reported improved operational efficiency, including reduced time and effort spent managing their businesses.
Andrew Uaboi, Vice President and Cluster Head at Visa West Africa, said the next phase of digital adoption depends on connecting payment systems with tools businesses use daily. "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 noted 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.
Abiodun Olubitan, Group Head of SME Banking at Access Bank, echoed this view, saying Nigerian SMEs should shift their focus 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.