Despite a significant uptake of digital payment systems, many small and medium-sized enterprises (SMEs) in Nigeria are encountering challenges in integrating their financial and operational processes, according to a recent Visa report.
The report, titled Pay and Get Paid 2026, surveyed 251 Nigerian SMEs and found that merely 29 percent utilize integrated platforms that combine payment processing with other essential business functions. This indicates a prominent gap in digital management capabilities among these businesses.
The findings also reveal that 94 percent of respondents expressed a desire for an all-in-one platform to streamline payment and management operations. Numerous SMEs reported difficulties that stemmed from their reliance on disparate systems, particularly in tracking outstanding invoices, organizing payroll, and preparing financial statements.
Challenges identified included 14 percent of SMEs having trouble with invoice tracking, 19 percent struggling with payroll organization, and 16 percent finding it difficult to prepare financial reports.
The report outlines several reasons why some SMEs have been slow to adopt integrated solutions. These include contentment with current manual methods, concerns about the disruption that new systems might cause, and a reluctance to trust a single provider.
Conversely, those SMEs that have integrated their solutions reported notable operational improvements. A remarkable 93 percent expressed satisfaction with their experiences using integrated platforms, and 88 percent acknowledged enhanced operational efficiency, particularly in reducing time and effort required for business management.
Andrew Uaboi, Visa’s Vice President and Cluster Head for West Africa, emphasized that the next stage of digital adoption for SMEs will hinge on effectively linking payment systems with business management tools. He stated that while digital payments have become essential for many SMEs, there is a significant opportunity to enhance the value derived from these transactions through better integration.
Complementing this perspective, Abiodun Olubitan from Access Bank highlighted the necessity for SMEs to transition from merely adopting digital payment methods to leveraging technology for improved business management and growth support.
The insights presented in the report were gathered through face-to-face interviews conducted between March and April 2026, targeting business owners and financial decision-makers across 11 markets.
