Amidst a landscape of challenges, a recent survey by Mastercard has shown that 63% of small and medium enterprises (SMEs) in Nigeria hold high hopes for business expansion in 2023. The study, part of the Mastercard Eastern Europe, Middle East, and Africa SME Confidence Index, also unveils that an overwhelming 97% of SMEs believe that omnichannel payments offer the most significant avenue for growth.
As businesses gradually rebound from the pandemic’s impact and chart a course towards growth, the report indicates that 55% of SMEs in the country are notably concerned about the escalating costs of doing business in 2023, with access to capital funding also weighing on the minds of 42%. Despite these apprehensions, a promising outlook for the future prevails.
Further findings from the survey reveal that 78% of SMEs foresee either increased or steady revenues in 2023, underscoring a sense of economic optimism. Notably, the survey pinpoints three key areas for potential growth among SMEs in Nigeria: access to training and development (95%), digitization of business operations (93%), and gaining better access to data, analytics, and insights (89%).
Ebehijie Momoh, Country Manager and Area Business Head for West Africa at Mastercard expressed encouragement over the survey results, highlighting the resilience and positive outlook of SMEs in Nigeria. He emphasized Mastercard’s dedication to supporting small businesses and merchants, leveraging the company’s network, technology, and partnerships. In an ever-evolving business landscape with shifting spending patterns, Mastercard recognizes the vital role of connectivity and inclusivity. Momoh affirmed their commitment to helping businesses secure credit, maintain steady cash flow, and gain valuable insights through analysis and digital training. Furthermore, they aim to empower SMEs to embrace digital solutions, enabling swift electronic payments, fostering business expansion, and fortifying against cyber threats.