A new study from Visa, the SME Megatrends report, delves into the ever-evolving financial landscape for Small and Medium Enterprises (SMEs) in Nigeria. The report identifies significant opportunities for growth and innovation, particularly in the digital and financial domains, with clear insights that can be leveraged by issuing banks to unlock new revenue opportunities and gain a competitive edge. Businesses in Nigeria are in the midst of significant transformation, as high internet and social media penetration incentivize SMEs to build an online presence and growing e-wallet use spur digitalization. This is creating a latent demand for SMEs to develop online presence and e-commerce capabilities to reach new customers, with a need for robust and simplified tools to enable access. However, SMEs remain underfunded and underbanked, requiring access to formalized credit to expand businesses and meet day-to-day cashflow constraints.
Spotlight on Nigeria’s SME Landscape
