Disconnected Tools Are Slowing Down Nigerian SMEs – Report

Nigerian small and medium-sized enterprises (SMEs) have embraced digital payments, but disconnected systems are still slowing them down.

That is the central finding of Visa’s Pay and Get Paid 2026 report, which showed that while most SMEs surveyed in Nigeria now use digital payments, many still manage the financial and operational tasks that follow separately.

Only 29 per cent currently use an integrated solution that connects payments with broader business management.

The result is friction in everyday operations. Surveyed businesses cited challenges in tracking outstanding invoices, keeping payroll records organised, and preparing financial reports.

For many owners, running a business still means juggling multiple systems, one to receive money, another to track who owes what, another to pay staff, and another to understand how the business is performing.

The report suggested the problem is no longer adoption of digital payments.

The vice president and cluster head, Visa West Africa, Andrew Uaboi, said “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.

“When payments and business management come together, financial institutions can gain deeper insights into cash flow patterns, support better decision-making, and unlock opportunities to offer more relevant products and services, including access to financing.”

The appetite for a more connected approach is clear. According to the report, 94 per cent of SMEs find an all-in-one payment and business solution appealing.

The report pointed to several perception barriers slowing that shift. Some businesses said they already have manual processes that work, that an integrated platform may disrupt their current way of working, or that they do not trust relying on a single provider.

Those findings suggested broader adoption will depend on helping SMEs understand how integrated tools can be relevant, accessible and scalable for businesses at different stages of growth.

The report found that Nigerian businesses using an integrated tool or platform report 93 per cent satisfaction, with 88 per cent reporting efficiency gains, including reductions in the time and effort required to manage their business.

Group head, SME Banking at Access Bank, Abiodun Olubitan, said the opportunity is no longer just about adopting digital payments.

“For Nigerian SMEs, the opportunity is no longer just about adopting digital payments, but about using digital solutions to run their businesses more efficiently, make informed decisions and unlock new opportunities for growth,” Olubitan said.

Beyond efficiency, Visa stintegrated platforms may also create new opportunities for financial institutions to deepen SME relationships by using richer payments and business-management data to better understand cash flow patterns, support risk assessment, and potentially enable more relevant lending solutions over time.

The study explored how SMEs manage payments, day-to-day operations, and demand for integrated payment and business solutions. The research was conducted through face-to-face interviews with business owners and financial decision-makers between March and April 2026 across 11 markets, including Nigeria, where 251 SMEs were surveyed.