A new Visa study reveals that while 94% of Nigerian small and medium‑sized enterprises (SMEs) find an all‑in‑one payment and business management tool appealing, only 29% currently use such integrated solutions, leaving a large gap in the market. The research, part of the Visa Pay and Get Paid 2026 report, surveyed 251 Nigerian SMEs between March and April 2026 and identified key friction points in how businesses handle payments versus daily operations.
The gap between digital payments and business management
Many Nigerian SMEs rely on digital payments but still manage related financial and operational tasks separately. Surveyed businesses reported difficulties with tracking outstanding invoices (14%), keeping payroll records organized (19%), and preparing financial reports (16%). These pain points illustrate a disconnect between payment processing and the follow‑up administrative work, forcing some firms to juggle multiple systems.
What are the main pain points?
The study highlights three primary challenges: invoice tracking, payroll organization, and financial reporting. These issues stem from using disconnected tools, which increase manual effort and reduce overall efficiency.
Barriers to adoption
Despite strong interest, adoption remains low. Businesses cited several perception barriers: they already have manual processes that work (8%), fear disruption to current workflows (8%), or lack trust in relying on a single provider (7%). Overcoming these concerns will require clear communication about the relevance, accessibility, and scalability of integrated platforms across different growth stages.
Benefits for businesses and banks
SMEs already using integrated solutions report high satisfaction (93%) and notable efficiency gains (88%), including reduced time and effort for business management. For financial institutions, integrated platforms provide richer data on cash flow patterns, enabling better risk assessment and more tailored financing options over time.
Industry perspectives
Andrew Uaboi, Vice President/Cluster Head Visa West Africa, emphasized that digital payments are now core to SME operations and that connecting payments with daily management tools can unlock deeper insights and new product opportunities. Abiodun Olubitan, Group Head SME Banking at Access Bank, noted that integrated solutions give SMEs better visibility into cash flow, strengthen financial management, and build a stronger foundation for accessing financing.
About the study
The Visa Pay and Get Paid 2026 study explores how Nigerian SMEs manage payments and operations and their demand for integrated solutions. The research was conducted through face‑to‑face interviews with business owners and financial decision‑makers across 11 markets, with 251 Nigerian SMEs participating.
About Visa
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities in over 200 countries and territories. Its mission is to connect the world through innovative, convenient, reliable, and secure payment networks that empower individuals, businesses, and economies to thrive.
About Access Bank
Access Bank, a leading Nigerian financial institution, focuses on delivering digital banking solutions that support SMEs, enhance financial inclusion, and drive economic growth across the country.
Reference Links
- Visa
- Pay and Get Paid 2026
- [Small and medium-sized enterprises in Nigeria](https://en.wikipedia.org/wiki/Smallandmedium- sizedenterprisesin_Nigeria)
- Access Bank