Nigerian small and medium-sized enterprises (SMEs) are at the forefront of adopting new payment methods and cybersecurity tools globally, according to Mastercard's Dreamonomics report. The report surveyed 18 markets and found that Nigerian SMEs lead in accepting cryptocurrency, paying business expenses in cryptocurrency and stablecoins, and using cybersecurity tools. This positions Nigeria as a leader in digital asset adoption and cybersecurity.
A significant 34% of Nigerian SMEs accept cryptocurrency as payment, more than double the next-highest market, and surpassing the global average of 13%. Additionally, 22% of Nigerian SMEs use cryptocurrency to pay business expenses, compared to 7% globally. Stablecoin adoption is also high, with 23% of Nigerian SMEs accepting stablecoins and 11% using them to settle business expenses.
Cybersecurity is a top priority for Nigerian SMEs, with 81% considering it a high priority and 47% already using cybersecurity tools such as antivirus software and firewalls. This is the highest adoption rate among the 18 markets surveyed and above the global average of 37%. Furthermore, 45% of Nigerian SMEs expressed interest in cybersecurity services, software, or risk assessments from their financial provider.
Nigerian SMEs are optimistic about the potential of artificial intelligence (AI), with 83% excited about its possibilities, well above the global figure of 70%. Nearly 60% of Nigerian SMEs are interested in AI-powered fraud and security protection from their financial provider, the highest among the 18 markets surveyed.
The Dreamonomics report also highlights the importance of integrated business tools for Nigerian SMEs, with 82% considering it critical that their business tools are connected and work well together. Moreover, Nigerian SMEs prioritize growth, with 51% prioritizing predictability over fast growth, compared to 68% globally.
Mastercard's research shows that Nigerian entrepreneurs are among the most growth-focused in the study, with 31% avoiding risks to keep their finances predictable, against 54% globally. The report builds on the Nigeria edition of the Mastercard SME Confidence Index, which found that every SME surveyed agreed that digital and online payments are crucial to growing their business.
Mastercard is supporting Nigeria's digital asset landscape through collaborations with companies like Busha, a pan-African digital asset exchange. They have brought Mastercard Crypto Credential to Nigeria, enabling eligible users to send and receive supported digital assets using a verified alias. This adds trust and simplicity to digital asset transfers, which a growing share of Nigerian SMEs already make.
Key points
- Nigerian SMEs lead 18 markets in crypto, stablecoin, and cybersecurity adoption.
- 34% of Nigerian SMEs accept cryptocurrency as payment, above the global average.
- 81% of Nigerian SMEs consider cyber protection a high priority.
