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 found that Nigerian SMEs lead 18 markets surveyed in accepting cryptocurrency, paying business expenses in cryptocurrency and stablecoins, and using cybersecurity tools. This puts Nigeria at the top of the list, showcasing the country's entrepreneurial spirit and adaptability to new technologies.
A significant 34% of Nigerian SMEs now accept cryptocurrency as payment, more than double the next-highest market, and well above the global average of 13%. Additionally, 22% use cryptocurrency to pay business expenses, compared to 7% globally. Stablecoins are also gaining traction, with 23% of Nigerian SMEs accepting them and 11% using them to settle business expenses. This high level of adoption demonstrates Nigerian SMEs' willingness to leverage digital assets for their businesses.
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 usage of cybersecurity tools among the 18 markets surveyed and above the global average of 37%. Furthermore, 45% of Nigerian SMEs would be very interested in cybersecurity services, software or risk assessments from their financial provider, the highest of any market surveyed.
Nigerian SMEs are also optimistic about the potential of artificial intelligence (AI) to benefit their businesses. A significant 83% of SMEs are excited about the possibilities AI opens up, well above the global figure of 70%. Moreover, 59% are interested in AI-powered fraud and security protection from their financial provider, the highest of the 18 markets and well ahead of the 41% global average.
The Dreamonomics report also highlights the importance of integrated business tools for Nigerian SMEs. A vast majority (82%) say it is critical that their business tools are connected and work well together. This desire for integrated tools reflects the need for simplicity and efficiency in managing their businesses. Additionally, Nigerian SMEs prioritize growth, with 51% prioritizing predictability over fast growth, compared to 68% globally.
The report's findings build on the Nigeria edition of the Mastercard SME Confidence Index released earlier this year, which found that every SME surveyed agreed that digital and online payments are important to growing their business. Mastercard is already supporting Nigeria's digital asset landscape, having partnered with Busha, a pan-African digital asset exchange, to bring Mastercard Crypto Credential to Nigeria.
Globally, the Dreamonomics report finds that SMEs are redefining growth as steady, well-protected momentum, with 68% prioritizing stability and predictability over fast growth, 89% wanting to adopt more digital tools and 71% naming protection from cyber threats as a priority. The report is based on an online survey of over 6,000 owners and senior decision-makers of SMEs with fewer than 250 employees across 18 markets, including Nigeria.
Key points
- Nigerian SMEs lead in crypto adoption, with 34% accepting cryptocurrency as payment.
- Cybersecurity is a top priority for Nigerian SMEs, with 81% considering it a high priority.
- Nigerian SMEs are optimistic about AI, with 83% excited about its possibilities.
