Mastercard research: Nigerian SMEs among global leaders in...

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Key takeaways

Over a third of Nigerian small businesses accept cryptocurrency, according to a Mastercard survey.
Nigerian SMEs rank highest globally for adopting stablecoins and cybersecurity tools.
The Central Bank of Nigeria continues to shape the digital asset landscape through regulatory frameworks.

Mastercard research highlights Nigerian SME adoption

Nigeria’s small and medium-sized enterprises are among the most advanced adopters of new payment methods and cybersecurity tools in the world, according to Mastercard’s new Dreamonomics report. Nigeria’s business owners rank highest of 18 global markets surveyed for accepting cryptocurrency, paying business expenses in both cryptocurrency and stablecoins, and using cybersecurity tools to protect what they are building.

The Mastercard research shows that 34% of Nigerian SMEs now accept cryptocurrency as payment, well above the global average of 13%. Just over a fifth use cryptocurrency to pay business expenses, compared with 7% globally.

Stablecoins are following the same path, with 23% of Nigerian SMEs accepting them, and 11% using them to settle business expenses, the highest of any surveyed market.

Executive perspectives on digital growth

Gabriel Swanepoel, executive vice president and division president, Africa at Mastercard, said: “Nigerian entrepreneurs have always been quick to put new technology to work when it helps them serve a customer or pay a supplier, and this research shows how far that instinct now reaches. Digital assets, AI and cybersecurity are already part of how many Nigerian businesses run from day to day, which gives the country a real opportunity to shape how the next generation of payments serves small businesses. Mastercard wants to make sure that momentum is built on trust, security and simplicity, so it keeps growing.”

Key insights for Nigeria from the Dreamonomics report include security built in from the start, cyber protection as a priority, trust in financial providers, and optimism about artificial intelligence.

Regulatory context and industry partnerships

The Dreamonomics results build on the Nigeria edition of the Mastercard SME Confidence Index released earlier this year, in which every SME surveyed agreed that digital and online payments are important to growing their business. They also arrive as Nigeria’s digital asset landscape continues to take shape. In August, the Central Bank of Nigeria opened applications for the second cohort of its Regulatory Sandbox Programme, which includes a dedicated track for virtual asset service providers.

Mastercard is already supporting that momentum in Nigeria. Mastercard and Busha, a pan-African digital asset exchange, brought Mastercard Crypto Credential to Nigeria, enabling eligible users to send and receive supported digital assets using a verified alias such as an email address or phone number in place of long blockchain addresses.

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