• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 23, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

78% of SMEs in Nigeria Expect Similar Revenue in 2023 – Mastercard report

Future growth will be driven by omnichannel payment solutions, access to credit funding and digitizing business 

by Peter Oluka
September 30, 2023
in Finance
1
Mastercard SME Confidence Index on SMEs in Nigeria
Mastercard SME Confidence Index 2023

Mastercard SME Confidence Index 2023

UBA
Advertisements

From surviving to thriving in the post-COVID world, small and medium enterprises (SMEs) in Nigeria are projecting similar or increased revenues in 2023.

These are the findings of the second edition of the Mastercard Eastern Europe, Middle East and Africa (EEMEA) SME Confidence Index.

Mastercard SME Confidence Index 2023
Advertisements
MTN ADS
Image Credit: Mastercard/Google

The 2021 inaugural SME Confidence Index delved into the impact of the pandemic on SMEs across sectors, products and services, and how they are embracing a digital future.

Mastercard SME Confidence Index 2023
Source: Mastercard SME Confidence Index 2023

As a continuation, the second edition of the survey reveals that while 63% of SMEs across Nigeria are confident about business growth, an overwhelming number of businesses (97%) believe that omnichannel payments present the biggest opportunity for them.

As companies recover from the pandemic and return to growth phase, the research shows that 55% of SMEs in Nigeria are concerned about rising cost of doing business in 2023 and access to capital funding (42%).

Six out of 10 SMEs in Nigeria are optimistic about the future

78% of SMEs project increase or similar revenues in 2023. The survey reveals that 63% of micro and small businesses are optimistic about the next 12 months while their medium-sized counterparts run behind at 33%.

The survey highlights top three areas of growth opportunities for SMEs in Nigeria – access to training and development (95%), digitizing business (93%) and access to better data, analytics and insights (89%).

Insufficient access to credit and inflation remain key factors inflation business growth in Nigeria

SMEs in Nigeria have identified rising cost of goods and services (74%), inflation (67%) and insufficient access to credit (42%) as factors impacting business growth.

Other factors include lingering effects of the pandemic (27%), unemployment (24%), red tape and regulations (15%).

Ebehijie Momoh Mastercard and CeBIH
Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard

“We are encouraged by the findings of the Mastercard SME Confidence Index, which demonstrates the resilience and optimism of SMEs in Nigeria. It is inspiring to see that 78% of SMEs project similar or increased revenues in 2023. At Mastercard, we are committed to supporting small businesses and merchants by leveraging our network, technology, and partnerships. In an evolving commercial landscape with changing spending patterns, we recognize the importance of connections and inclusivity. We will assist businesses in accessing credit and maintaining stable cash flow. We will provide them with valuable insights through analysis and digital training. Moreover, we will empower them to embrace digital solutions, enabling fast electronic payments, fostering business growth, and safeguarding against cyber threats,” said Ebehijie Momoh, Country Manager & Area Business Head for West Africa at Mastercard.

Mastercard leverages its extensive network, state-of-the-art technology, and global partnerships to help SMEs to adapt to changing commercial environments and new spending patterns. The company works with governments and the private sector to build synergies that advance financial inclusion and motivates consumers and merchants to support small businesses.

[Featured Image Credit]

Loading

Author

  • Peter Oluka
    Peter Oluka

    Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

    View all posts
0Shares
Tags: Ebehijie MomohMastercard SME Confidence IndexMastercard SME Confidence Index 2023SMEs
Peter Oluka

Peter Oluka

Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

Next Post
Tax Reforms Committee and FIRS | Housing

Why FIRS Sent N5bn to Presidential Tax Committee - Oyedele

Comments 1

  1. Pingback: FrontEdge Secures $10 Million to Boost African Cross-Border Trade

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Egbin Power PLC

Egbin Power Commemorates 10th Anniversary of Post-Privatization

2 years ago

BII Launches New Name in Nigeria with US $20m Commitment to Mobility Fintech Moove

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.