Mastercard and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have agreed to explore ways of helping Nigerian small businesses go digital, with a focus on digital skills, payment solutions and access to wider economic opportunities.
The collaboration, backed by a Memorandum of Understanding (MoU), was announced at the SMEDAN MSME Growth Forum, which brought together entrepreneurs, financial institutions, policymakers and ecosystem partners. Under the MoU, both organisations will explore initiatives to help micro, small and medium-sized enterprises (MSMEs) adopt digital technologies, improve efficiency and participate more actively in the formal economy. It builds on the Federal Ministry of Industry, Trade and Investment’s support for the design and piloting of a national MSME Digitization Programme.
Tara Nathan, Executive Vice President, Growth Segments at Mastercard, said: “Small businesses are the engine of economic growth, job creation and innovation, but many entrepreneurs continue to face barriers to digitization, skills development and access to finance. Through the framework established by this MoU, Mastercard and SMEDAN will explore opportunities to support Nigerian entrepreneurs as they build stronger and more resilient businesses. By equipping SMEs with the tools, capabilities and connections they need to participate in the digital economy, we are unlocking new opportunities for growth, productivity and long-term success.”
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Charles Odii, Director General of SMEDAN, said: “Nigerian entrepreneurs need more than encouragement to digitize. They need practical tools, skills and support that fit the realities of running a small business. Our collaboration with Mastercard creates a framework for bringing these capabilities closer to the businesses that need them, while coordinating engagement with government and ecosystem partners.”
Beyond access to finance
Discussions at the forum centred on how digital payments, supportive policy and public-private partnerships can help informal businesses move into the formal economy and reach new markets. Nathan delivered the keynote, followed by a fireside conversation with Aisha Rimi, Executive Secretary and CEO of the Nigerian Investment Promotion Commission (NIPC). A panel with representatives of Access Bank, Wema Bank, AFEX and SMEDAN, moderated by Mastercard’s West Africa Country Manager Kari Tukur, examined why SMEs need support that goes beyond loans.
Tukur said: “SMEs are central to Nigeria’s economic future, and supporting their growth requires more than access to funding alone. Business owners increasingly need digital payment capabilities, practical skills, market access and trusted partners to help them grow sustainably. The MSME Growth Forum was designed to bring these conversations and solutions together, while our collaboration with SMEDAN reinforces our long-term commitment to helping Nigerian entrepreneurs participate and succeed in an increasingly digital economy.”
Participants also attended masterclasses on digital marketing and on solutions for sectors such as agriculture.
What small businesses say they need
Mastercard’s 2026 SME Confidence Index shows how strongly Nigerian small businesses favour digital tools. All the SMEs surveyed said digital and online payments are essential to growth. Some 78 per cent named business digitalisation as a priority, 79 per cent prioritised staff training and upskilling, and 69 per cent said they were seeking credit to expand.
