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Mastercard and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) to explore initiatives that will accelerate the digitisation, competitiveness and growth of micro, small and medium-sized enterprises (MSMEs) across Nigeria.
The agreement was announced at the SMEDAN MSME Growth Forum, which brought together entrepreneurs, financial institutions, policymakers and ecosystem partners to examine the practical tools, partnerships and capabilities small businesses need to thrive in an increasingly digital economy.
The collaboration builds on the Federal Ministry of Industry, Trade and Investment’s support for the design and piloting of a national MSME Digitisation Programme. The programme aligns with the Federal Government’s broader priorities of strengthening Nigeria’s digital economy and supporting the development of small businesses.
Mastercard and SMEDAN establish framework for SME digitisation
Under the MoU, Mastercard and SMEDAN will explore opportunities to work together on initiatives that promote MSME digitisation and business growth. The proposed collaboration is expected to support the adoption of digital tools, improve operational efficiency and enable more small businesses to participate in the formal economy.
Tara Nathan, Executive Vice President, Growth Segments at Mastercard, said small businesses remain critical to economic growth, job creation and innovation, but continue to encounter challenges in adopting digital solutions, developing relevant skills and accessing finance.
“Small businesses are the engine of economic growth, job creation and innovation, but many entrepreneurs continue to face barriers to digitisation, 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,” Nathan said.
Charles Odii, Director-General of SMEDAN, noted that Nigerian entrepreneurs require practical support, relevant skills and accessible digital solutions that reflect the everyday realities of operating a small business.
“Nigerian entrepreneurs need more than encouragement to digitise. 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,” Odii said.
Forum highlights the support SMEs need beyond access to credit
The MSME Growth Forum provided a platform for discussions on how digital payments, supportive policies and stronger public-private partnerships can help Nigerian businesses overcome barriers to growth.
Kari Tukur, Country Manager, West Africa at Mastercard, said the development of SMEs requires a broader range of support beyond financing, including digital payment infrastructure, business skills, access to markets and reliable partnerships.
“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 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,” Tukur said.
The forum featured a keynote address by Nathan, followed by a fireside discussion with Aisha Rimi, Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC). The session, titled “Informal to Inclusive: Payments, Policy and the Path for Nigeria’s Small Businesses”, examined the role of payments and policy in helping informal businesses transition into the formal economy.
A panel discussion, “Beyond Credit: The Solutions Nigerian SMEs Need to Grow and Scale”, also brought together representatives from Access Bank, Wema Bank, AFEX and SMEDAN, with Tukur serving as moderator.
Both sessions explored how collaboration between government and the private sector, alongside digital payment solutions and enabling policy frameworks, could help small businesses build resilience and access new growth opportunities.
Discussions also examined the practical challenges facing Nigerian entrepreneurs and highlighted the importance of a wider business support ecosystem that addresses skills, technology and market access, rather than focusing exclusively on credit availability.
Masterclasses target digital and business capabilities
Beyond the policy and industry discussions, the forum included practical masterclasses aimed at strengthening the business and digital capabilities of participating entrepreneurs.
The sessions covered digital marketing strategies to help SMEs attract and retain customers online. They also explored solutions for businesses operating in key sectors, including agriculture, with a focus on improving productivity, expanding market access and developing more sustainable business operations.
The capacity-building sessions reflected the growing importance of equipping entrepreneurs with the knowledge and tools required to apply digital solutions to everyday business activities.
Mastercard research highlights digital priorities among Nigerian SMEs
The collaboration comes as Nigerian small businesses increasingly recognise digital capabilities, workforce development and access to finance as important factors in achieving sustainable growth.
According to Mastercard’s 2026 SME Confidence Index, all Nigerian SMEs surveyed identified digital and online payments as vital to growing their businesses. The findings also showed that 78% consider business digitisation a key priority, while 79% prioritise training and upskilling their employees.
Additionally, 69% of the surveyed SMEs indicated that they were seeking credit to expand their operations.
The findings underscore the growing demand for digital payment solutions and business technology, alongside the need for skills development and financing to help SMEs strengthen their operations and compete more effectively.
Public-private partnerships central to Nigeria’s MSME development
The MoU and the MSME Growth Forum reflect Mastercard and SMEDAN’s shared interest in exploring practical ways to improve the competitiveness of Nigerian small businesses through innovation, capacity building and collaboration.
By bringing together government institutions, financial service providers, business leaders and entrepreneurs, the initiative seeks to create opportunities for SMEs to access the capabilities and connections needed to participate more fully in Nigeria’s digital economy.
As the country advances its digital economy and MSME development priorities, initiatives focused on digital payments, business skills and technology adoption could play an important role in helping small businesses improve productivity, formalise operations and access wider economic opportunities.
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