Mastercard has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to support the growth and digital transformation of small businesses across the country.
The partnership was announced following the signing of a Memorandum of Understanding (MoU) between both organisations at the SMEDAN MSME Growth Forum, which brought together business owners, financial institutions, policymakers and other industry stakeholders.
The initiative is aimed at helping Nigerian small and medium-sized enterprises adopt digital tools, improve their business operations and gain better access to opportunities in the formal economy.
According to the organisations, many Nigerian business owners still face challenges such as limited access to finance, inadequate digital skills and difficulties expanding their businesses.
Mastercard’s 2026 SME Confidence Index revealed that 100 per cent of Nigerian small businesses surveyed consider digital and online payments important to business growth. The report also found that 78 per cent prioritize digitalizing their operations, while 79 per cent want to improve staff skills through training.
The partnership will explore opportunities to provide entrepreneurs with digital capabilities, business development support and access to relevant resources that can improve their competitiveness.
The development is particularly important for Nigeria, where small businesses play a major role in employment generation, income creation and economic activities.
Although the agreement does not announce an immediate cash grant for business owners, it establishes a framework for both organisations to explore practical programmes that could help Nigerian SMEs overcome some of the barriers limiting their growth.
The organisations say the collaboration will focus on preparing small businesses to compete more effectively in an increasingly digital economy.
