Nigerian SMEs Struggle with Digital Management Despite Electronic Payment Adoption

A new report by Visa has highlighted a gap in digital management among Small and Medium-sized Enterprises (SMEs) in Nigeria, despite widespread adoption of electronic payments. According to THISDAYLIVE, many businesses still rely on disconnected systems for their financial and operational activities, creating challenges in managing their operations effectively. The report, however, presents an opportunity for SMEs to connect their digital payments with their business operations, potentially improving their efficiency. The report comes as a follow-up to a recent report by the National Information Technology Development Agency (NITDA) which highlighted challenges in Nigeria’s digital economy, particularly gaps in smartphone use and online commerce. This underscores the need for SMEs to embrace digital solutions to bridge the gap and thrive in the digital age.

TechCabal, Premium Times Nigeria, FRCN HQ, and NewsDiaryOnline also reported on the challenges in Nigeria’s digital economy and the need for SMEs to adapt to digital solutions.