Mastercard and SMEDAN, Nigeria’s small business agency, have signed a deal to help small firms go digital. It was announced on 13 November at the SMEDAN MSME Growth Forum.
The deal is a memorandum of understanding, or MoU. That is a written pledge to work together, not a funding deal. The two sides say they will “explore opportunities” to help small firms use digital tools and join the formal economy. No money, targets or start dates were given. It builds on a national MSME Digitization Programme, which the Federal Ministry of Industry, Trade and Investment helped to design and pilot.
The partners want to bring tools, skills and support closer to small businesses. They also plan to work with government and other groups. Charles Odii, Director General of SMEDAN, says entrepreneurs “need more than encouragement to digitize.” They need practical tools and skills, he says, that fit how a small business really runs.
Mastercard says this is about more than money. Kari Tukur, its country manager for West Africa, says growth needs “more than access to funding alone.” Owners also need digital payment tools, skills, market access and trusted partners, she says. Tara Nathan, a Mastercard executive vice president, says many small firms still face barriers in digital tools, skills and finance.
The forum had three parts. Nathan gave the keynote. She then joined Aisha Rimi, head of the Nigerian Investment Promotion Commission, for a talk on how payments and policy can help informal firms. A panel followed, called “Beyond Credit.” It included people from Access Bank, Wema Bank, AFEX and SMEDAN, with Tukur as moderator. Small business owners also joined classes on digital marketing and on tools for sectors such as farming.
Why would small firms care? Mastercard points to its 2026 SME Confidence Index, a survey of Nigerian small businesses. Its figures are below. The reports we reviewed did not give the sample size or survey dates.
| What the survey found | Share of Nigerian SMEs surveyed |
|---|---|
| Say digital and online payments are vital to growth. | 100%. |
| Say digitising the business is a key priority. | 78%. |
| Prioritise training and upskilling staff. | 79%. |
| Are seeking credit to expand. | 69%. |
| Use personal cards for business spending. | 63%. |
| Sought outside funding in the past year. | 34%. |
The same survey found that 81% feel confident about the next 12 months, and 68% expect revenue to grow. Money was the top worry. Some 62% named financial concerns, along with access to credit and inflation. These numbers show demand for digital tools. But owners who say they want to go digital have not yet done so.
The scale is large. The last national survey by SMEDAN and the National Bureau of Statistics counted about 41.5 million MSMEs in December 2017. That was up 12% from 37.1 million in 2013. The firms employed about 59.6 million people, or 86.3% of the workforce. These figures are old, and we found no newer count.
This is not Mastercard’s first push in Nigeria. It signed an MoU with the Lagos State Employment Trust Fund in 2022. In December 2024 it teamed up with Alerzo and e-Trade Alliance on a plan to reach 10,000 Nigerian MSMEs. What is new is a national partner, SMEDAN, and the government’s own digitisation programme.
Why it matters: Small businesses employ most of Nigeria’s workers, yet many still run on cash and paper. A deal with the national agency could carry tools, training and payment access to places that banks and fintechs find hard to reach. The test is delivery. An MoU can open doors. But small firms need affordable tools, steady power, reliable data and credit that fits how they earn.
What to watch next: whether Mastercard and SMEDAN publish targets, such as how many MSMEs they plan to reach and by when. Watch how the national MSME Digitization Programme is piloted, and in which states. Watch whether banks, fintechs and agriculture firms join the effort. Watch whether credit is part of it, as well as payments and training. And watch who pays, since no funding figures have been shared.
Sources: Mastercard press release on the Mastercard and SMEDAN partnership, 13 November 2026; Nairametrics on the Mastercard SME Confidence Index for Nigeria; Financial Edge on the SMEDAN and NBS MSME survey; Mastercard on its MoU with the Lagos State Employment Trust Fund; Mastercard on the Alerzo and e-Trade Alliance collaboration.
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