Mastercard and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) to explore opportunities for supporting the digitisation and growth of micro, small and medium-sized enterprises (MSMEs) across Nigeria.
The collaboration was highlighted at the SMEDAN MSME Growth Forum, which brought together entrepreneurs, financial institutions, policymakers and ecosystem partners to discuss the tools, partnerships and capabilities Nigerian small businesses need to grow in an increasingly digital economy.
The partnership 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 government’s priorities of advancing Nigeria’s digital economy and supporting small business development.
Through the MoU, Mastercard and SMEDAN will explore initiatives to help Nigerian SMEs adopt digital tools, improve operational efficiency and participate more fully in the formal economy.
Tara Nathan, Executive Vice President of Growth Segments at Mastercard, said small businesses play an important role in economic growth, job creation and innovation but continue to face barriers to digitisation, skills development and access to finance. She said the collaboration would provide a framework for exploring ways to equip entrepreneurs with the tools, capabilities and connections needed to build stronger businesses.
SMEDAN Director General Charles Odii said Nigerian entrepreneurs require practical tools, skills and support suited to the realities of running small businesses. He added that the collaboration would provide a framework for bringing these capabilities closer to businesses while coordinating engagement with government and ecosystem partners.
Mastercard Country Manager for West Africa Kari Tukur also highlighted the importance of digital payment capabilities, practical skills, market access and trusted partnerships in helping SMEs achieve sustainable growth.
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 how digital payments and supportive policy frameworks could help informal businesses transition into the formal economy.
A panel discussion titled “Beyond Credit: The Solutions Nigerian SMEs Need to Grow and Scale” brought together representatives from Access Bank, Wema Bank, AFEX and SMEDAN, with Tukur serving as moderator. Discussions focused on the barriers facing Nigerian entrepreneurs and the need for a broader support ecosystem that extends beyond access to credit.
Small business participants also attended practical masterclasses covering digital marketing strategies, customer acquisition and retention, as well as solutions for businesses operating in sectors such as agriculture. The sessions aimed to strengthen digital and business capabilities, improve productivity and expand market access.
The collaboration comes as Nigerian SMEs increasingly recognise digital capabilities as important to business growth. According to Mastercard’s 2026 SME Confidence Index, all Nigerian SMEs surveyed considered digital and online payments vital to growing their businesses. The findings also showed that 78% identified business digitisation as a key priority, 79% prioritised staff training and upskilling, and 69% were seeking credit to expand.
The forum reflects Mastercard and SMEDAN’s shared interest in exploring ways to strengthen the competitiveness of Nigerian SMEs through innovation, capability development and collaboration. The organisations aim to bring together government institutions, financial service providers, business leaders and entrepreneurs to support wider participation in Nigeria’s digital economy.
