Business

Mastercard: 1.4m Nigerian small enterprises embrace digital payments

About 1.4 million Nigerian micro and small enterprises have moved their businesses online and accepted a range of digital payments from their customers, Mastercard has said. The company stated this in its Economics Institute’s global outlook report- Economy 2021- which provides detailed analysis of the economic impact of the Covid-19 pandemic, including permanent changes in digital consumer spending habits, growth of online banking, fintech disruption and opportunities to boost financial inclusion.

According to the report, “as e-commerce rapidly becomes a way to pandemicproof a business, adoption by older generations and added convenience and lower costs for consumers will contribute to the continued growth of digital demand in 2021.

“In Nigeria, SME-in-a- Box, a new low-cost payments solution, enables small business owners to move their businesses online and accept a range of digital payments from their customers. Additionally, NetPlusDotCom and Innovectives have already onboarded 1.4 million Nigerian micro and small enterprises with digital payment tools such as Mastercard QR, USSD codes and contactless to advance their business.

Mastercard also partnered with Selcom to drive digital transactions in Tanzania.” It further stated that in terms of e-commerce spending surge, the Economics Institute estimates a permanent stickiness factor of 20-30 per cent in overall retail spending, a significant consideration, as businesses contemplate scaling up their digital transformation efforts.

 

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