Nigerian small and medium-sized enterprises (SMEs) are emerging as global leaders in digital asset payments and cybersecurity adoption, according to Mastercard’s Dreamonomics report. The findings highlight how local businesses are embracing new technologies to manage payments, protect their operations and identify opportunities for growth.
The report found that 34% of Nigerian SMEs accept cryptocurrency as payment, more than twice the global average of 13%. Additionally, 22% use cryptocurrency to pay business expenses, compared with just 7% globally. These figures place Nigerian businesses at the forefront of digital asset adoption across the 18 markets surveyed.
Stablecoins are also gaining traction among Nigerian businesses. According to the research, 23% of SMEs accept stablecoins, while 11% use them to settle business expenses, the highest proportion among the surveyed markets.
Stablecoins are digital assets designed to maintain a relatively stable value, often by tracking currencies such as the US dollar. For Nigerian businesses, they can provide an alternative channel for international payments and settling transactions with overseas suppliers, although regulatory compliance and price-related risks remain important considerations.
Beyond digital payments, cybersecurity has become a significant priority. Mastercard’s findings show that 81% of Nigerian SMEs consider protection against cyber threats highly important, while 47% already use cybersecurity tools such as antivirus software and firewalls. The adoption rate is the highest among the 18 markets surveyed, exceeding the global average of 37%.
The findings reflect the growing awareness among business owners that digital expansion must be accompanied by stronger protection against online threats. Cyberattacks, phishing, fraud and data breaches can disrupt operations, undermine customer confidence and create financial losses, particularly for smaller businesses with limited resources.
Artificial intelligence is another area attracting interest. About 83% of Nigerian SMEs surveyed said they were excited about AI’s potential to support their businesses, compared with the global average of 70%. Furthermore, 59% expressed interest in AI-powered fraud detection and security services from their financial providers.
Gabriel Swanepoel, Mastercard’s division president for Africa, said Nigerian entrepreneurs were quick to adopt technology when it helped them serve customers and pay suppliers. He emphasised the importance of ensuring that innovation is supported by trust, security and simplicity.
However, widespread adoption does not mean every Nigerian SME has the resources or expertise to use these technologies safely. Businesses still need affordable digital tools, reliable internet access, employee training and clearer guidance on managing financial and cybersecurity risks.
Financial institutions and technology providers could help address these challenges by offering integrated payment solutions, fraud prevention services and practical cybersecurity support tailored to smaller businesses.
Mastercard’s research illustrates how Nigerian SMEs are moving beyond conventional payment methods towards more digitally connected operations. Sustaining this progress will depend on whether businesses can translate technological adoption into greater efficiency, stronger security and long-term growth.
For Nigeria’s small businesses, the next challenge is not simply adopting emerging technologies, but using them responsibly to build more resilient and competitive enterprises.
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