Small and medium-sized enterprises across Nigeria are preparing for a positive year ahead, driven by confidence in their growth prospects and an increasing reliance on digital tools. New research from Mastercard shows that entrepreneurs are optimistic about expanding their businesses, with digital payments emerging as a key factor supporting that ambition.

The latest Mastercard SME Confidence Index found that 81% of Nigerian SMEs are confident about the next 12 months, while 68% expect their revenues to increase. The study measures business sentiment, priorities and growth expectations among SMEs across Eastern Europe, the Middle East and Africa.

The shift towards digital commerce continues to gather pace. Mobile payments are the most widely adopted payment method among Nigerian SMEs at 67%, followed by card payments at 45% and online payments at 42%. More than half of businesses (57%) now combine physical stores with online sales channels. Although cash and bank transfers remain common, the findings indicate significant opportunities to expand digital payment acceptance.

“Nigeria is home to one of the most entrepreneurial and fast-moving SME communities anywhere in the world, and the ambition on display in this research is remarkable. When every business surveyed agrees that digital payments matter to their growth, it highlights the opportunity to accelerate SME development through digital innovation. Our focus is to meet that ambition with the right tools, finance and partnerships so these businesses can scale with confidence,” said Gabriel Swanepoel, division president, Africa, Mastercard.

Access to finance remains an important priority, with 34% of SMEs reporting that they sought external funding over the past year to support their business goals.

“Nigerian businesses have never been short on ambition, and what stands out now is how clearly they know what they need to grow. They are investing in their people, embracing digital payments and seeking the capital to expand. At Mastercard, we are committed to working with our partners to put accessible, secure financial tools within reach of every entrepreneur, so they can turn that ambition into lasting success,” said Folasade Femi-Lawal, country manager, West Africa, Mastercard.

The report suggests that this confidence is rooted in recent business success. More than half of SMEs (56%) recorded revenue growth over the past year, with improved government support (17%) and stronger infrastructure (16%) contributing to their performance. Even as inflation, financing challenges and broader financial pressures persist, optimism remains high, with four in five businesses confident about the future.

Business owners are also investing in areas they believe will strengthen long-term performance. Training employees (79%), digitising business operations (78%) and offering digital payment options across multiple channels (73%) rank among the top priorities. Enhanced physical and cyber security (60%), together with access to mentoring and business advisory services (52%), are also seen as essential to building resilient businesses.

Funding demand continues to rise, with 69% of SMEs looking for credit to expand. Additionally, 63% currently use personal cards for business spending because they offer quick and convenient access, highlighting the opportunity for commercial payment and lending solutions designed specifically for SMEs.

Mastercard continues to strengthen Nigeria’s SME ecosystem through financial technology, strategic partnerships and digital payment innovations.

Solutions such as Tap on Phone, QR Pay-by-Link and SME-in-a-Box allow merchants to accept secure digital payments using smartphones, removing the need for dedicated payment terminals. Mastercard Move also supports businesses engaged in international trade by enabling near real-time cross-border remittances.

The company further supports innovation through Start Path and Product Express, programmes that help fintech companies rapidly develop and introduce products including virtual cards and open banking capabilities.

As digital commerce expands, Mastercard continues to prioritise security through technologies such as tokenization and by providing free cybersecurity resources for SMEs through the Mastercard Trust Center.

The Mastercard SME Confidence Index highlights a community of entrepreneurs eager to expand, and Mastercard remains committed to deploying scalable solutions and capability-building initiatives that foster a more inclusive and dynamic digital economy.

WARRINGTON, UK, July 30, 2026 – Caroola Accountancy has strengthened its position as one of the UK’s leading apprenticeship employers after moving up to 34th place in The Sunday Times Top 100 Apprenticeship Employers 2026. The latest result marks the company’s sixth straight appearance in the national rankings, recognising its continued investment in apprenticeship opportunities, programme diversity and learner success.

The rankings, produced by High Fliers Research, place Caroola ahead of several much larger organisations, including the Bank of England, the NHS, Lloyds Banking Group, Capita and NatWest. Among accountancy firms, it also ranked above Wescotts, Menzies, Monahans, Azets and PKF Francis Clark.

Caroola’s rise has been steady over recent years. After entering the Top 100 in 2021, the business climbed to 50th place in 2023, improved to 40th in 2025 and has now reached 34th.

A key driver behind this progress has been the work of Accountancy Academy Manager Katie Wild, who established Caroola’s in-house Academy following its launch in Warrington in September 2023. Since then, more than 30 apprentices studying AAT, ATT and ACCA qualifications have progressed through five intakes. The Academy has achieved an average first-time exam pass rate of more than 80%, exceeding the Department for Education’s reported national apprenticeship achievement rate of 65.4% for 2024/25 by over 15 percentage points.

Wild and her team have also created a structured development route that allows apprentices to advance within the company. Members of the first intake have already qualified as accountants at Caroola, reaching milestones that often take considerably longer elsewhere. Recruitment for a sixth intake is now underway, with the next cohort expected to begin in late summer 2026.

The latest recognition follows several significant milestones under Managing Director Paul Goodwin. Earlier this year, Caroola became the first UK accountancy practice to introduce opening hours until 7pm. The business also maintains an Excellent 4.8 Trustpilot rating from more than 6,400 verified reviews and recently launched a digital onboarding process that more than doubled online conversion rates. Goodwin says investing in people has been fundamental to the company’s wider growth.

Employing more than 300 people, Caroola supports clients across accountancy, payroll and employment services through brands including SJD Accountancy, Nixon Williams, First Freelance, ClearSky Accounting, Parasol and baa accounting.

Reflecting on the achievement, Wild said the ranking is the outcome of a long-term commitment rather than one individual project.

“When we launched the Academy in 2023, our ambition was to create genuine career opportunities that would take apprentices all the way to becoming qualified accountants within Caroola. Seeing our first cohort achieve that shows the programme is delivering exactly what we intended.”

She said the Academy’s combination of professional qualifications, practical workplace experience and monthly development sessions has contributed to an average first-time pass rate of 80%.

“The national average is 65%. We are achieving 80%. That success comes from the dedication of our Team Leaders Katie Rodgers and Simon Millington, together with the wider business that supports every learner.”

Commenting on Caroola’s position above organisations including the Bank of England and NHS, Wild added:

“Those organisations operate on a completely different scale, but this recognition shows the quality of our apprenticeship programme stands alongside the very best. Everyone involved should be incredibly proud.”