Mastercard Survey Finds 34% of Nigerian SMEs Accept Crypto
More than one in three Nigerian small and medium-sized businesses surveyed by Mastercard say they now accept cryptocurrency as payment, putting Nigeria well ahead of the global average in the company’s latest small-business research.
Mastercard’s Dreamonomics study found that 34% of surveyed Nigerian SMEs accept cryptocurrency, compared with a global average of 13%. Another 22% said they use crypto to pay business expenses, more than three times the 7% global figure reported in the study.
Stablecoins are also finding their way into everyday business payments. Mastercard’s Nigeria findings show that 23% of surveyed SMEs accept stablecoins, while 11% use them to settle business expenses.
Those numbers make Nigeria one of the most interesting markets in Mastercard’s global study. But there is an important distinction: the figures come from a survey, not a census of every small business in Nigeria.
So no, the research does not mean exactly 34 out of every 100 Nigerian SMEs definitely accept Bitcoin or another cryptocurrency. It means 34% of the Nigerian businesses included in Mastercard’s survey said they do.
What Did Mastercard Find in Nigeria?
The Nigeria-specific findings from Mastercard’s Dreamonomics research were published on October 7. According to the Nigeria findings carried by BusinessDay, Nigerian SMEs ranked highest among the 18 markets surveyed for accepting cryptocurrency.
The headline number is 34%. That is particularly striking when compared with the 13% global average. Mastercard says Nigeria’s figure was more than twice that of the next-highest market in the survey.
The research also found that Nigerian businesses are not only accepting crypto from customers. 22% said they use cryptocurrency to pay business expenses, compared with 7% of SMEs globally.
That suggests digital assets are being used on both sides of the transaction. Some businesses are receiving crypto, while others are spending it to run their operations.
Stablecoins Are Becoming Part of the Picture Too
The stablecoin numbers may be even more interesting. Mastercard found that 23% of the Nigerian SMEs surveyed accept stablecoins, while 11% use stablecoins to pay business expenses. The Nigeria-specific release says that expense figure was the highest among the 18 markets included in the study.
Stablecoins such as USDT and USDC are cryptocurrencies designed to maintain a relatively stable value, usually by tracking a traditional currency such as the US dollar.
For a small business, that can make them more practical for payments than highly volatile assets such as Bitcoin.
Imagine a Nigerian importer needs to pay a supplier $5,000.
If the business holds Bitcoin, the dollar value of that Bitcoin could change significantly between receiving it and making the payment. With a dollar-backed stablecoin, $5,000 worth of tokens is designed to remain close to $5,000.
That does not remove every risk, but it makes the unit of account much easier to understand.
Why Are Nigerian Businesses Using Crypto?
There probably isn’t one single reason.
Nigeria already has a large digital-asset market, and stablecoins in particular have become useful for people and businesses dealing with international payments and access to foreign currency.
The International Monetary Fund noted in its 2026 Nigeria Article IV report that stablecoin use in Nigeria extends beyond retail crypto trading. The IMF said small and medium-sized importers increasingly use stablecoins to pay overseas suppliers, while some larger businesses are experimenting with them for trade settlement.
The report also estimated that stablecoins accounted for more than 65% of Nigeria’s crypto inflows in 2024, with USDT and USDC dominating activity.
That provides some useful context for Mastercard’s newer SME survey.
A Nigerian business accepting USDT may not be doing so because its owner suddenly became enthusiastic about blockchain technology. The reason could be much simpler. A customer wants to pay that way. A foreign supplier accepts it. Or the business wants access to dollar-denominated value without relying entirely on traditional international payment channels.
For many businesses, usefulness matters more than ideology.
How Was the Mastercard Survey Conducted?
Mastercard says the Dreamonomics report is based on an online survey conducted by research firm Hypothesis on Mastercard’s behalf. More than 6,000 SME owners and senior business decision-makers participated across 18 markets, including Nigeria. The businesses had fewer than 250 employees, and the survey was conducted during February and March 2026.
Mastercard’s broader global Dreamonomics announcement confirms the global methodology and provides results covering technology, cybersecurity, payments and business growth. However, Mastercard has not presented the survey as a complete census of Nigerian SMEs.
Nigeria Stands Out From Mastercard’s Wider Regional Findings
Nigeria’s results are also much higher than Mastercard’s broader figures for Eastern Europe, the Middle East and Africa.
In its regional Dreamonomics report, Mastercard said SMEs across the region were more likely than the global average to use newer payment methods alongside bank transfers and cards.
Across the region, 15% reported using cryptocurrency and 8% stablecoins among emerging payment methods.
Nigeria’s individual results suggest adoption among the businesses surveyed there is significantly stronger.
That fits with Nigeria’s wider reputation as one of Africa’s largest cryptocurrency markets.
Frequently Asked Questions
Did Mastercard find that 34% of all Nigerian SMEs accept cryptocurrency?
Not exactly. Mastercard found that 34% of the Nigerian SMEs included in its Dreamonomics survey said they accept cryptocurrency. The study should not be interpreted as a census of every SME operating in Nigeria.
How many businesses were surveyed?
The global Dreamonomics study surveyed more than 6,000 SME owners and senior decision-makers across 18 markets, including Nigeria, during February and March 2026.
How many surveyed Nigerian SMEs accept stablecoins?
Mastercard’s Nigeria findings say 23% accept stablecoins, while 11% use them to pay business expenses.
How many Nigerian SMEs use crypto for business expenses?
According to the survey, 22% of Nigerian respondents said they use cryptocurrency to pay business expenses, compared with a global average of 7%.
Why are stablecoins popular in Nigeria?
Stablecoins can provide access to dollar-denominated value and can be useful for cross-border payments, supplier payments and transfers. USDT and USDC are among the most commonly used dollar-backed stablecoins.
Does accepting crypto mean businesses are abandoning the naira?
No. Businesses can use crypto alongside bank transfers, mobile money, cards and cash. Many may also convert digital assets into naira after receiving them.
Are stablecoins risk-free?
No. Stablecoins are designed to maintain a stable value, but they still carry risks involving issuers, reserves, regulation, blockchain networks, wallets and potential depegging.
Is Mastercard involved in crypto services in Nigeria?
Yes. Among other initiatives, Mastercard has worked with Busha to introduce Mastercard Crypto Credential in Nigeria, which is designed to simplify eligible digital-asset transfers.
