Middle East, African SMEs register digital payments growth
30-Mar-25, CoinGeek
Over 90% of small and medium enterprises (SMEs) in over a dozen countries across the Middle East and Africa accept digital payments and are slowly phasing cash out. The SME Confidence Index published by Mastercard revealed that SMEs have recorded accelerated growth over the past year despite global economic shakeups.
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SMEs have benefited from digitalizing payments, which has resulted in more efficient payment processes for consumers, easier reconciliation and compliance, and reduced costs.
In Nigeria, 99% of SMEs accept digital payments, Mastercard found. In East Africa, Kenyan SMEs lead in digital payments with a 91% uptake. Kenya’s mobile money adoption is among the highest globally. 91% of Unite Arab Emirates SMEs also accept digital payments.