August 16, 2025Open Access

Exploring the Role of Financial Technology in Transforming Small and Medium Enterprises in Nigeria

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SME usage of financial technology increased from 6% in 2014 to 42% in 2024, revealing significant engagement.
Despite improvements, digital loan penetration remained low at 12%, indicating ongoing barriers for SMEs in accessing finance.
Analysis used empirical data from national surveys and FinTech platform reports, covering agriculture, retail, and manufacturing sectors.
Regulatory harmonization and expanded broadband investment are essential to maximize the benefits of FinTech for SMEs.

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This research shows how financial technology has improved credit access for SMEs in Nigeria, suggesting areas for further development.

Joseph Olorunfemi Akande (2025) studied this question.

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