Payment Barriers are Costing Nigerian SMEs $29 Billion a Year

Every business owner in Nigeria knows how much effort it takes to grow. You find customers, build your team, manage operations, and put everything you have into creating value. But when it’s time to expand many hit the same obstacle: payments.

We’ve heard this story too often. A business ready to supply goods abroad but unable to receive payments from clients. A founder who couldn’t renew their software subscription because their card wasn’t accepted. A team forced to delay onboarding international partners because paying compliance fees was impossible. These challenges sound small on paper, but they make the difference between staying local and scaling globally.

The numbers tell the same story. According to PwC, Nigeria could add nearly $29 billion annually to GDP if SMEs had stronger access to international payments. That’s not just potential, it’s growth being held back every day.

The impact isn’t only financial. Entrepreneurs lose confidence when they can’t move freely. They spend hours finding risky workarounds or relying on friends abroad to process payments on their behalf. It’s a drain of time, energy, and opportunity.

But here’s the truth: these barriers are not permanent. Around the world, tools are making cross-border payments simpler, faster, and more transparent. Nigerian entrepreneurs deserve the same. And more importantly, Nigerian businesses need the same to compete globally.

At Prospa, we’ve made it our mission to listen to business owners closely and design solutions that actually reflect their needs. When it comes to payments, we know the need is urgent. That’s why we’re working hard to introduce tools that make it easier for businesses to pay and get paid – whether locally or internationally.

Your voice has been heard. The challenges you face are real, and we’re not standing still.

If you’re one of the entrepreneurs who has lost opportunities because of payment barriers, don’t lose hope. Change is on the way. And when the right tools are in your hands, your business won’t just catch up, it will break through.

Stay tuned.

#TogetherWeProspa💜