eTranzact launches report to boost SMEs’ AI adoption status, growth

By Elizabeth Adegbesan  

A fintech company, eTranzact International Plc, in partnership with the Enterprise Development Centre at Pan-Atlantic University, has launched a report to improve Small and Medium Enterprises,  SMEs,  status in the adoption of Artificial Intelligence (AI) to grow their businesses locally and internationally.  

Speaking on the report  titled, “AI Readiness of Nigerian SMEs”, during the launch, Managing Director/Chief Executive Officer of eTranzact, Mr. Niyi Toluwalope, said eTranzact views AI not as a distant prospect but as an immediate opportunity for Nigerian businesses.

He stated: “This research bridges the knowledge gap by helping SMEs understand their current AI adoption status and what they need to compete both locally and globally.  

“The study also reinforces eTranzact’s expanding role as an enabler of digital growth and innovation beyond just payments.”   

Explaining further, he said the report offers SMEs a fact-based assessment of their AI readiness, guiding informed investment and capacity-building decisions.  

He added that the findings serve as a strategic blueprint to enhance competitiveness, job creation, and innovation-driven economic growth for Nigeria.

Toluwalope highlighted that policymakers, financiers, and educators will be better equipped with data in the report to design support programs tailored to SME needs.

The comprehensive study, conducted over several months across key regions including Enugu, Kano, Lagos, Abuja, and Port Harcourt, highlights the current state of Artificial Intelligence adoption readiness among Nigeria’s over 39 million Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs).  

While there is evident of enthusiasm for AI among SME entrepreneurs, the study also identifies critical gaps in awareness, access, and tailored solutions necessary to harness AI’s full potential.

The managing director emphasized that the report offers more than just data, it provides a strategic roadmap to foster an inclusive and intelligent digital economy in Nigeria. 

Director of Programs & Partnerships at the Enterprise Development Centre (EDC), Pan-Atlantic University, Dr. Olawale Anifowose, stated, “The study adopted a mixed-method research approach, involving the use of both quantitative and   qualitative data collection and analysis methods. The quantitative approach was implemented through a sample survey of SMEs with 5,290 responses across the 36 states of the federation, including the Federal Capital Territory.”

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