Visa has unveiled nee initiative to support small businesses in Nigeria.
This is even as a new study finds consumers are increasingly embracing e-commerce and digital payments over cashStudy finds Shopping habits transformed during COVID-19 with 68% of consumers only visiting shops for essentials
Visa, the world’s leader in digital payments, has launched its new “Where You Shop Matters’ initiative that aims to champion and enable entrepreneurs in Nigeria, while encouraging consumers to support small businesses. Alongside a new SMB resource hub, Visa has published the COVID-19 CEMEA Impact Tracker highlighting the recent effect the novel coronavirus pandemic has had on commerce for consumers and small merchants in Nigeria.
The findings of the report highlight increased anxiety with consumers staying away from all but essential retail. 68% of consumers polled reported going grocery shopping less often, while 67% reported taking public transportation less often. The impact of the pandemic still hasn’t dampened the resolve of the Nigerian consumer however as respondents believe that it will take about 6 months for the business environment to return to normalcy.