Nigerian female entrepreneurs are adopting artificial intelligence (AI) at nearly twice the rate of their male counterparts, according to a new Mastercard study by the payment technology giant.
The Mastercard study released Wednesday reveals that 80% of Nigerian female entrepreneurs regularly use AI in their businesses compared to 45% of men.
The study titled “Empowerment for All” also found that 82% of female entrepreneurs in Nigeria report significant cost and time savings from AI adoption, compared to 63% of men. Despite leading in tech adoption, women business owners appear more vulnerable to cybersecurity threats, with 51% having been targeted by fraudsters, compared to 35% of men, the report states.
Mastercard says that 83% of Nigerian women consider themselves entrepreneurs, far exceeding the regional average of 51% across Eastern Europe, Middle East and Africa. Millennial women in Nigeria are leading this trend at 86%, surpassing their male counterparts at 79%.
Mastercard: 80% of Nigerian women use AI in businesses against 45% of men
According to authors of the Mastercard study, 65% of women worry “daily about cyberattacks, slightly higher than men (61%),” while on the other hand, “more women (27%) than men (22%) have lost customers due to scams, underscoring the need for stronger cybersecurity education and protection.”
Mastercard says that 83% of Nigerian women consider themselves entrepreneurs, far exceeding the regional average of 51% across Eastern Europe, Middle East and Africa. Millennial women in Nigeria are leading this trend at 86%, surpassing their male counterparts at 79%.
“The entrepreneurial spirit among women is strong and growing, with younger generations leading the way,” Selin Bahadirli, executive vice president, Services, Eastern Europe, Middle East and Africa says. “With access to the right financial tools, mentorship, and digital resources, women entrepreneurs can unlock new business opportunities, drive innovation, and contribute significantly to economic development. At Mastercard, we are committed to navigating barriers and fostering an ecosystem where women-led businesses can thrive.”
Financial independence and personal ambition are driving this wave of female entrepreneurship, with 49% of women business owners saying they started their ventures to pursue a dream, while 45% wanted to bring a great idea to life.
Despite their technological savvy and high entrepreneurial ambition, Nigerian women face significant challenges. Access to capital remains the biggest hurdle, with 57% citing lack of funding and 56% mentioning limited financial resources as major obstacles.
“Nigerian women entrepreneurs are redefining business success with their ambition, creativity, and resilience,” Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa. “With 83% of women considering entrepreneurship, the opportunity to drive inclusive economic growth is immense. However, key barriers such as access to finance, digital infrastructure, and business skills must be addressed to ensure that their potential is fully realised. By working with partners in Nigeria, we are committed to equipping women entrepreneurs with the tools, networks, and capital they need to thrive in an increasingly digital economy.”
Women entrepreneurs in Nigeria are nearly four times more likely than men to struggle with childcare responsibilities when starting a business (14% vs. 4%), the study found.
Nigerian women entrepreneurs are most active in agriculture (36%), food and drink (22%), and education including tutoring (20%), according to the report.
The outlook for business growth in Nigeria appears strong, with 93% of all business owners expecting revenue increases over the next five years.
Women’s entrepreneurship has been recognised as a key driver of economic growth in Nigeria, where small and medium enterprises (SMEs) contribute 46.32% of national GDP and account for 96.9% of businesses, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and PwC’s MSME Survey 2024.
Since 2020, Mastercard has provided support to over 50 million small businesses globally, including 37 million women entrepreneurs, according to the company. In Nigeria, Mastercard says it has partnered with organisations like SMEDAN, Lagos State Employment Trust Fund (LSETF), KaiOS, and Allawee to provide capacity building, market access, credit access, and business digitisation tools.
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