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Home Companies Corporate Updates

Visa launches new ‘Where You Shop Matters’ initiative to support Small Businesses in Nigeria

NM Partners by NM Partners
June 17, 2020
in Corporate Updates
Visa launches new ‘Where You Shop Matters’ initiative to support Small Businesses in Nigeria
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  • Initiative comes as new study finds consumers are increasingly embracing e-commerce and digital payments over cash
  • Study 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.

READ ALSO: Nigeria Fintechs take lead in Africa, attract $122 million fund in 2019

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During the pandemic, many consumers in Nigeria have started shopping online for the first time for essentials. 71% of consumers surveyed say that COVID-19 has led to their first online grocery purchase, while 69% have made their first online purchase from pharmacies. Overall, the report points to a shift towards online commerce, with cash transactions being replaced by digital payments.

Commenting on the report’s findings Kemi Okusanya, Vice President, Visa West Africa said: “The pandemic is impacting business everywhere. The findings of the COVID-19 CEMEA Impact Tracker suggest shoppers have changed how they shop and this is already having a major impact on how merchants do business. As consumers adapt to the current restrictions, many have changed how they shop and turned to online outlets for their shopping. These changes present challenges but also enormous opportunities for all merchants, including small businesses.” 

According to the report, 55% of consumers admit to now spending less while also highlighting a trend that suggests shoppers have transformed how they shop. Asked about spending habits, consumers are increasingly optimizing their trips – 66% buying in bulk, making lists to avoid impulsive purchases, and buying non-perishable items to ensure fewer trips.


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Tags: Covid-19COVID-19 CEMEA Impact TrackerKemi OkusanyaVisaWhere You Shop Matters
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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