Nigerian researcher champions digital payment solutions for SMEs

In a world where small and medium-sized enterprises (SMEs) are the backbone of economies, a Nigerian topmost and accomplished digital payment expert, Fajimokun Moses Kolawole, is breaking boundaries with innovative research aimed at securing the survival and growth of small businesses across continents.

With over sixteen years of industry experience, Kolawole has developed digital frameworks that are transforming the way SMEs handle transactions, reconcile payments, and protect revenues.

Kolawole, who currently serves as the Vice President of Offline Distribution at Moniepoint Inc., has led several groundbreaking initiatives in digital payments across West Africa. From designing customized Point of Sale (POS) systems at First City Monument Bank to launching the Universal Security Architecture (USA) framework, his contributions are being adopted far beyond Nigeria’s shores by millions of SMEs, saving billions of Naira monthly from transaction settlement, dispute claims, cash suppression and similar business revenue leakages.

“SMEs are the lifeblood of our communities, but outdated payment systems are silently bleeding them dry,” he told our correspondent.

His research, which analyzed transaction data from 213,000 merchants spanning four continents, revealed a sobering reality: SMEs lose an average of 8.3% of their digital sales revenue annually due to system inefficiencies and fraud. He uncovered how a Nigerian client had a settlement shortfall of over N50 million in just four months and another one could not account for about N20 million monthly. “They had no idea they were losing that much,” Kolawole said. “With our Customized Transaction Verification system, we reduced their losses by 98% in six months.”

The payment challenges facing SMEs, Kolawole asserts, are strikingly similar worldwide. They include revenue leakages from cash handling, inefficient reconciliation processes, limited customer reach due to lack of digital options, and security risks. “Many small businesses still rely on manual cash handling,” he noted. “This not only wastes time but also exposes them to theft, errors, and missed opportunities in the digital economy.”

Kolawole’s findings on inventory mismanagement are equally concerning. His cross-country analysis shows that weak payment-inventory integration costs SMEs an average of 4.2% of their annual revenue. “Smaller businesses that still count inventory manually are more prone to errors and fraud,” he explained. “Integrated till systems should not be a luxury—they are a necessity.”

In response, Kolawole advocates for the mass deployment of digital payment systems, particularly those integrated with affordable and user-friendly till management tools. “It’s not just about going cashless,” he said. “Digital payments offer auditability, efficiency, data insights, and security that cash cannot match. These are essential for SMEs to scale.”

To enable widespread adoption, Kolawole recommends a multi-pronged approach: from building trust in digital systems and lowering entry costs, to improving internet infrastructure and creating regulatory frameworks that support innovation. “Digital transformation can’t happen in silos,” he stated. “Banks, tech companies, and governments must collaborate to make adoption seamless and sustainable.”

He further emphasized the importance of educating SME owners on digital financial literacy. “We need to move beyond just giving them the tools,” he said. “They need to understand how to use digital systems to track revenue, manage inventory, and make smarter business decisions.”

Despite the challenges, Kolawole remains optimistic. “We’re not just modernizing transactions,” he said. “We’re securing futures. Every digital payment adopted is a step toward SME sustainability, profitability, and global competitiveness.”

With a combination of field expertise, innovative thinking, and a passion for empowering businesses, Fajimokun Moses Kolawole is proving that one researcher’s vision can redefine the global SME narrative—from the hustle of local markets to the thrive of a digital future.