Market Survey on T&E and Related International Spend Nigerian Businesses
As Nigeria continues to experience variety, flexibility and convenience in terms of payment solutions, the growing trend in travel and entertainment (T&E) expense will stimulate the desire for solutions that can bring about greater expense control, convenience and cost savings.
Some companies currently use third party service providers to address T&E components like airline booking and payment, hotel, car hire services, etc. However, these are accompanied by the associated paper trail and protracted post expense processing challenges. Less than a handful of organizations have adopted corporate card to eliminate the burden of reporting amongst others.
As card products continue to gain wider acceptance, the new generation of solutions aim to be distinguished in areas of convenience, compliance, control, safety, global acceptance and cost savings. The ease of accessing transaction related data has clearly been paramount for larger organizations that have high employee traffic across various locations around the world. High quality transaction reports enhance the organisation’s ability to track compliance vis-a-vis policies, T&E budget as well as streamline other processes.
Stimulating the acceptance of T&E related products requires gaining better insights into the current trend of the Nigerian T&E spend across specific segments. MasterCard’s decision to engage Phillips Consulting to conduct a survey into these trends in Nigeria is a step in the right direction.
The target number of respondents across the various stakeholder segments was 142 respondents. This was effectively surpassed with the actual respondents surveyed totaling 263 i.e. a 43% increase in the actual number of respondents.
This survey focuses extensive on identifying T&E spend pattern across the Large Corporate, SMEs, and Cross Border Trade segments of the Nigerian market.