Nigeria Cards and Payments: Opportunities and Risks to 2030
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GlobalData’s ‘Nigeria Cards and Payments: Opportunities and Risks to 2030' report provides detailed analysis of market trends in the Nigerian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, cards, direct debits, and cheques during the review-period (2021–25e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2026f–30f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
GlobalData’s ‘Nigeria Cards and Payments: Opportunities and Risks to 2030' report provides top-level market analysis, information and insights into the Nigerian cards and payments industry, including:
• Current and forecast values for each market in the Nigerian cards and payments industry, including debit, and credit cards.
• Detailed insights into payment instruments including cash, credit transfers, cards, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Nigerian cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Nigerian cards and payments industry.
Scope
Card market size in terms of number of cards, value and volume of transactions in Nigeria along with detailed card segmentation of debit, and credit cards available in the country.
Market sizing and analysis of major payment instruments including cash, credit transfers, cards, direct debits, and cheques.
Payment market trends and growth for both historical and forecast period.
Competitor analysis with detailed insights into leading card issuers and schemes.
Comprehensive analysis of consumer attitudes and buying preferences for cards.
A detailed snapshot of country's key alternative payment brands.
Key Highlights
Nigeria’s cross-border payment landscape is evolving; driven by regulatory reforms. For example, in April 2025, the CBN issued a Pan-African Payment and Settlement System (PAPSS) circular simplifying Know Your Customer (KYC) and Anti-Money Laundering (AML) rules; allowing individuals to transact up to NGN2.97 million ($2,000) and corporates up to NGN7.43 million ($5,000) with basic paperwork which makes it easier for Nigerians to send and receive money globally. This move allowed banks to obtain foreign currency for international transactions which enables faster and easier payments.
In October 2025, the Nigerian Government, through the National Information Technology Development Agency (NITDA), introduced a trustmark scheme to certify authentic ecommerce platforms. The Trustmark is meant to help consumers identify legitimate platforms and enhanced protection against fraud in the online marketplace.
In January 2026, PayPal, in partnership with Paga, launched a direct-link payment service in Nigeria that allows users to receive international payments directly into their digital wallets. To use this service, users must link their PayPal accounts with their Paga wallets. Once linked, users can receive funds sent through PayPal directly into their Paga accounts. At the time of receiving payment, when funds are transferred to the user’s PayPal account, the service automatically enables the transfer of the funds into the linked Paga wallet. The received funds are instantly converted into Naira and become available for various transactions, such as shopping, bill payments or P2P transfers within the Paga platform.
Reasons to Buy
Make strategic business decisions, using top-level historic and forecast market data, related to the Nigeria cards and payments industry and each market within it.
Understand the key market trends and growth opportunities in the Nigeria cards and payments industry.
Assess the competitive dynamics in the Nigeria cards and payments industry.
Gain insights into marketing strategies used for various card types in Nigeria.
Gain insights into key regulations governing the Nigeria cards and payments industry.
Verve
Mastercard
Visa
AfriGo
United Bank for Africa
Guaranty Trust Bank
Access Bank
Zenith Bank
Nigeria Inter-Bank Settlement System
Verve
Mastercard
Visa
Ecobank
OPay
Google Wallet
Table of Contents
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