Nigeria Cards and Payments – Opportunities and Risks to 2026

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Nigeria Cards and Payments Market Report Overview

The Nigeria cards and payments market size was valued at $22 billion in 2022 and is expected to achieve a CAGR of more than 25% during 2022-2026. Cash remains the preferred method of consumer payment in Nigeria. This is mainly due to the country’s highly unbanked population, limited public awareness of electronic payments, and limited access to banking infrastructure. Financial inclusion is a top priority for the Central Bank of Nigeria (CBN), which is undertaking initiatives such as including financial education in school curriculums and organizing promotional campaigns to increase awareness of banking products. These initiatives have supported the payment card market, which has seen significant growth in terms of payment volume and value, indicating that preferences have started to shift.

Nigeria Cards and Payments Market Outlook, 2022-2026 ($ Billion)

Nigeria Cards and Payments Market Outlook, 2022-2026 ($ Billion)

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The Nigeria cards and payments market research report provides a detailed analysis of market trends in the Nigeria cards and payments industry. It provides values and volumes for several key performance indicators in the industry, including cards, credit transfers, cheques, and direct debits during the review period.

Market Size (2022) $22 billion
CAGR >25%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments ·       Cash

·       Cards

·       Credit Transfers

·       Direct Debits

·       Cheques

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       Alternative Payments.

Leading Players ·       Access Bank

·       UBA

·       First Bank of Nigeria

·       Ecobank

·       Zenith Bank

·       Mastercard

·       Visa

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Nigeria Cards and Payments Market Dynamics

To compete with international scheme providers, make payments more accessible and affordable for Nigerians, and strengthen the national payment system, the CBN launched a national payment card scheme called AfriGo in January 2023. The company’s card portfolio includes debit, credit, and prepaid cards. In March 2023, Access Bank became the first bank to offer AfriGo debit cards in the country.

The most important factor contributing to the country’s banking penetration is the widespread use of an agent banking system. In February 2019, the CBN, deposit money banks, mobile money operators, and banking agents launched SANEF. The network consists of individuals and small businesses that provide financial services on behalf of financial institutions. It offers basic banking services such as cash deposits and withdrawals, fund transfers, bill payments, airtime purchases, and disbursement of government funds. SANEF had over 1 million agents as of February 2022 across over 774 local government areas, offering basic banking services to underserved urban and rural individuals via 28 partner banks.

Nigeria Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Nigeria cards and payments market are cash, cards, credit transfers, cheques, and direct debits. In 2022, cash was the dominant payment instrument in terms of transaction volume. However, its share is declining. This is due to the growing consumer preference for electronic payments, which was partly driven by the outbreak of COVID-19.

Nigeria Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Nigeria Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Nigeria Cards and Payments Market Segments

The key segments in the Nigeria cards and payments market are card-based payments, e-commerce payments, and alternative payments. Despite the rise in electronic payments, cash remains consumers’ preferred method of payment in Nigeria owing to low banking penetration. This is due to limited financial awareness of alternative payment instruments as well as limited access to banking infrastructure – particularly in rural areas. Banks are attempting to provide basic financial access to the unbanked population by expanding agent banking networks and infrastructure.

Nigeria Cards and Payments Market - Competitive Landscape

Some of the leading players in the Nigeria cards and payments market are Access Bank, UBA, First Bank of Nigeria, Ecobank, Zenith Bank, Mastercard, and Visa among others.

Segments Covered in the Report

Nigeria Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

  • Cash
  • Cards
  • Credit Transfers
  • Cheques
  • Direct Debits

Nigeria Cards and Payments Market Segments Outlook

  • Card-Based Payments
  • E-commerce Payments
  • Alternative Payments

Scope

The report provides top-level market analysis, information, and insights into the Nigeria cards and payments industry, including:

  • Current and forecast values for each market in the Nigeria cards and payments industry, including debit, and credit cards
  • Detailed insights into payment instruments including cash, cards, credit transfers, cheques, and direct debits. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the Nigeria cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.

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.

Access Bank
CBN
Ecobank
First Bank of Nigeria
Guaranty Trust Bank
UBA

Table of Contents

Executive Summary

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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