The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2019

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Published: April 29, 2016 Report Code: VR1089MR-ST

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GlobalData’s 'The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2019' report provides detailed analysis of market trends in Nigeria's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, check payments and payment cards, during the review period (2010–2014).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2015–2019). 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.

Scope

• This report provides a comprehensive analysis of Nigeria's cards and payments industry.

• It provides current values for Nigeria's cards and payments industry for 2014, and forecast figures to 2019.

• It details the different demographic, economic, infrastructural and business drivers affecting Nigeria's cards and payments industry.

• It outlines the current regulatory framework in the industry.

• It details marketing strategies used by various banks and other institutions.

Key Highlights

What did the Central Bank of Nigeria (CBN) undertake to limit the foreign exchange outflow from the country? How did this initiative impact on Nigerian consumers? How has this restriction been modified? What effect is this anticipated to have on payment card transaction volumes and values?

How did the CBN respond to government measures to curb cash transactions and promote electronic payments? What is the ultimate aim of the government’s policy?

How is contactless technology gaining prominence in Nigeria? What did six banks launch in the Nigerian market with the aid of a payment solution provider? What are the key features of their solution? Which bank introduced debit cards in Nigeria enabled with NFC technology?

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to Nigeria's cards and payments industry and each market within it.

• Understand the key market trends and growth opportunities in Nigeria's cards and payments industry.

• Assess the competitive dynamics in Nigeria's cards and payments industry.

• Gain insights into marketing strategies used for various card types in Nigeria.

• Gain insights into key regulations governing Nigeria's cards and payments industry.

United Bank of Africa
First Bank of Nigeria
Access Bank
Guaranty Trust Bank
Ecobank Nigeria
Interswitch
Visa
MasterCard

Table of Contents

1 Definitions and Methodology

1.1 Definitions

1.2 Methodology

2 Key Facts and Events

3 Executive Summary

4 Payment Instruments

4.1 Current Payment Environment

5 E-Commerce

5.1 E-Commerce Market Analysis

6 Alternative Payments

6.1 Alternative Payment Instruments

6.1.1 Paga

6.1.2 eTranzact

6.1.3 PayPal

6.1.4 Chams Mobile

6.1.5 Verve World

7 Regulations in the Cards and Payments Industry

7.1 Regulatory Framework

7.1.1 Payment System Vision 2020 (PSV2020)

7.1.2 Regulations on credit cards

7.1.3 Anti-money laundering (AML) measures

7.2 Foreign Direct Investment (FDI) Regulations

8 Analysis of Cards and Payments Industry Drivers

8.1 Demographic Drivers

8.2 Economic Drivers

8.3 Infrastructure Drivers

8.4 Business Drivers

9 Market Segmentation and New Product Launches

9.1 Market Segmentation and Targeting

9.1.1 Consumer cards

9.1.2 Commercial cards

9.2 New Product Launches

10 Payment Cards

10.1 Payment Cards Analysis

10.1.1 Volume and value of payment card transactions by type

10.1.2 Personal vs commercial cards

11 Debit Cards

11.1 Debit Card Market Analysis

11.1.1 Debit card transaction volumes and values by channel

11.1.2 Debit card scheme and issuer shares in terms of transaction value

11.1.3 Debit cards comparison

12 Credit Cards

12.1 Credit Card Market Analysis

12.1.1 Credit card transaction volumes and values by channel

12.1.2 Credit card scheme and issuer shares in terms of transaction value

12.1.3 Credit cards comparison

13 Commercial Cards

13.1 Commercial Card Market Analysis

13.1.1 Commercial cards comparison

14 Card Issuers

14.1 United Bank of Africa

14.2 First Bank

14.3 Access Bank

14.4 GTBank

14.5 Ecobank

15 Appendix

15.1 Tables

15.2 Contact GlobalData

15.3 About GlobalData

15.4 GlobalData’s Services

15.5 Disclaimer

Table

Table 1: Key Definitions

Table 2: Annual Average Exchange Rate

Table 3: Nigeria – Key Facts, 2014

Table 4: Regional Benchmarking of Nigerian Payment Cards, 2014

Table 5: Nigeria – Mode of Entry of Foreign Banks

Table 6: Cards for High-Income Consumers, 2016

Table 7: Cards for Students and Young Population, 2016

Table 8: Cards for Shoppers, 2016

Table 9: Commercial Cards Comparison and Key Features, 2016

Table 10: Nigeria – New Product Launches

Table 11: Nigeria – Debit Cards Comparison and Key Features, 2016

Table 12: Nigeria – Gold Credit Cards Comparison and Key Features, 2016

Table 13: Nigeria – Premium Credit Cards Comparison and Key Features, 2016

Table 14: Nigeria – Commercial Cards Comparison and Key Features, 2016

Table 15: Nigeria – Payment Instrument Transaction Values (NGN Trillion), 2010–2014

Table 16: Nigeria – Payment Instrument Transaction Values (US$ Billion), 2010–2014

Table 17: Nigeria – Payment Instrument Transaction Volumes (Million), 2010–2014

Table 18: Nigeria – Number of Payment Cards in Circulation by Type (Million), 2010–2019

Table 19: Nigeria – Volume of Payment Card Transactions by Type (Million), 2010–2019

Table 20: Nigeria – Value of Payment Card Transactions by Type (NGN Billion), 2010–2019

Table 21: Nigeria – Value of Payment Card Transactions by Type (US$ Billion), 2010–2019

Table 22: Nigeria – Personal and Commercial Card Transaction Volumes (Million), 2010–2019

Table 23: Nigeria – Personal and Commercial Card Transaction Values (NGN Billion), 2010–2019

Table 24: Nigeria – Personal and Commercial Card Transaction Values (US$ Million), 2010–2019

Table 25: Nigeria – Number of Debit Cards in Circulation (Million), 2010–2019

Table 26: Nigeria – Debit Card Transaction Volumes and Frequency by Channel, 2010–2019

Table 27: Nigeria – Debit Card Total and Average Transaction Values by Channel, 2010–2019

Table 28: Nigeria – Debit Card Total and Average Transaction Values by Channel, 2010–2019

Table 29: Nigeria – Number of Debit Cards in Circulation by Scheme (Million), 2010–2014

Table 30: Nigeria – Debit Card Transaction Values by Scheme (NGN Billion), 2010–2014

Table 31: Nigeria – Debit Card Transaction Values by Scheme (US$ Billion), 2010–2014

Table 32: Nigeria – Debit Card Transaction Values by Issuer (NGN Billion), 2010–2014

Table 33: Nigeria – Debit Card Transaction Values by Issuer (US$ Billion), 2010–2014

Table 34: Nigeria – Number of Credit Cards in Circulation (Million), 2010–2019

Table 35: Nigeria – Credit Card Transaction Volumes and Frequency by Channel, 2010–2019

Table 36: Nigeria – Credit Card Total and Average Transaction Values by Channel, 2010–2019

Table 37: Nigeria – Credit Card Total and Average Transaction Values by Channel, 2010–2019

Table 38: Nigeria – Number of Credit Cards in Circulation by Scheme (Thousand), 2010–2014

Table 39: Nigeria – Credit Card Transaction Values by Scheme (NGN Billion), 2010–2014

Table 40: Nigeria – Credit Card Transaction Values by Scheme (US$ Million), 2010–2014

Table 41: Nigeria – Credit Card Transaction Values by Issuer (NGN Billion), 2010–2014

Table 42: Nigeria – Credit Card Transaction Values by Issuer (US$ Million), 2010–2014

Table 43: Nigeria – Number of Commercial Cards in Circulation (Thousand), 2010–2019

Table 44: Nigeria – Commercial Cards Transaction Values (NGN Billion), 2010–2019

Table 45: Nigeria – Commercial Cards Transaction Values (US$ Million), 2010–2019

Figures

Figure 1: Nigeria – Payment Instrument Shares by Transaction Value (%), 2010 vs 2014

Figure 2: Nigeria – Payment Instrument Shares by Transaction Volume (%), 2010 and 2014

Figure 3: Nigeria – E-Commerce Value (US$ Billion) and Payment Types (%)

Figure 4: Nigeria – Total Population and Structure

Figure 5: Nigeria – Economic Indicators

Figure 6: Nigeria – Number of ATMs and POS Terminals

Figure 7: Nigeria – Real Household Consumption Expenditure

Figure 8: Nigeria – Segmentation by Card Type

Figure 9: Nigeria – Growth in Payment Card Transaction Values and Number of Cards in Circulation by Type, 2010–2019

Figure 10: Nigeria – Volume and Value of Payment Card Transactions by Type (%), 2010–2019

Figure 11: Nigeria – Personal and Commercial Card, Transaction Volumes and Values (%), 2010–2019

Figure 12: Nigeria – Growth in Debit Card Transaction Values and Number of Debit Cards in Circulation, 2010–2019

Figure 13: Nigeria – Debit Card Transaction Volumes and Values by Channel, 2010–2019

Figure 14: Nigeria – Debit Card Scheme and Issuer Shares in Terms of Transaction Value (%), 2014

Figure 15: Nigeria – Growth in Credit Card Transaction Values and Number of Credit Cards in Circulation, 2010–2019

Figure 16: Nigeria – Credit Card Transaction Volumes and Values by Channel, 2010–2019

Figure 17: Nigeria – Credit Card Scheme and Issuer Shares in Terms of Transaction Value (%), 2014

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