Credit Cards in Nigeria

November 2023
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Overview:

Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

If you're in the Credit Card Transactions industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Credit Card Transactions in Nigeria report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Credit Card Transactions in Nigeria?
  • What are the major trends key to understanding Credit Card Transactions in Nigeria?
  • How has COVID-19, recession and macroeconomic volatility impacted the market?
  • How long will the market take to recover? What are the opportunities now?
  • How will political context and shifting cultural values shape future growth?
  • Where is future growth expected to be most dynamic?
Download Table of Contents

Charge Cards in Nigeria - Category analysis

Charge Cards in Nigeria - Company Profile

Credit Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Company Profile

KEY DATA FINDINGS

Continued growth, though total spend still low
First Bank Nigeria teams up with hotels to offer discounts
New competitor, as first American Express card launches In Nigeria
Improved credit scoring will drive growth
Increasing growth of online transactions
Lifting of ban of naira cards for international transactions dampens value spend on credit cards
Table 1 Credit Cards: Number of Cards in Circulation 2018-2023
Table 2 Credit Cards Transactions 2018-2023
Table 3 Credit Cards in Circulation: % Growth 2018-2023
Table 4 Credit Cards Transactions: % Growth 2018-2023
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2018-2023
Table 6 Commercial Credit Cards Transactions 2018-2023
Table 7 Commercial Credit Cards in Circulation: % Growth 2018-2023
Table 8 Commercial Credit Cards Transactions: % Growth 2018-2023
Table 9 Personal Credit Cards: Number of Cards in Circulation 2018-2023
Table 10 Personal Credit Cards Transactions 2018-2023
Table 11 Personal Credit Cards in Circulation: % Growth 2018-2023
Table 12 Personal Credit Cards Transactions: % Growth 2018-2023
Table 13 Credit Cards: Number of Cards by Issuer 2018-2022
Table 14 Credit Cards: Number of Cards by Operator 2018-2022
Table 15 Credit Cards Payment Transaction Value by Issuer 2018-2022
Table 16 Credit Cards Payment Transaction Value by Operator 2018-2022
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2018-2022
Table 18 Commercial Credit Cards: Number of Cards by Operator 2018-2022
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2018-2022
Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2018-2022
Table 21 Personal Credit Cards: Number of Cards by Issuer 2018-2022
Table 22 Personal Credit Cards: Number of Cards by Operator 2018-2022
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2018-2022
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2018-2022
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2023-2028
Table 26 Forecast Credit Cards Transactions 2023-2028
Table 27 Forecast Credit Cards in Circulation: % Growth 2023-2028
Table 28 Forecast Credit Cards Transactions: % Growth 2023-2028
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2023-2028
Table 30 Forecast Commercial Credit Cards Transactions 2023-2028
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2023-2028
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2023-2028
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2023-2028
Table 34 Forecast Personal Credit Cards Transactions 2023-2028
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2023-2028
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2023-2028

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

KEY DATA FINDINGS

Cash shortage drives significant growth in debit cards
Status quo remains
Launch of AfriGo by the Central Bank of Nigeria
Continued growth over forecast period
First-tier banks dominate the digital payment platform
Central Bank’s cashless strategy drives growth
Table 37 Debit Cards: Number of Cards in Circulation 2018-2023
Table 38 Debit Cards Transactions 2018-2023
Table 39 Debit Cards in Circulation: % Growth 2018-2023
Table 40 Debit Cards Transactions: % Growth 2018-2023
Table 41 Debit Cards: Number of Cards by Issuer 2018-2022
Table 42 Debit Cards: Number of Cards by Operator 2018-2022
Table 43 Debit Cards Payment Transaction Value by Issuer 2018-2022
Table 44 Debit Cards Payment Transaction Value by Operator 2018-2022
Table 45 Forecast Debit Cards: Number of Cards in Circulation 2023-2028
Table 46 Forecast Debit Cards Transactions 2023-2028
Table 47 Forecast Debit Cards in Circulation: % Growth 2023-2028
Table 48 Forecast Debit Cards Transactions: % Growth 2023-2028

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

KEY DATA FINDINGS

Still lack of awareness of pre-paid cards in Nigeria
Lift of ban of naira debit cards for international transaction dampens value growth for pre-paid cards
Scarcity of cash in 2023 drives further growth of Lagos Cowry transport card
Transport cards will continue to drive growth of closed loop pre-paid cards
Younger people key consumer group
Technological developments will help boost usage of pre-paid cards in e-commerce
Table 49 Pre-paid Cards: Number of Cards in Circulation 2018-2023
Table 50 Pre-paid Cards Transactions 2018-2023
Table 51 Pre-paid Cards in Circulation: % Growth 2018-2023
Table 52 Pre-paid Cards Transactions: % Growth 2018-2023
Table 53 Open Loop Pre-paid Cards Transactions 2018-2023
Table 54 Open Loop Pre-paid Cards Transactions: % Growth 2018-2023
Table 55 Pre-paid Cards: Number of Cards by Issuer 2018-2022
Table 56 Pre-paid Cards: Number of Cards by Operator 2018-2022
Table 57 Pre-paid Cards Transaction Value by Issuer 2018-2022
Table 58 Pre-paid Cards Transaction Value by Operator 2018-2022
Table 59 Open Loop Pre-paid Cards: Number of Cards by Issuer 2018-2022
Table 60 Open Loop Pre-paid Cards: Number of Cards by Operator 2018-2022
Table 61 Open Loop Pre-paid Cards Transaction Value by Issuer 2018-2022
Table 62 Open Loop Pre-paid Cards Transaction Value by Operator 2018-2022
Table 63 Forecast Pre-paid Cards: Number of Cards in Circulation 2023-2028
Table 64 Forecast Pre-paid Cards Transactions 2023-2028
Table 65 Forecast Pre-paid Cards in Circulation: % Growth 2023-2028
Table 66 Forecast Pre-paid Cards Transactions: % Growth 2023-2028
Table 67 Forecast Open Loop Pre-paid Cards Transactions 2023-2028
Table 68 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2023-2028

Store Cards in Nigeria - Category analysis

Store Cards in Nigeria - Company Profile

Financial Cards and Payments in Nigeria - Industry Overview

Financial cards and payments in 2023: The big picture
2023 key trends
Mobile money key tool in driving financial inclusion
Competitive landscape
What next for financial cards and payments?
Table 69 Number of POS Terminals: Units 2018-2023
Table 70 Number of ATMs: Units 2018-2023
Table 71 Value Lost to Fraud 2018-2023
Table 72 Card Expenditure by Location 2023
Table 73 Financial Cards in Circulation by Type: % Number of Cards 2018-2023
Table 74 Domestic versus Foreign Spend 2023
Table 75 Financial Cards by Category: Number of Cards in Circulation 2018-2023
Table 76 Financial Cards by Category: Number of Accounts 2018-2023
Table 77 Financial Cards Transactions by Category: Value 2018-2023
Table 78 Financial Cards by Category: Number of Transactions 2018-2023
Table 79 Consumer Payments by Category: Value 2018-2023
Table 80 Consumer Payments by Category: Number of Transactions 2018-2023
Table 81 M-Commerce by Category: Value 2018-2023
Table 82 M-Commerce by Category: % Value Growth 2018-2023
Table 83 Financial Cards: Number of Cards by Issuer 2018-2022
Table 84 Financial Cards: Number of Cards by Operator 2018-2022
Table 85 Financial Cards: Card Payment Transactions Value by Operator 2018-2022
Table 86 Financial Cards: Card Payment Transactions Value by Issuer 2018-2022
Table 87 Forecast Financial Cards by Category: Number of Cards in Circulation 2023-2028
Table 88 Forecast Financial Cards by Category: Number of Accounts 2023-2028
Table 89 Forecast Financial Cards Transactions by Category: Value 2023-2028
Table 90 Forecast Financial Cards by Category: Number of Transactions 2023-2028
Table 91 Forecast Consumer Payments by Category: Value 2023-2028
Table 92 Forecast Consumer Payments by Category: Number of Transactions 2023-2028
Table 93 Forecast M-Commerce by Category: Value 2023-2028
Table 94 Forecast M-Commerce by Category: % Value Growth 2023-2028

DISCLAIMER

Summary 1 Research Sources
The following categories and subcategories are included:

Credit Card Transactions

  • Commercial Credit Card Transactions
    • Average Personal Credit Card Balance
    • Average Personal Credit Card Limit
    • Personal Credit Card Utilisation

Credit Card Transactions

Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.

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This report originates from Passport, our Credit Card Transactions research and analysis database.

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