Financial Cards and Payments in Nigeria

November 2023
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Overview:

Understand the latest market trends and future growth opportunities for the Financial Cards and Payments 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 Financial Cards and Payments 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 Financial Cards and Payments 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 Financial Cards and Payments in Nigeria?
  • What are the major trends key to understanding Financial Cards and Payments 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

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 1 Number of POS Terminals: Units 2018-2023
Table 2 Number of ATMs: Units 2018-2023
Table 3 Value Lost to Fraud 2018-2023
Table 4 Card Expenditure by Location 2023
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2018-2023
Table 6 Domestic versus Foreign Spend 2023
Table 7 Financial Cards by Category: Number of Cards in Circulation 2018-2023
Table 8 Financial Cards by Category: Number of Accounts 2018-2023
Table 9 Financial Cards Transactions by Category: Value 2018-2023
Table 10 Financial Cards by Category: Number of Transactions 2018-2023
Table 11 Consumer Payments by Category: Value 2018-2023
Table 12 Consumer Payments by Category: Number of Transactions 2018-2023
Table 13 M-Commerce by Category: Value 2018-2023
Table 14 M-Commerce by Category: % Value Growth 2018-2023
Table 15 Financial Cards: Number of Cards by Issuer 2018-2022
Table 16 Financial Cards: Number of Cards by Operator 2018-2022
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2018-2022
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2018-2022
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2023-2028
Table 20 Forecast Financial Cards by Category: Number of Accounts 2023-2028
Table 21 Forecast Financial Cards Transactions by Category: Value 2023-2028
Table 22 Forecast Financial Cards by Category: Number of Transactions 2023-2028
Table 23 Forecast Consumer Payments by Category: Value 2023-2028
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2023-2028
Table 25 Forecast M-Commerce by Category: Value 2023-2028
Table 26 Forecast M-Commerce by Category: % Value Growth 2023-2028

DISCLAIMER

Summary 1 Research Sources

Charge Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Category analysis

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 27 Credit Cards: Number of Cards in Circulation 2018-2023
Table 28 Credit Cards Transactions 2018-2023
Table 29 Credit Cards in Circulation: % Growth 2018-2023
Table 30 Credit Cards Transactions: % Growth 2018-2023
Table 31 Commercial Credit Cards: Number of Cards in Circulation 2018-2023
Table 32 Commercial Credit Cards Transactions 2018-2023
Table 33 Commercial Credit Cards in Circulation: % Growth 2018-2023
Table 34 Commercial Credit Cards Transactions: % Growth 2018-2023
Table 35 Personal Credit Cards: Number of Cards in Circulation 2018-2023
Table 36 Personal Credit Cards Transactions 2018-2023
Table 37 Personal Credit Cards in Circulation: % Growth 2018-2023
Table 38 Personal Credit Cards Transactions: % Growth 2018-2023
Table 39 Credit Cards: Number of Cards by Issuer 2018-2022
Table 40 Credit Cards: Number of Cards by Operator 2018-2022
Table 41 Credit Cards Payment Transaction Value by Issuer 2018-2022
Table 42 Credit Cards Payment Transaction Value by Operator 2018-2022
Table 43 Commercial Credit Cards: Number of Cards by Issuer 2018-2022
Table 44 Commercial Credit Cards: Number of Cards by Operator 2018-2022
Table 45 Commercial Credit Cards Payment Transaction Value by Issuer 2018-2022
Table 46 Commercial Credit Cards Payment Transaction Value by Operator 2018-2022
Table 47 Personal Credit Cards: Number of Cards by Issuer 2018-2022
Table 48 Personal Credit Cards: Number of Cards by Operator 2018-2022
Table 49 Personal Credit Cards Payment Transaction Value by Issuer 2018-2022
Table 50 Personal Credit Cards Payment Transaction Value by Operator 2018-2022
Table 51 Forecast Credit Cards: Number of Cards in Circulation 2023-2028
Table 52 Forecast Credit Cards Transactions 2023-2028
Table 53 Forecast Credit Cards in Circulation: % Growth 2023-2028
Table 54 Forecast Credit Cards Transactions: % Growth 2023-2028
Table 55 Forecast Commercial Credit Cards: Number of Cards in Circulation 2023-2028
Table 56 Forecast Commercial Credit Cards Transactions 2023-2028
Table 57 Forecast Commercial Credit Cards in Circulation: % Growth 2023-2028
Table 58 Forecast Commercial Credit Cards Transactions: % Growth 2023-2028
Table 59 Forecast Personal Credit Cards: Number of Cards in Circulation 2023-2028
Table 60 Forecast Personal Credit Cards Transactions 2023-2028
Table 61 Forecast Personal Credit Cards in Circulation: % Growth 2023-2028
Table 62 Forecast Personal Credit Cards Transactions: % Growth 2023-2028

Debit Cards in Nigeria - Category analysis

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 63 Debit Cards: Number of Cards in Circulation 2018-2023
Table 64 Debit Cards Transactions 2018-2023
Table 65 Debit Cards in Circulation: % Growth 2018-2023
Table 66 Debit Cards Transactions: % Growth 2018-2023
Table 67 Debit Cards: Number of Cards by Issuer 2018-2022
Table 68 Debit Cards: Number of Cards by Operator 2018-2022
Table 69 Debit Cards Payment Transaction Value by Issuer 2018-2022
Table 70 Debit Cards Payment Transaction Value by Operator 2018-2022
Table 71 Forecast Debit Cards: Number of Cards in Circulation 2023-2028
Table 72 Forecast Debit Cards Transactions 2023-2028
Table 73 Forecast Debit Cards in Circulation: % Growth 2023-2028
Table 74 Forecast Debit Cards Transactions: % Growth 2023-2028

Pre-Paid Cards in Nigeria - Category analysis

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 75 Pre-paid Cards: Number of Cards in Circulation 2018-2023
Table 76 Pre-paid Cards Transactions 2018-2023
Table 77 Pre-paid Cards in Circulation: % Growth 2018-2023
Table 78 Pre-paid Cards Transactions: % Growth 2018-2023
Table 79 Open Loop Pre-paid Cards Transactions 2018-2023
Table 80 Open Loop Pre-paid Cards Transactions: % Growth 2018-2023
Table 81 Pre-paid Cards: Number of Cards by Issuer 2018-2022
Table 82 Pre-paid Cards: Number of Cards by Operator 2018-2022
Table 83 Pre-paid Cards Transaction Value by Issuer 2018-2022
Table 84 Pre-paid Cards Transaction Value by Operator 2018-2022
Table 85 Open Loop Pre-paid Cards: Number of Cards by Issuer 2018-2022
Table 86 Open Loop Pre-paid Cards: Number of Cards by Operator 2018-2022
Table 87 Open Loop Pre-paid Cards Transaction Value by Issuer 2018-2022
Table 88 Open Loop Pre-paid Cards Transaction Value by Operator 2018-2022
Table 89 Forecast Pre-paid Cards: Number of Cards in Circulation 2023-2028
Table 90 Forecast Pre-paid Cards Transactions 2023-2028
Table 91 Forecast Pre-paid Cards in Circulation: % Growth 2023-2028
Table 92 Forecast Pre-paid Cards Transactions: % Growth 2023-2028
Table 93 Forecast Open Loop Pre-paid Cards Transactions 2023-2028
Table 94 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2023-2028

Store Cards in Nigeria - Category analysis

2023 DEVELOPMENTS

The following categories and subcategories are included:

Financial Cards and Payments

    • ATM Cards
      • Commercial Charge Cards
      • Personal Charge Cards
      • Commercial Credit Cards
      • Personal Credit Cards
      • Commercial Debit Cards
      • Personal Debit Cards
      • Closed Loop Pre-Paid Cards
      • Open Loop Pre-Paid Cards
    • Store Cards
      • Commercial Card Payment Transactions
      • Commercial Electronic Direct/ACH Transactions
      • Commercial Paper Payment Transactions
      • Personal Card Payment Transactions
      • Personal Electronic Direct/ACH Transactions
      • Personal Paper Payment Transactions
        • Commercial Electronic Direct/ACH Transactions
        • Personal Electronic Direct/ACH Transactions
          • Commercial Cash Transactions
          • Commercial Other Paper Transactions
          • Personal Cash Transactions
          • Personal Other Paper Transactions
      • Mobile Proximity Payments
      • Mobile Remote Payments

Financial Cards and Payments

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 Financial Cards and Payments research and analysis database.

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