Credit Cards in Nigeria

December 2020
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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?

Charge Cards in Nigeria - Category analysis

Charge Cards in Nigeria - Company Profile

2020 IMPACT

Credit Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Company Profile

KEY DATA FINDINGS

2020 IMPACT

Notable declines across the niche of credit cards as direct result of pandemic
Limited travel opportunities reduce usage of both personal and commercial credit cards in 2020
Consolidated competitive landscape for credit cards with disruption caused by Access Bank/Diamond Bank merger

RECOVERY AND OPPORTUNITIES

More positive outlook for Nigeria’s economy over the forecast period set to improve demand for credit cards
Issuers quick to resume credit offer to certain consumer groups
SMEs able to survive impact of pandemic supported by government financial assistance could help boost number of commercial credit cards

CATEGORY DATA

Table 1 Credit Cards: Number of Cards in Circulation 2015-2020 Table 2 Credit Cards Transactions 2015-2020 Table 3 Credit Cards in Circulation: % Growth 2015-2020 Table 4 Credit Cards Transactions: % Growth 2015-2020 Table 5 Commercial Credit Cards: Number of Cards in Circulation 2015-2020 Table 6 Commercial Credit Cards Transactions 2015-2020 Table 7 Commercial Credit Cards in Circulation: % Growth 2015-2020 Table 8 Commercial Credit Cards Transactions: % Growth 2015-2020 Table 9 Personal Credit Cards: Number of Cards in Circulation 2015-2020 Table 10 Personal Credit Cards Transactions 2015-2020 Table 11 Personal Credit Cards in Circulation: % Growth 2015-2020 Table 12 Personal Credit Cards Transactions: % Growth 2015-2020 Table 13 Credit Cards: Number of Cards by Issuer 2015-2019 Table 14 Credit Cards: Number of Cards by Operator 2015-2019 Table 15 Credit Cards Payment Transaction Value by Issuer 2015-2019 Table 16 Credit Cards Payment Transaction Value by Operator 2015-2019 Table 17 Commercial Credit Cards: Number of Cards by Issuer 2015-2019 Table 18 Commercial Credit Cards: Number of Cards by Operator 2015-2019 Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019 Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019 Table 21 Personal Credit Cards: Number of Cards by Issuer 2015-2019 Table 22 Personal Credit Cards: Number of Cards by Operator 2015-2019 Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019 Table 24 Personal Credit Cards Payment Transaction Value by Operator 2015-2019 Table 25 Forecast Credit Cards: Number of Cards in Circulation 2020-2025 Table 26 Forecast Credit Cards Transactions 2020-2025 Table 27 Forecast Credit Cards in Circulation: % Growth 2020-2025 Table 28 Forecast Credit Cards Transactions: % Growth 2020-2025 Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025 Table 30 Forecast Commercial Credit Cards Transactions 2020-2025 Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025 Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025 Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025 Table 34 Forecast Personal Credit Cards Transactions 2020-2025 Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025 Table 36 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

KEY DATA FINDINGS

2020 IMPACT

Pandemic drives smaller payments through debit cards with move away from the dominant cash in 2020
Further development of digitalisation in Nigeria drives ongoing impressive growth through m-commerce
Highly competitive landscape with pandemic encouraging players to be more innovative in their offer

RECOVERY AND OPPORTUNITIES

Increasing number of consumers set to sign up to debit cards over the forecast period to use for small everyday transactions
Further development of digitalisation will continue to drive impressive growth through mobile m-commerce remote
Players likely to form more partnerships with merchants to encourage greater use of debit cards

CATEGORY DATA

Table 37 Debit Cards: Number of Cards in Circulation 2015-2020 Table 38 Debit Cards Transactions 2015-2020 Table 39 Debit Cards in Circulation: % Growth 2015-2020 Table 40 Debit Cards Transactions: % Growth 2015-2020 Table 41 Debit Cards: Number of Cards by Issuer 2015-2019 Table 42 Debit Cards: Number of Cards by Operator 2015-2019 Table 43 Debit Cards Payment Transaction Value by Issuer 2015-2019 Table 44 Debit Cards Payment Transaction Value by Operator 2015-2019 Table 45 Forecast Debit Cards: Number of Cards in Circulation 2020-2025 Table 46 Forecast Debit Cards Transactions 2020-2025 Table 47 Forecast Debit Cards in Circulation: % Growth 2020-2025 Table 48 Forecast Debit Cards Transactions: % Growth 2020-2025

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

KEY DATA FINDINGS

2020 IMPACT

Category dominated by general purpose reloadable open loop cards
While move away from cash during pandemic supports transaction value growth of pre-paid cards in 2020, banks focus on promoting debit accounts
Highly competitive and consolidated landscape for pre-paid cards

RECOVERY AND OPPORTUNITIES

Growth will for pre-paid cards set to gradually build over the course of the forecast period
Concerns over online fraud linked to bank cards offers further opportunity to pre-paid cards
Easing of international travel restrictions could offer further demand for pre-paid cards for overseas students

CATEGORY DATA

Table 49 Pre-paid Cards: Number of Cards in Circulation 2015-2020 Table 50 Pre-paid Cards Transactions 2015-2020 Table 51 Pre-paid Cards in Circulation: % Growth 2015-2020 Table 52 Pre-paid Cards Transactions: % Growth 2015-2020 Table 53 Open Loop Pre-paid Cards Transactions 2015-2020 Table 54 Pre-paid Cards: Number of Cards by Issuer 2015-2019 Table 55 Pre-paid Cards: Number of Cards by Operator 2015-2019 Table 56 Pre-paid Cards Transaction Value by Issuer 2015-2019 Table 57 Pre-paid Cards Transaction Value by Operator 2015-2019 Table 58 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019 Table 59 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019 Table 60 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019 Table 61 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019 Table 62 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025 Table 63 Forecast Pre-paid Cards Transactions 2020-2025 Table 64 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025 Table 65 Forecast Pre-paid Cards Transactions: % Growth 2020-2025 Table 66 Forecast Open Loop Pre-paid Cards Transactions 2020-2025 Table 67 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

Store Cards in Nigeria - Category analysis

Store Cards in Nigeria - Company Profile

2020 IMPACT

Financial Cards and Payments in Nigeria - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments
COVID-19 country impact
Financial assistance measures launched to help SMEs and individual households
Growing trend for digitalisation boosted by emergence of pandemic
Increasingly consolidated competitive landscape within financial cards and payments while pandemic encourages issuers to be more innovative in their offer
What next for consumer payments?

MARKET INDICATORS

Table 68 Number of POS Terminals: Units 2015-2020 Table 69 Number of ATMs: Units 2015-2020 Table 70 Value Lost to Fraud 2015-2020 Table 71 Card Expenditure by Location 2020 Table 72 Financial Cards in Circulation by Type: % Number of Cards 2015-2020 Table 73 Domestic versus Foreign Spend 2020

MARKET DATA

Table 74 Financial Cards by Category: Number of Cards in Circulation 2015-2020 Table 75 Financial Cards by Category: Number of Accounts 2015-2020 Table 76 Financial Cards Transactions by Category: Value 2015-2020 Table 77 Financial Cards by Category: Number of Transactions 2015-2020 Table 78 Consumer Payments by Category: Value 2015-2020 Table 79 Consumer Payments by Category: Number of Transactions 2015-2020 Table 80 M-Commerce by Category: Value 2015-2020 Table 81 M-Commerce by Category: % Value Growth 2015-2020 Table 82 Financial Cards: Number of Cards by Issuer 2015-2019 Table 83 Financial Cards: Number of Cards by Operator 2015-2019 Table 84 Financial Cards: Card Payment Transactions Value by Operator 2015-2019 Table 85 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019 Table 86 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025 Table 87 Forecast Financial Cards by Category: Number of Accounts 2020-2025 Table 88 Forecast Financial Cards Transactions by Category: Value 2020-2025 Table 89 Forecast Financial Cards by Category: Number of Transactions 2020-2025 Table 90 Forecast Consumer Payments by Category: Value 2020-2025 Table 91 Forecast Consumer Payments by Category: Number of Transactions 2020-2025 Table 92 Forecast M-Commerce by Category: Value 2020-2025 Table 93 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

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  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply functions

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

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