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Learn moreDec 2020
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While Nigeria is a cash-driven society with a high proportion of transactions continuing to use this method, debit cards has continued to consolidate its position as the most popular financial card in the country due to its functionality, which includes the ability to be used for cash withdrawals through ATMs and for domestic and international payments for goods and services. The implementation of the cashless policy initiatives by the deposit money banks has strongly increased customer demand for debit cards.
One factor restricting the stronger potential of debit cards is the ongoing popularity and penetration of m-commerce in the country due to an increasing drive towards digital banking options, encouraging an increasing number of financial institutions to be more innovative in their approach to attracting customers. While holding marginal share within the number of financial cards in circulation, contactless smart cards (such as the Contactless Master Naira Debit Card offered by First Bank) experienced significant growth in 2020 following the emergence of the pandemic, as this technology offers a perceived safer and more convenient option when paying at the POS terminal due to its “tap-and-go” functionality, and therefore dispensing with the need to physically enter a PIN.
2019 had already seen some disruption in the competitive landscape of debit cards with issuer Access Bank Plc making incredible gains in terms of number of cards in circulation to gain leadership due to its strength within the dominant personal debit cards and its merger with Diamond Bank Plc in April 2019, pushing Guaranty Trust Bank Plc into second position. The Access Bank debit card is operated by Verve (from leading operator Interswitch) Mastercard and Visa.
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Discover the latest market trends and uncover sources of future market growth for the Debit Transactions industry in Nigeria with research from Euromonitor's team of in-country analysts.
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If you're in the Debit Transactions industry in Nigeria, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s industry reports, including Debit Transactions in Nigeria, originate from our database within our Consumer Finance market share and market size database.
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.