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Country Report

Debit Transactions in

Debit Cards in Nigeria

Nov 2018

US$990

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Executive Summary

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

The cashless policy drives growth

The implementation of the cashless policy initiatives by the deposit money banks has strongly increased their customers’ demand for debit cards. The maximum withdrawal limit is restricted to NGN150,000 per day which has made customers without debit cards request them, and those that transact with excess cash apply for multiple debit cards due to the daily limit on each card.

Growing awareness of financial inclusion boosts demand

The increasing campaign for financial inclusion by the Central Bank of Nigeria through the deposit money banks has contributed intensely to the number of bank customers. This has also led to greater issuance of debit cards for cash withdrawals through ATMs.

Digital banking has a positive impact

The increasing drive towards digital banking options for the convenience of consumers has led most financial institutions to strive for innovations. Therefore, in the quest to make life easier for consumers, banks are introducing contactless options.

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

Interswitch Ltd’s Verve was the leading debit card in 2017 due to its promotional activities and efficient usage for both domestic transactions and Quickteller payment through most ATMs in Nigeria. The Verve card is mostly used for domestic transactions and thus has a greater number of cards in circulation as there are relatively low numbers of consumers travelling abroad.

First Bank Nigeria tops debit cards

First Bank Nigeria Ltd, one of the leading financial institutions in Nigeria, was the leading debit card issuer in 2017 due to its wide branch network across the country, particularly in the rural areas, driven by innovation. Customers’ confidence in the safety of their funds in this first-generation bank has also contributed to its lead over other issuers.

Guaranty Trust Bank sees the best performance

Guaranty Trust Bank Plc is expected to see the best performance in debit cards in 2018 due to its technologically-driven innovation and marketing strategy which targets the young adult generation who perceive it as the bank for the younger generation. Its effective electronic banking platforms that suit the needs of different classes of consumers also made it the fastest growing financial institution in the country in 2017.

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Overview

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Charge Cards in Nigeria - Category analysis

Charge Cards in Nigeria - Company Profile

PROSPECTS

Credit Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Economic improvement drives growth

Credit card spending limit abroad increases

Awareness and stringent conditions limit the growth of commercial credit cards

COMPETITIVE LANDSCAPE

Visa overtakes Mastercard in credit cards

Diamond Bank remains the leading issuer

Visa becomes best performing operator

CATEGORY DATA

Table 1 Credit Cards: Number of Cards in Circulation 2013-2018
Table 2 Credit Cards Transactions 2013-2018
Table 3 Credit Cards in Circulation: % Growth 2013-2018
Table 4 Credit Cards Transactions: % Growth 2013-2018
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2013-2018
Table 6 Commercial Credit Cards Transactions 2013-2018
Table 7 Commercial Credit Cards in Circulation: % Growth 2013-2018
Table 8 Commercial Credit Cards Transactions: % Growth 2013-2018
Table 9 Personal Credit Cards: Number of Cards in Circulation 2013-2018
Table 10 Personal Credit Cards Transactions 2013-2018
Table 11 Personal Credit Cards in Circulation: % Growth 2013-2018
Table 12 Personal Credit Cards Transactions: % Growth 2013-2018
Table 13 Credit Cards: Number of Cards by Issuer 2013-2017
Table 14 Credit Cards: Number of Cards by Operator 2013-2017
Table 15 Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 16 Credit Cards Payment Transaction Value by Operator 2013-2017
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2013-2017
Table 18 Commercial Credit Cards: Number of Cards by Operator 2013-2017
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2013-2017
Table 21 Personal Credit Cards: Number of Cards by Issuer 2013-2017
Table 22 Personal Credit Cards: Number of Cards by Operator 2013-2017
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2013-2017
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2018-2023
Table 26 Forecast Credit Cards Transactions 2018-2023
Table 27 Forecast Credit Cards in Circulation: % Growth 2018-2023
Table 28 Forecast Credit Cards Transactions: % Growth 2018-2023
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2018-2023
Table 30 Forecast Commercial Credit Cards Transactions 2018-2023
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2018-2023
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2018-2023
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2018-2023
Table 34 Forecast Personal Credit Cards Transactions 2018-2023
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2018-2023
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2018-2023

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

The cashless policy drives growth

Growing awareness of financial inclusion boosts demand

Digital banking has a positive impact

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

First Bank Nigeria tops debit cards

Guaranty Trust Bank sees the best performance

CATEGORY DATA

Table 37 Debit Cards: Number of Cards in Circulation 2013-2018
Table 38 Debit Cards Transactions 2013-2018
Table 39 Debit Cards in Circulation: % Growth 2013-2018
Table 40 Debit Cards Transactions: % Growth 2013-2018
Table 41 Debit Cards: Number of Cards by Issuer 2013-2017
Table 42 Debit Cards: Number of Cards by Operator 2013-2017
Table 43 Debit Cards Payment Transaction Value by Issuer 2013-2017
Table 44 Debit Cards Payment Transaction Value by Operator 2013-2017
Table 45 Forecast Debit Cards: Number of Cards in Circulation 2018-2023
Table 46 Forecast Debit Cards Transactions 2018-2023
Table 47 Forecast Debit Cards in Circulation: % Growth 2018-2023
Table 48 Forecast Debit Cards Transactions: % Growth 2018-2023

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Unbanked consumers spur growth

Expenditure control drives demand

Increase in spending limit abroad and fear of card fraud boost growth

COMPETITIVE LANDSCAPE

Visa Inc leads operators in pre-paid cards

First Bank Nigeria Ltd maintains the lead

General purpose reloadable open loop pre-paid cards dominate

CATEGORY DATA

Table 49 Pre-paid Cards: Number of Cards in Circulation 2013-2018
Table 50 Pre-paid Cards Transactions 2013-2018
Table 51 Pre-paid Cards in Circulation: % Growth 2013-2018
Table 52 Pre-paid Cards Transactions: % Growth 2013-2018
Table 53 Open Loop Pre-paid Cards Transactions 2013-2018
Table 54 Open Loop Pre-paid Cards Transactions: % Growth 2013-2018
Table 55 Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 56 Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 57 Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 58 Pre-paid Cards Transaction Value by Operator 2013-2017
Table 59 Open Loop Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 60 Open Loop Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 61 Open Loop Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 62 Open Loop Pre-paid Cards Transaction Value by Operator 2013-2017
Table 63 Forecast Pre-paid Cards: Number of Cards in Circulation 2018-2023
Table 64 Forecast Pre-paid Cards Transactions 2018-2023
Table 65 Forecast Pre-paid Cards in Circulation: % Growth 2018-2023
Table 66 Forecast Pre-paid Cards Transactions: % Growth 2018-2023
Table 67 Forecast Open Loop Pre-paid Cards Transactions 2018-2023
Table 68 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2018-2023

Store Cards in Nigeria - Category analysis

Store Cards in Nigeria - Company Profile

PROSPECTS

Financial Cards and Payments in Nigeria - Industry Overview

EXECUTIVE SUMMARY

Cashless policy boosts financial cards

Super-agent banking stimulates financial cards

Awareness of alternative payment methods is key to a cashless economy

Digital banking drives mobile payment and slow growth in cards

Consumers’ confidence is expected to boost growth over the forecast period

MARKET INDICATORS

Table 69 Number of POS Terminals: Units 2013-2018
Table 70 Number of ATMs: Units 2013-2018
Table 71 Value Lost to Fraud 2013-2018
Table 72 Card Expenditure by Location 2017
Table 73 Financial Cards in Circulation by Type: % Number of Cards 2013-2018
Table 74 Domestic versus Foreign Spend 2018

MARKET DATA

Table 75 Financial Cards by Category: Number of Cards in Circulation 2013-2018
Table 76 Financial Cards by Category: Number of Accounts 2013-2018
Table 77 Financial Cards Transactions by Category: Value 2013-2018
Table 78 Financial Cards by Category: Number of Transactions 2013-2018
Table 79 Consumer Payments by Category: Value 2013-2018
Table 80 Consumer Payments by Category: Number of Transactions 2013-2018
Table 81 M-Commerce by Category: Value 2013-2018
Table 82 M-Commerce by Category: % Value Growth 2013-2018
Table 83 Financial Cards: Number of Cards by Issuer 2013-2017
Table 84 Financial Cards: Number of Cards by Operator 2013-2017
Table 85 Financial Cards: Card Payment Transactions Value by Operator 2013-2017
Table 86 Financial Cards: Card Payment Transactions Value by Issuer 2013-2017
Table 87 Forecast Financial Cards by Category: Number of Cards in Circulation 2018-2023
Table 88 Forecast Financial Cards by Category: Number of Accounts 2018-2023
Table 89 Forecast Financial Cards Transactions by Category: Value 2018-2023
Table 90 Forecast Financial Cards by Category: Number of Transactions 2018-2023
Table 91 Forecast Consumer Payments by Category: Value 2018-2023
Table 92 Forecast Consumer Payments by Category: Number of Transactions 2018-2023
Table 93 Forecast M-Commerce by Category: Value 2018-2023
Table 94 Forecast M-Commerce by Category: % Value Growth 2018-2023

Megatrends

Country Report

Debit Cards in Nigeria

New Report Guarantee

Executive Summary

New Report Guarantee

PROSPECTS

The cashless policy drives growth

Growing awareness of financial inclusion boosts demand

Digital banking has a positive impact

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

First Bank Nigeria tops debit cards

Guaranty Trust Bank sees the best performance

Overview

Why buy this report?

Want to find out more about this report?

Table of Contents

Charge Cards in Nigeria - Category analysis

Charge Cards in Nigeria - Company Profile

PROSPECTS

Credit Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Economic improvement drives growth

Credit card spending limit abroad increases

Awareness and stringent conditions limit the growth of commercial credit cards

COMPETITIVE LANDSCAPE

Visa overtakes Mastercard in credit cards

Diamond Bank remains the leading issuer

Visa becomes best performing operator

CATEGORY DATA

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

The cashless policy drives growth

Growing awareness of financial inclusion boosts demand

Digital banking has a positive impact

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

First Bank Nigeria tops debit cards

Guaranty Trust Bank sees the best performance

CATEGORY DATA

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Unbanked consumers spur growth

Expenditure control drives demand

Increase in spending limit abroad and fear of card fraud boost growth

COMPETITIVE LANDSCAPE

Visa Inc leads operators in pre-paid cards

First Bank Nigeria Ltd maintains the lead

General purpose reloadable open loop pre-paid cards dominate

CATEGORY DATA

Store Cards in Nigeria - Category analysis

Store Cards in Nigeria - Company Profile

PROSPECTS

Financial Cards and Payments in Nigeria - Industry Overview

EXECUTIVE SUMMARY

Cashless policy boosts financial cards

Super-agent banking stimulates financial cards

Awareness of alternative payment methods is key to a cashless economy

Digital banking drives mobile payment and slow growth in cards

Consumers’ confidence is expected to boost growth over the forecast period

MARKET INDICATORS

MARKET DATA

SOURCES

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