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Country Report

Debit Transactions in

Debit Cards in Nigeria

Dec 2020

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!

2020 IMPACT

Pandemic drives smaller payments through debit cards with move away from the dominant cash in 2020

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.

Further development of digitalisation in Nigeria drives ongoing impressive growth through m-commerce

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.

Highly competitive landscape with pandemic encouraging players to be more innovative in their offer

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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Overview

Why buy this report?

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.

SAMPLES

FAQS ABOUT SAMPLES

Delivery Method

Instant download.

Overview

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.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

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.

The Debit Transactions in Nigeria market research report includes:

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

Our market research reports answer questions such as:

What is the market size of Debit Transactions in Nigeria?
What are the major operators and issuers in Nigeria?
What is the current state and expected evolution of consumer payment preference?
What payment instrument offers the highest growth potential?
What strategies and positioning have consumer finance companies utilized to win in the market?

Why buy this report?

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

Euromonitor’s industry reports, including Debit Transactions in Nigeria, originate from our database within our Consumer Finance market share and market size database.

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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

Megatrends

Country Report

Debit Cards in Nigeria

New Report Guarantee

Executive Summary

New Report Guarantee

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

Overview

Why buy this report?

SAMPLES

Delivery Method

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

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

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

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

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

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

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