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Country Report

Debit Transactions in

Debit Cards in Nigeria

Nov 2019

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

Debit remains the most popular card due to its ability to be used to withdraw cash at ATMs

Although Nigeria remained a cash-driven society in 2019, cash transaction value declined for the first time since 2008, while debit card transactions again recorded good growth. Debit cards remain the most popular card type due to their functionality, which includes the ability to be used for cash withdrawals through ATMs and for domestic and international payments for goods and services.

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 significantly 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’s Verve was the leading debit card in 2018 in terms of number of cards in circulation due to its promotional activities and efficient usage for both domestic transactions and Quickteller payments through most ATMs in Nigeria. The Verve Card is supported by an incentive strategy to issuers when they issue a stipulated amount of cards to customers on a monthly basis, including discounts on card usage for payments.

First Bank Nigeria extends its lead in debit cards

First Bank Nigeria, one of the leading financial institutions in Nigeria, was the leading debit card issuer and extended its lead in 2018 due to its wide branch network across the country, particularly in 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 narrows the gap on the leader

Guaranty Trust Bank achieved strong growth in debit cards to narrow the gap on the leader in 2018. This was largely 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.

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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.

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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

PROSPECTS

Credit Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

High default rates and stringent issuance requirements lead to steeper declines for credit cards in 2019

Credit cards remain a niche with a limited audience

Large informal sector limits commercial credit cards

COMPETITIVE LANDSCAPE

Visa maintains its lead over MasterCard in credit cards

Diamond Bank extends its lead among issuers

Visa continues to outpace other operators

CATEGORY DATA

Table 1 Credit Cards: Number of Cards in Circulation 2014-2019
Table 2 Credit Cards Transactions 2014-2019
Table 3 Credit Cards in Circulation: % Growth 2014-2019
Table 4 Credit Cards Transactions: % Growth 2014-2019
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2014-2019
Table 6 Commercial Credit Cards Transactions 2014-2019
Table 7 Commercial Credit Cards in Circulation: % Growth 2014-2019
Table 8 Commercial Credit Cards Transactions: % Growth 2014-2019
Table 9 Personal Credit Cards: Number of Cards in Circulation 2014-2019
Table 10 Personal Credit Cards Transactions 2014-2019
Table 11 Personal Credit Cards in Circulation: % Growth 2014-2019
Table 12 Personal Credit Cards Transactions: % Growth 2014-2019
Table 13 Credit Cards: Number of Cards by Issuer 2014-2018
Table 14 Credit Cards: Number of Cards by Operator 2014-2018
Table 15 Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 16 Credit Cards Payment Transaction Value by Operator 2014-2018
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2014-2018
Table 18 Commercial Credit Cards: Number of Cards by Operator 2014-2018
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2014-2018
Table 21 Personal Credit Cards: Number of Cards by Issuer 2014-2018
Table 22 Personal Credit Cards: Number of Cards by Operator 2014-2018
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2014-2018
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2019-2024
Table 26 Forecast Credit Cards Transactions 2019-2024
Table 27 Forecast Credit Cards in Circulation: % Growth 2019-2024
Table 28 Forecast Credit Cards Transactions: % Growth 2019-2024
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 30 Forecast Commercial Credit Cards Transactions 2019-2024
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2019-2024
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 34 Forecast Personal Credit Cards Transactions 2019-2024
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2019-2024
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2019-2024

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Debit remains the most popular card due to its ability to be used to withdraw cash at ATMs

Growing awareness of financial inclusion boosts demand

Digital banking has a positive impact

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

First Bank Nigeria extends its lead in debit cards

Guaranty Trust Bank narrows the gap on the leader

CATEGORY DATA

Table 37 Debit Cards: Number of Cards in Circulation 2014-2019
Table 38 Debit Cards Transactions 2014-2019
Table 39 Debit Cards in Circulation: % Growth 2014-2019
Table 40 Debit Cards Transactions: % Growth 2014-2019
Table 41 Debit Cards: Number of Cards by Issuer 2014-2018
Table 42 Debit Cards: Number of Cards by Operator 2014-2018
Table 43 Debit Cards Payment Transaction Value by Issuer 2014-2018
Table 44 Debit Cards Payment Transaction Value by Operator 2014-2018
Table 45 Forecast Debit Cards: Number of Cards in Circulation 2019-2024
Table 46 Forecast Debit Cards Transactions 2019-2024
Table 47 Forecast Debit Cards in Circulation: % Growth 2019-2024
Table 48 Forecast Debit Cards Transactions: % Growth 2019-2024

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Open loop remains the major type of pre-paid card available in Nigeria

Closed loop cards struggle to gain a place

Government participation could boost the potential of closed loop pre-paid cards

COMPETITIVE LANDSCAPE

Visa is the leading operator in pre-paid cards

First Bank Nigeria extends its lead among issuers

General purpose reloadable open loop pre-paid cards dominate

CATEGORY DATA

Table 49 Pre-paid Cards: Number of Cards in Circulation 2014-2019
Table 50 Pre-paid Cards Transactions 2014-2019
Table 51 Pre-paid Cards in Circulation: % Growth 2014-2019
Table 52 Pre-paid Cards Transactions: % Growth 2014-2019
Table 53 Open Loop Pre-paid Cards Transactions 2014-2019
Table 54 Open Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 55 Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 56 Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 57 Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 58 Pre-paid Cards Transaction Value by Operator 2014-2018
Table 59 Open Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 60 Open Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 61 Open Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 62 Open Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 63 Forecast Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 64 Forecast Pre-paid Cards Transactions 2019-2024
Table 65 Forecast Pre-paid Cards in Circulation: % Growth 2019-2024
Table 66 Forecast Pre-paid Cards Transactions: % Growth 2019-2024
Table 67 Forecast Open Loop Pre-paid Cards Transactions 2019-2024
Table 68 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2019-2024

Store Cards in Nigeria - Category analysis

Store Cards in Nigeria - Company Profile

PROSPECTS

Financial Cards and Payments in Nigeria - Industry Overview

EXECUTIVE SUMMARY

Total card payment transactions continues to be boosted by the government’s cashless policy

Awareness of alternative payment methods is key to a cashless economy

Digital banking drives mobile payments

FinTech players drive the growth of digital banking

Consumer confidence is expected to boost growth over the forecast period

MARKET INDICATORS

Table 69 Number of POS Terminals: Units 2014-2019
Table 70 Number of ATMs: Units 2014-2019
Table 71 Value Lost to Fraud 2014-2019
Table 72 Card Expenditure by Location 2019
Table 73 Financial Cards in Circulation by Type: % Number of Cards 2014-2019
Table 74 Domestic versus Foreign Spend 2019

MARKET DATA

Table 75 Financial Cards by Category: Number of Cards in Circulation 2014-2019
Table 76 Financial Cards by Category: Number of Accounts 2014-2019
Table 77 Financial Cards Transactions by Category: Value 2014-2019
Table 78 Financial Cards by Category: Number of Transactions 2014-2019
Table 79 Consumer Payments by Category: Value 2014-2019
Table 80 Consumer Payments by Category: Number of Transactions 2014-2019
Table 81 M-Commerce by Category: Value 2014-2019
Table 82 M-Commerce by Category: % Value Growth 2014-2019
Table 83 Financial Cards: Number of Cards by Issuer 2014-2018
Table 84 Financial Cards: Number of Cards by Operator 2014-2018
Table 85 Financial Cards: Card Payment Transactions Value by Operator 2014-2018
Table 86 Financial Cards: Card Payment Transactions Value by Issuer 2014-2018
Table 87 Forecast Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 88 Forecast Financial Cards by Category: Number of Accounts 2019-2024
Table 89 Forecast Financial Cards Transactions by Category: Value 2019-2024
Table 90 Forecast Financial Cards by Category: Number of Transactions 2019-2024
Table 91 Forecast Consumer Payments by Category: Value 2019-2024
Table 92 Forecast Consumer Payments by Category: Number of Transactions 2019-2024
Table 93 Forecast M-Commerce by Category: Value 2019-2024
Table 94 Forecast M-Commerce by Category: % Value Growth 2019-2024

Megatrends

Country Report

Debit Cards in Nigeria

New Report Guarantee

Executive Summary

New Report Guarantee

PROSPECTS

Debit remains the most popular card due to its ability to be used to withdraw cash at ATMs

Growing awareness of financial inclusion boosts demand

Digital banking has a positive impact

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

First Bank Nigeria extends its lead in debit cards

Guaranty Trust Bank narrows the gap on the leader

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

PROSPECTS

Credit Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

High default rates and stringent issuance requirements lead to steeper declines for credit cards in 2019

Credit cards remain a niche with a limited audience

Large informal sector limits commercial credit cards

COMPETITIVE LANDSCAPE

Visa maintains its lead over MasterCard in credit cards

Diamond Bank extends its lead among issuers

Visa continues to outpace other operators

CATEGORY DATA

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Debit remains the most popular card due to its ability to be used to withdraw cash at ATMs

Growing awareness of financial inclusion boosts demand

Digital banking has a positive impact

COMPETITIVE LANDSCAPE

Interswitch leads debit cards

First Bank Nigeria extends its lead in debit cards

Guaranty Trust Bank narrows the gap on the leader

CATEGORY DATA

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Open loop remains the major type of pre-paid card available in Nigeria

Closed loop cards struggle to gain a place

Government participation could boost the potential of closed loop pre-paid cards

COMPETITIVE LANDSCAPE

Visa is the leading operator in pre-paid cards

First Bank Nigeria extends its lead among issuers

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

Total card payment transactions continues to be boosted by the government’s cashless policy

Awareness of alternative payment methods is key to a cashless economy

Digital banking drives mobile payments

FinTech players drive the growth of digital banking

Consumer confidence is expected to boost growth over the forecast period

MARKET INDICATORS

MARKET DATA

SOURCES

Why buy this report?

Want to find out more about this report?

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