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Country Report

Debit Transactions in

Debit Cards in Nigeria

14 pages, Jan 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

Drive to curb cash handling costs boosts debit cards

In 2016 Nigeria’s economy recorded its first recession since 1991, recording negative growth as oil production shortages exacerbated the decline in oil prices. As a result, the Central Bank of Nigeria introduced daily cash withdrawal restrictions, limiting consumers to no more than NGN150,000 at a bank counter.

Increasing usage driven by point-of-sale devices and incentives

The use of debit cards is complemented by the increasing penetration of point-of-sale (POS) devices among merchants across the country. The scarcity of lower currency denominations in circulation has been a challenge for many merchants in terms of giving change to customers.

Large unbanked population creates market for debit cards

The unbanked population in Nigeria remains large, which provides debit cards with wide scope for growth over the forecast period, especially as the formal workforce grows in line with the recovery of the national economy. The number of debit cards in circulation is, therefore, expected to grow at a fast rate over the forecast period, compared with the review period.

COMPETITIVE LANDSCAPE

Mastercard continues to gain ground on Verve

Mastercard International continued to record strong share growth in terms of cards in circulation and transaction value in 2016 to close the gap significantly on Verve International. This is due to Mastercard’s strong national and global presence, worldwide acceptance and multifunctional benefits, such as usage for domestic and foreign payments through ATMs and retail sales points.

Top five banks dominate the issuance of debit cards

First Bank Nigeria, Guaranty Trust Bank, Zenith Bank, United Bank of Africa and Access Bank were the leading card issuers in terms of debit transaction value and number of cards in circulation in 2016. These banks have the largest customer bases and enjoy high penetration in urban and rural areas.

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Overview

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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.

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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 stagnation restricts card usage

Weak credit culture discourages use of credit cards

Positive outlook for credit cards

COMPETITIVE LANDSCAPE

Mastercard International is the dominant operator

Diamond Banks is the leading issuer in terms of cards in circulation

A wider choice of credit cards to entice higher-income consumers

CATEGORY DATA

Table 1 Credit Cards: Number of Cards in Circulation 2012-2017
Table 2 Credit Cards Transactions 2012-2017
Table 3 Credit Cards in Circulation: % Growth 2012-2017
Table 4 Credit Cards Transactions: % Growth 2012-2017
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2012-2017
Table 6 Commercial Credit Cards Transactions 2012-2017
Table 7 Commercial Credit Cards in Circulation: % Growth 2012-2017
Table 8 Commercial Credit Cards Transactions: % Growth 2012-2017
Table 9 Personal Credit Cards: Number of Cards in Circulation 2012-2017
Table 10 Personal Credit Cards Transactions 2012-2017
Table 11 Personal Credit Cards in Circulation: % Growth 2012-2017
Table 12 Personal Credit Cards Transactions: % Growth 2012-2017
Table 13 Credit Cards: Number of Cards by Issuer 2012-2016
Table 14 Credit Cards: Number of Cards by Operator 2012-2016
Table 15 Credit Cards Payment Transaction Value by Issuer 2012-2016
Table 16 Credit Cards Payment Transaction Value by Operator 2012-2016
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2012-2016
Table 18 Commercial Credit Cards: Number of Cards by Operator 2012-2016
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2012-2016
Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2012-2016
Table 21 Personal Credit Cards: Number of Cards by Issuer 2012-2016
Table 22 Personal Credit Cards: Number of Cards by Operator 2012-2016
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2012-2016
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2012-2016
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2017-2022
Table 26 Forecast Credit Cards Transactions 2017-2022
Table 27 Forecast Credit Cards in Circulation: % Growth 2017-2022
Table 28 Forecast Credit Cards Transactions: % Growth 2017-2022
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2017-2022
Table 30 Forecast Commercial Credit Cards Transactions 2017-2022
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2017-2022
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2017-2022
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2017-2022
Table 34 Forecast Personal Credit Cards Transactions 2017-2022
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2017-2022
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2017-2022

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Drive to curb cash handling costs boosts debit cards

Increasing usage driven by point-of-sale devices and incentives

Large unbanked population creates market for debit cards

COMPETITIVE LANDSCAPE

Mastercard continues to gain ground on Verve

Top five banks dominate the issuance of debit cards

CATEGORY DATA

Table 37 Debit Cards: Number of Cards in Circulation 2012-2017
Table 38 Debit Cards Transactions 2012-2017
Table 39 Debit Cards in Circulation: % Growth 2012-2017
Table 40 Debit Cards Transactions: % Growth 2012-2017
Table 41 Debit Cards: Number of Cards by Issuer 2012-2016
Table 42 Debit Cards: Number of Cards by Operator 2012-2016
Table 43 Debit Cards Payment Transaction Value by Issuer 2012-2016
Table 44 Debit Cards Payment Transaction Value by Operator 2012-2016
Table 45 Forecast Debit Cards: Number of Cards in Circulation 2017-2022
Table 46 Forecast Debit Cards Transactions 2017-2022
Table 47 Forecast Debit Cards in Circulation: % Growth 2017-2022
Table 48 Forecast Debit Cards Transactions: % Growth 2017-2022

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Pre-paid cards remains an underdeveloped category

Pre-paid card usage evolves slowly

Open loop is set to continue to drive pre-paid cards

COMPETITIVE LANDSCAPE

Industry players look to features to entice consumers

CATEGORY DATA

Table 49 Pre-paid Cards: Number of Cards in Circulation 2012-2017
Table 50 Pre-paid Cards Transactions 2012-2017
Table 51 Pre-paid Cards in Circulation: % Growth 2012-2017
Table 52 Pre-paid Cards Transactions: % Growth 2012-2017
Table 53 Open Loop Pre-paid Cards Transactions 2012-2017
Table 54 Open Loop Pre-paid Cards Transactions: % Growth 2012-2017
Table 55 Pre-paid Cards: Number of Cards by Issuer 2012-2016
Table 56 Pre-paid Cards: Number of Cards by Operator 2012-2016
Table 57 Pre-paid Cards Transaction Value by Issuer 2012-2016
Table 58 Pre-paid Cards Transaction Value by Operator 2012-2016
Table 59 Open Loop Pre-paid Cards: Number of Cards by Issuer 2012-2016
Table 60 Open Loop Pre-paid Cards: Number of Cards by Operator 2012-2016
Table 61 Open Loop Pre-paid Cards Transaction Value by Issuer 2012-2016
Table 62 Open Loop Pre-paid Cards Transaction Value by Operator 2012-2016
Table 63 Forecast Pre-paid Cards: Number of Cards in Circulation 2017-2022
Table 64 Forecast Pre-paid Cards Transactions 2017-2022
Table 65 Forecast Pre-paid Cards in Circulation: % Growth 2017-2022
Table 66 Forecast Pre-paid Cards Transactions: % Growth 2017-2022
Table 67 Forecast Open Loop Pre-paid Cards Transactions 2017-2022
Table 68 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2017-2022

Store Cards in Nigeria - Category analysis

Store Cards in Nigeria - Company Profile

PROSPECTS

Financial Cards and Payments in Nigeria - Industry Overview

EXECUTIVE SUMMARY

Financial cards continues to grow despite tough economic conditions

Growing penetration of financial cards in Nigeria

Mobile payment options limit the growth of financial cards

Debit cards remains the key financial card type

Positive growth is expected over the forecast period

MARKET INDICATORS

Table 69 Number of POS Terminals: Units 2012-2017
Table 70 Number of ATMs: Units 2012-2017
Table 71 Value Lost to Fraud 2012-2017
Table 72 Card Expenditure by Location 2017
Table 73 Financial Cards in Circulation by Type: % Number of Cards 2012-2017
Table 74 Domestic versus Foreign Spend 2017

MARKET DATA

Table 75 Financial Cards by Category: Number of Cards in Circulation 2012-2017
Table 76 Financial Cards by Category: Number of Accounts 2012-2017
Table 77 Financial Cards Transactions by Category: Value 2012-2017
Table 78 Financial Cards by Category: Number of Transactions 2012-2017
Table 79 Consumer Payments by Category: Value 2012-2017
Table 80 Consumer Payments by Category: Number of Transactions 2012-2017
Table 81 M-Commerce by Category: Value 2013-2017
Table 82 M-Commerce by Category: % Value Growth 2013-2017
Table 83 Financial Cards: Number of Cards by Issuer 2012-2016
Table 84 Financial Cards: Number of Cards by Operator 2012-2016
Table 85 Financial Cards: Card Payment Transactions Value by Operator 2012-2016
Table 86 Financial Cards: Card Payment Transactions Value by Issuer 2012-2016
Table 87 Forecast Financial Cards by Category: Number of Cards in Circulation 2017-2022
Table 88 Forecast Financial Cards by Category: Number of Accounts 2017-2022
Table 89 Forecast Financial Cards Transactions by Category: Value 2017-2022
Table 90 Forecast Financial Cards by Category: Number of Transactions 2017-2022
Table 91 Forecast Consumer Payments by Category: Value 2017-2022
Table 92 Forecast Consumer Payments by Category: Number of Transactions 2017-2022
Table 93 Forecast M-Commerce by Category: Value 2017-2022
Table 94 Forecast M-Commerce by Category: % Value Growth 2017-2022

Megatrends

Country Report

Debit Cards in Nigeria

New Report Guarantee

Executive Summary

New Report Guarantee

PROSPECTS

Drive to curb cash handling costs boosts debit cards

Increasing usage driven by point-of-sale devices and incentives

Large unbanked population creates market for debit cards

COMPETITIVE LANDSCAPE

Mastercard continues to gain ground on Verve

Top five banks dominate the issuance of debit cards

Overview

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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 stagnation restricts card usage

Weak credit culture discourages use of credit cards

Positive outlook for credit cards

COMPETITIVE LANDSCAPE

Mastercard International is the dominant operator

Diamond Banks is the leading issuer in terms of cards in circulation

A wider choice of credit cards to entice higher-income consumers

CATEGORY DATA

Debit Cards in Nigeria - Category analysis

Debit Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Drive to curb cash handling costs boosts debit cards

Increasing usage driven by point-of-sale devices and incentives

Large unbanked population creates market for debit cards

COMPETITIVE LANDSCAPE

Mastercard continues to gain ground on Verve

Top five banks dominate the issuance of debit cards

CATEGORY DATA

Pre-Paid Cards in Nigeria - Category analysis

Pre-Paid Cards in Nigeria - Company Profile

HEADLINES

PROSPECTS

Pre-paid cards remains an underdeveloped category

Pre-paid card usage evolves slowly

Open loop is set to continue to drive pre-paid cards

COMPETITIVE LANDSCAPE

Industry players look to features to entice consumers

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

Financial cards continues to grow despite tough economic conditions

Growing penetration of financial cards in Nigeria

Mobile payment options limit the growth of financial cards

Debit cards remains the key financial card type

Positive growth is expected over the forecast period

MARKET INDICATORS

MARKET DATA

SOURCES

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