Financial Cards and Payments in Nigeria

December 2022
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Overview:

Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

If you're in the Financial Cards and Payments industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Financial Cards and Payments in Nigeria report includes:

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

This report answers:

  • What is the market size of Financial Cards and Payments in Nigeria?
  • What are the major trends key to understanding Financial Cards and Payments in Nigeria?
  • How has COVID-19, recession and macroeconomic volatility impacted the market?
  • How long will the market take to recover? What are the opportunities now?
  • How will political context and shifting cultural values shape future growth?
  • Where is future growth expected to be most dynamic?
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Financial Cards and Payments in Nigeria - Industry Overview

Financial cards and payments in 2022: The big picture
2022 key trends
Adoption of BRT Bus Cowry Card provides a boost for closed loop pre-paid cards
Competitive landscape
What next for financial cards and payments?
Table 1 Number of POS Terminals: Units 2017-2022
Table 2 Number of ATMs: Units 2017-2022
Table 3 Value Lost to Fraud 2017-2022
Table 4 Card Expenditure by Location 2022
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2017-2022
Table 6 Domestic versus Foreign Spend 2022
Table 7 Financial Cards by Category: Number of Cards in Circulation 2017-2022
Table 8 Financial Cards by Category: Number of Accounts 2017-2022
Table 9 Financial Cards Transactions by Category: Value 2017-2022
Table 10 Financial Cards by Category: Number of Transactions 2017-2022
Table 11 Commerical Payments by Category: Value 2017-2022
Table 12 Commercial Payments by Category: Number of Transactions 2017-2022
Table 13 Personal Payments by Category: Value 2017-2022
Table 14 Personal Payments by Category: Number of Transactions 2017-2022
Table 15 M-Commerce by Category: Value 2017-2022
Table 16 M-Commerce by Category: % Value Growth 2017-2022
Table 17 Financial Cards: Number of Cards by Issuer 2017-2021
Table 18 Financial Cards: Number of Cards by Operator 2017-2021
Table 19 Financial Cards: Card Payment Transactions Value by Operator 2017-2021
Table 20 Financial Cards: Card Payment Transactions Value by Issuer 2017-2021
Table 21 Forecast Financial Cards by Category: Number of Cards in Circulation 2022-2027
Table 22 Forecast Financial Cards by Category: Number of Accounts 2022-2027
Table 23 Forecast Financial Cards Transactions by Category: Value 2022-2027
Table 24 Forecast Financial Cards by Category: Number of Transactions 2022-2027
Table 25 Forecast Commercial Payments by Category: Value 2022-2027
Table 26 Forecast Commercial Payments by Category: Number of Transactions 2022-2027
Table 27 Forecast Personal Payments by Category: Value 2022-2027
Table 28 Forecast Personal Payments by Category: Number of Transactions 2022-2027
Table 29 Forecast M-Commerce by Category: Value 2022-2027
Table 30 Forecast M-Commerce by Category: % Value Growth 2022-2027

DISCLAIMER

Summary 1 Research Sources

Charge Cards in Nigeria - Category analysis

Credit Cards in Nigeria - Category analysis

KEY DATA FINDINGS

Improved credit ratings lead to increase in credit card issuance
Rise of fintech companies leads to greater digitalisation of credit cards landscape as well as greater consumer accessibility
Resumption of business travel boosts demand for foreign-denomination commercial credit cards
More positive outlook for Nigeria’s economy and new government regulations set to improve demand for credit cards
Increasing Westernisation is set to change the way Nigerians spend
Growing demand for digital payments will boost use of virtual credit cards
Table 31 Credit Cards: Number of Cards in Circulation 2017-2022
Table 32 Credit Cards Transactions 2017-2022
Table 33 Credit Cards in Circulation: % Growth 2017-2022
Table 34 Credit Cards Transactions: % Growth 2017-2022
Table 35 Commercial Credit Cards: Number of Cards in Circulation 2017-2022
Table 36 Commercial Credit Cards Transactions 2017-2022
Table 37 Commercial Credit Cards in Circulation: % Growth 2017-2022
Table 38 Commercial Credit Cards Transactions: % Growth 2017-2022
Table 39 Personal Credit Cards: Number of Cards in Circulation 2017-2022
Table 40 Personal Credit Cards Transactions 2017-2022
Table 41 Personal Credit Cards in Circulation: % Growth 2017-2022
Table 42 Personal Credit Cards Transactions: % Growth 2017-2022
Table 43 Credit Cards: Number of Cards by Issuer 2017-2021
Table 44 Credit Cards: Number of Cards by Operator 2017-2021
Table 45 Credit Cards Payment Transaction Value by Issuer 2017-2021
Table 46 Credit Cards Payment Transaction Value by Operator 2017-2021
Table 47 Commercial Credit Cards: Number of Cards by Issuer 2017-2021
Table 48 Commercial Credit Cards: Number of Cards by Operator 2017-2021
Table 49 Commercial Credit Cards Payment Transaction Value by Issuer 2017-2021
Table 50 Commercial Credit Cards Payment Transaction Value by Operator 2017-2021
Table 51 Personal Credit Cards: Number of Cards by Issuer 2017-2021
Table 52 Personal Credit Cards: Number of Cards by Operator 2017-2021
Table 53 Personal Credit Cards Payment Transaction Value by Issuer 2017-2021
Table 54 Personal Credit Cards Payment Transaction Value by Operator 2017-2021
Table 55 Forecast Credit Cards: Number of Cards in Circulation 2022-2027
Table 56 Forecast Credit Cards Transactions 2022-2027
Table 57 Forecast Credit Cards in Circulation: % Growth 2022-2027
Table 58 Forecast Credit Cards Transactions: % Growth 2022-2027
Table 59 Forecast Commercial Credit Cards: Number of Cards in Circulation 2022-2027
Table 60 Forecast Commercial Credit Cards Transactions 2022-2027
Table 61 Forecast Commercial Credit Cards in Circulation: % Growth 2022-2027
Table 62 Forecast Commercial Credit Cards Transactions: % Growth 2022-2027
Table 63 Forecast Personal Credit Cards: Number of Cards in Circulation 2022-2027
Table 64 Forecast Personal Credit Cards Transactions 2022-2027
Table 65 Forecast Personal Credit Cards in Circulation: % Growth 2022-2027
Table 66 Forecast Personal Credit Cards Transactions: % Growth 2022-2027

Debit Cards in Nigeria - Category analysis

KEY DATA FINDINGS

Financial inclusion policy boosts number of cards in circulation as well as transaction value and volumes
Foreign-denominated debit cards remain popular thanks to lack of spending limit
Success of Access Bank contribute to financial inclusion whilst Verve card benefits encourage debit card usage
Financial inclusion policy to drive debit cards growth at the expense of cash
M-commerce to hinder growth of physical card payments in Nigeria
First-tier banks dominate the digital payment platform
Table 67 Debit Cards: Number of Cards in Circulation 2017-2022
Table 68 Debit Cards Transactions 2017-2022
Table 69 Debit Cards in Circulation: % Growth 2017-2022
Table 70 Debit Cards Transactions: % Growth 2017-2022
Table 71 Debit Cards: Number of Cards by Issuer 2017-2021
Table 72 Debit Cards: Number of Cards by Operator 2017-2021
Table 73 Debit Cards Payment Transaction Value by Issuer 2017-2021
Table 74 Debit Cards Payment Transaction Value by Operator 2017-2021
Table 75 Forecast Debit Cards: Number of Cards in Circulation 2022-2027
Table 76 Forecast Debit Cards Transactions 2022-2027
Table 77 Forecast Debit Cards in Circulation: % Growth 2022-2027
Table 78 Forecast Debit Cards Transactions: % Growth 2022-2027

Pre-Paid Cards in Nigeria - Category analysis

KEY DATA FINDINGS

Introduction of Lagos Cowry card encourages consumers to use physical and virtual pre-paid options for travel
Resumption of travel and studying abroad boost demand for foreign-denomination open loop pre-paid cards
Distribution of cards to unbanked population boosts awareness of pre-paid cards
Apex Bank and financial institutions promote pre-paid cards in a bid to remove Nigerian dependence on cash payments
Greater opportunities for use while travelling will boost transaction value and volume growth
Technological developments will help boost usage of pre-paid cards in e-commerce
Table 79 Pre-paid Cards: Number of Cards in Circulation 2017-2022
Table 80 Pre-paid Cards Transactions 2017-2022
Table 81 Pre-paid Cards in Circulation: % Growth 2017-2022
Table 82 Pre-paid Cards Transactions: % Growth 2017-2022
Table 83 Open Loop Pre-paid Cards Transactions 2017-2022
Table 84 Open Loop Pre-paid Cards Transactions: % Growth 2017-2022
Table 85 Pre-paid Cards: Number of Cards by Issuer 2017-2021
Table 86 Pre-paid Cards: Number of Cards by Operator 2017-2021
Table 87 Pre-paid Cards Transaction Value by Issuer 2017-2021
Table 88 Pre-paid Cards Transaction Value by Operator 2017-2021
Table 89 Open Loop Pre-paid Cards: Number of Cards by Issuer 2017-2021
Table 90 Open Loop Pre-paid Cards: Number of Cards by Operator 2017-2021
Table 91 Open Loop Pre-paid Cards Transaction Value by Issuer 2017-2021
Table 92 Open Loop Pre-paid Cards Transaction Value by Operator 2017-2021
Table 93 Forecast Pre-paid Cards: Number of Cards in Circulation 2022-2027
Table 94 Forecast Pre-paid Cards Transactions 2022-2027
Table 95 Forecast Pre-paid Cards in Circulation: % Growth 2022-2027
Table 96 Forecast Pre-paid Cards Transactions: % Growth 2022-2027
Table 97 Forecast Open Loop Pre-paid Cards Transactions 2022-2027
Table 98 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2022-2027

Store Cards in Nigeria - Category analysis

2022 DEVELOPMENTS

The following categories and subcategories are included:

Financial Cards and Payments

    • ATM Cards
      • Commercial Charge Cards
      • Personal Charge Cards
      • Commercial Credit Cards
      • Personal Credit Cards
      • Commercial Debit Cards
      • Personal Debit Cards
      • Closed Loop Pre-Paid Cards
      • Open Loop Pre-Paid Cards
    • Store Cards
      • Commercial Card Payment Transactions
      • Commercial Electronic Direct/ACH Transactions
      • Commercial Paper Payment Transactions
      • Personal Card Payment Transactions
      • Personal Electronic Direct/ACH Transactions
      • Personal Paper Payment Transactions
        • Commercial Electronic Direct/ACH Transactions
        • Personal Electronic Direct/ACH Transactions
          • Commercial Cash Transactions
          • Commercial Other Paper Transactions
          • Personal Cash Transactions
          • Personal Other Paper Transactions
      • Mobile Proximity Payments
      • Mobile Remote Payments
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This report originates from Passport, our Financial Cards and Payments research and analysis database.

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