Executive Summary

Nov 2019
PROSPECTS
Open loop remains the major type of pre-paid card available in Nigeria

The general purpose reloadable open loop pre-paid card remained the major type of pre-paid card available in Nigeria. Most government institutions continue to make payments through individual’s personal accounts which are tied to their debit cards.

Closed loop cards struggle to gain a place

Closed loop pre-paid cards continue to struggle in the Nigerian financial space, with categories such as the transportation pre-paid card established by the Lagos state government remaining insignificant due to the predominance of cash payments and poor infrastructure in the payment system, while the parking lot pre-paid cards in the federal capital territory, Abuja, failed due to government bureaucracy.

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

Government participation, particularly in the provision of closed loop pre-paid cards and the dual usage of the national identity card for pre-card payment purposes could boost the usage of pre-paid cards over the forecast period. The increasing unbanked population which cannot meet the requirements of having a bank account and students below the legal age to have an account could represent an opportunity for these types of cards.

COMPETITIVE LANDSCAPE
Visa is the leading operator in pre-paid cards

Visa continued to lead pre-paid cards in 2018 due to its global acceptance, promotional activities and strong partnership with most issuers of pre-paid cards. As a result, the other two operators, Interswitch and MasterCard International, continued to rank second and third, respectively, in 2018.

First Bank Nigeria extends its lead among issuers

First Bank Nigeria remained the leading issuer and extended its lead slightly in 2018 due to its wide customer base and promotional activities on the issuance and benefits of pre-paid cards to consumers, particularly to the parents of children not old enough to have a bank account.

General purpose reloadable open loop pre-paid cards dominate

Nigerian pre-paid cards remained dominated by general purpose reloadable open loop pre-paid cards in 2018/2019, with no significant closed loop pre-paid cards in the country. However, a transportation pre-paid card was launched in the city of Lagos by Sterling Bank in partnership with the Lagos state government; it is used on the state’s organised transport system, popularly known as BRT (Bus Rapid Transit).

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Pre-Paid Cards in Nigeria

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Overview

Discover the latest market trends and uncover sources of future market growth for the Pre-Paid 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 Pre-Paid Transactions industry in Nigeria, our research will save you time and money while empowering you to make informed, profitable decisions.

The Pre-Paid 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 Pre-Paid 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 Pre-Paid Transactions in Nigeria, originate from our database within our Consumer Finance market share and market size database

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

SOURCES

Summary 1 Research Sources