PROSPECTS AND OPPORTUNITIES
Demand for credit cards will benefit from improved economic conditions
The relatively low penetration of credit cards gives the payment formats higher growth prospects in Nigeria. During the forecast period, demand is expected to be supported by improvements in socio-economic conditions set to lower interest rates and boost spending confidence, enhanced credit policies driven by government initiatives to increase financial inclusion, and changes in household attitude toward credit cards as they become more financially educated.
Innovation to lead to more diversified offerings
The influx of new players like Verve and American Express in the Nigerian credit card landscape is expected to drive demand among high-end and affluent individuals. Growing interest is also likely amongst middle-income households supported by diversified offerings that reduce the need for collaterals.
BNPL will attract more banks as demand rises
The momentum gained by BNPL will likely encourage leading banks to leverage their financial capabilities and data to tap into this segment effectively, thus reducing their reliance on credit cards. Such initiatives will allow banks to expand payment solutions beyond small discretionary spending, like appliances and electronics, to tap into higher value spending like travel.
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Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions 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 Credit Card Transactions 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 Credit Card Transactions 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 Credit Card Transactions in Nigeria?
- What are the major trends key to understanding Credit Card Transactions 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?
Credit Cards in Nigeria - Category analysis
Credit Cards in Nigeria - Company Profile
KEY DATA FINDINGS
Credit card penetration rises from a low base
New credit card products emerge as AMEX diversifies
Buy Now Pay Later gains ground on credit cards for consumer purchases
Demand for credit cards will benefit from improved economic conditions
Innovation to lead to more diversified offerings
BNPL will attract more banks as demand rises
Debit Cards in Nigeria - Category analysis
Debit Cards in Nigeria - Company Profile
KEY DATA FINDINGS
Number of debit cards increases despite lower transactions
Foreign-denominated debit cards affected by restrictive government policies
Interswitch bets on fintech to expand debit cards issuance
Debit cards will continue to benefit from growing banked population
Afrigo scheme could reshape debit card operations in Nigeria
Issuers will face intense competition from fintech players
Pre-Paid Cards in Nigeria - Category analysis
Pre-Paid Cards in Nigeria - Company Profile
KEY DATA FINDINGS
Pre-paid cards remain the fastest growing category
NIBSS opens doors for remittance cards
Innovation focus on digitalisation and convenience
Pre-paid cards will continue to benefit from diversified offerings
The introduction of non-residence accounts will boost remittance pre-paid cards
Closed loop transport pre-paid cards to drive number of cards in circulation
Financial Cards and Payments in Nigeria - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Card payment industry remains highly concentrated
What next for financial cards and payments?
DISCLAIMER
The following categories and subcategories are included:
Credit Card Transactions
- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
Credit Card Transactions
Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy 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
This report originates from Passport, our Credit Card Transactions research and analysis database.
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