PROSPECTS AND OPPORTUNITIES
Debit cards will continue to benefit from growing banked population
Nigeria will see growing demand for debit cards due to infrastructure developments and government policies aimed at further boosting financial inclusion. In 2024, the Central Bank of Nigeria revealed plans to introduce a payment-integrated ID card.
Afrigo scheme could reshape debit card operations in Nigeria
The launch of Afrigo is likely set to reshape the competitive landscape with regards to debit cards operators in Nigeria, with the national domestic scheme betting on affordability and innovation to attract new users. The service could introduce an instant POS settlement solution which is particularly attractive to merchants with limited inventory and financial capabilities.
Issuers will face intense competition from fintech players
Historically, the Nigerian debit card landscape has been consolidated, with the top five players accumulating for over 80% value share early in the review period. Nevertheless, dynamics in card issuance has been evolving, mostly thanks to the momentum gained by fintech players and neobanks which have been leveraging digital payment solutions to improve financial inclusion in Nigeria.
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Overview:
Understand the latest market trends and future growth opportunities for the Debit 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 Debit 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 Debit 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 Debit Card Transactions in Nigeria?
- What are the major trends key to understanding Debit 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:
Debit Card Transactions
- Commercial Debit Card Transactions
- Personal Debit Card Transactions
Debit Card Transactions
Debit cards merge the functionality of both an ATM card and direct payment from a bank account (a check substitute in some markets). A debit card allows the cardholder to receive cash and monitor account activity at an ATM machine, as well as pay for goods and services via a point-of-sale terminal. A debit card payment transaction involves the automatic withdrawal of funds from the cardholder’s demand deposit bank account (checking or giro). Since the funds are removed from a bank account, no interest is charged on payments. 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 Debit Card Transactions research and analysis database.
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