Financial cards and payments in 2024: The big picture
As Nigeria slowly moves toward a cashless society, demand for financial cards and digital payment solutions continues to rise. The industry has benefited from government efforts to boost financial inclusion through initiatives like Afrigo, a domestic card scheme set to compete with other card operators due to its convenience and affordability, as well as the rapid expansion of payment infrastructure like POS machines.
2024 key trends
The evolution of fintech continues to capitalise on the growing numbers of mobile phone users in Nigeria and rising internet penetration. Digital developments are emerging from strategic partnerships between key stakeholders like government agencies and financial card operators, aiming to build trusted products and services to attract more customers.
Card payment industry remains highly concentrated
The domestic card operator Interswitch continues to dominate card issuance in Nigeria, mainly thanks to strategic partnerships with fintech players and the rising demand for Naira-denominated cards due to government foreign currency restrictions. Simultaneously, the high-end credit card segment is becoming increasingly competitive with American Express further diversifying its offerings after forming a partnership with Access Bank in 2023.
What next for financial cards and payments?
Nigeria’s financial cards and payment landscape is expected to evolve during the forecast period, and this will be supported by various initiatives to boost financial inclusion. Prominent examples include the planned introduction of an ID card with integrated payment solutions.
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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?
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
Credit Cards in Nigeria - Category analysis
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
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
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
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and 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?
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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