PROSPECTS AND OPPORTUNITIES
Pre-paid cards will continue to benefit from diversified offerings
Pre-paid cards will remain the fastest-growing channel in Nigeria, supported by increased awareness, diversified offerings and infrastructure development. The trend will be consolidated by government efforts to boost financial inclusion through recent initiatives, like introducing ID cards that integrate pre-paid card functionality or expanding Afrigo offerings in open-loop pre-paid card offerings.
The introduction of non-residence accounts will boost remittance pre-paid cards
As the Nigerian government tracks down informal remittance services to manage its foreign currency reserve and drive financial stability, the introduction of the BVN number is set to pave the way for a non-resident bank account in Nigeria, effectively boosting demand for remittance cards. By allowing the Nigerian diaspora to make transactions remotely into local accounts, demand for such remittance cards will also be supported by added values like affordability and convenience compared to traditional money transfer schemes.
Closed loop transport pre-paid cards to drive number of cards in circulation
The drive for cashless transactions in Nigeria will continue with the introduction of the new transportation system in Abuja known as TFA. On this system, pre-paid cards are sold for NGN1000.
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Overview:
Understand the latest market trends and future growth opportunities for the Pre-Paid 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 Pre-Paid 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 Pre-Paid 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 Pre-Paid Card Transactions in Nigeria?
- What are the major trends key to understanding Pre-Paid 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:
Pre-Paid Card Transactions
- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
Pre-Paid Card Transactions
A card paid for at point of sale, and permitting the bearer to buy goods or services usually of a particular type up to the pre-paid value. These cards acts as an alternative to cash. The card can be disposable or re-loadable.
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 Pre-Paid Card Transactions research and analysis database.
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