Financial Cards and Payments in Nigeria

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $2,100	40 Pages	Euromonitor International	November, 2023	EP18351450

Best Price Guarantee
Price	from $2,100
Length	40 Pages
Publisher	Euromonitor International
Published Date	November, 2023
SKU	EP18351450

Financial Cards and Payments in Nigeria

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result, in March, the Central Bank was forced to extend the timeline to swap its old currency for redesigned notes. This deadline is now extended until the end of 2023.

Euromonitor International's Financial Cards and Payments in Nigeria report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards, pre-paid cards and store cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.

Product coverage: Financial Cards in Circulation, Mobile Payments, Transactions.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?
* Get a detailed picture of the Financial Cards and Payments market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market’s major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop.

Financial Cards and Payments in Nigeria
Euromonitor International
November 2023
List Of Contents And Tables
FINANCIAL CARDS AND PAYMENTS IN NIGERIA
EXECUTIVE SUMMARY
Financial cards and payments in 2023: The big picture
2023 key trends
Mobile money key tool in driving financial inclusion
Competitive landscape
What next for financial cards and payments?
MARKET INDICATORS: Table 1 Number of POS Terminals: Units 2018-2023; Table 2 Number of ATMs: Units 2018-2023; Table 3 Value Lost to Fraud 2018-2023; Table 4 Card Expenditure by Location 2023; Table 5 Financial Cards in Circulation by Type: % Number of Cards 2018-2023; Table 6 Domestic versus Foreign Spend 2023
MARKET DATA: Table 7 Financial Cards by Category: Number of Cards in Circulation 2018-2023; Table 8 Financial Cards by Category: Number of Accounts 2018-2023; Table 9 Financial Cards Transactions by Category: Value 2018-2023; Table 10 Financial Cards by Category: Number of Transactions 2018-2023; Table 11 Consumer Payments by Category: Value 2018-2023; Table 12 Consumer Payments by Category: Number of Transactions 2018-2023; Table 13 M-Commerce by Category: Value 2018-2023; Table 14 M-Commerce by Category: % Value Growth 2018-2023; Table 15 Financial Cards: Number of Cards by Issuer 2018-2022; Table 16 Financial Cards: Number of Cards by Operator 2018-2022; Table 17 Financial Cards: Card Payment Transactions Value by Operator 2018-2022; Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2018-2022; Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2023-2028; Table 20 Forecast Financial Cards by Category: Number of Accounts 2023-2028; Table 21 Forecast Financial Cards Transactions by Category: Value 2023-2028; Table 22 Forecast Financial Cards by Category: Number of Transactions 2023-2028; Table 23 Forecast Consumer Payments by Category: Value 2023-2028; Table 24 Forecast Consumer Payments by Category: Number of Transactions 2023-2028; Table 25 Forecast M-Commerce by Category: Value 2023-2028; Table 26 Forecast M-Commerce by Category: % Value Growth 2023-2028
DISCLAIMER
SOURCES: Summary 1 Research Sources
DEBIT CARDS IN NIGERIA
KEY DATA FINDINGS
2023 DEVELOPMENTS
Cash shortage drives significant growth in debit cards
Status quo remains
Launch of AfriGo by the Central Bank of Nigeria
PROSPECTS AND OPPORTUNITIES
Continued growth over forecast period
First-tier banks dominate the digital payment platform
Central Bank’s cashless strategy drives growth
CATEGORY DATA: Table 27 Debit Cards: Number of Cards in Circulation 2018-2023; Table 28 Debit Cards Transactions 2018-2023; Table 29 Debit Cards in Circulation: % Growth 2018-2023; Table 30 Debit Cards Transactions: % Growth 2018-2023; Table 31 Debit Cards: Number of Cards by Issuer 2018-2022; Table 32 Debit Cards: Number of Cards by Operator 2018-2022; Table 33 Debit Cards Payment Transaction Value by Issuer 2018-2022; Table 34 Debit Cards Payment Transaction Value by Operator 2018-2022; Table 35 Forecast Debit Cards: Number of Cards in Circulation 2023-2028; Table 36 Forecast Debit Cards Transactions 2023-2028; Table 37 Forecast Debit Cards in Circulation: % Growth 2023-2028; Table 38 Forecast Debit Cards Transactions: % Growth 2023-2028
CREDIT CARDS IN NIGERIA
KEY DATA FINDINGS
2023 DEVELOPMENTS
Continued growth, though total spend still low
First Bank Nigeria teams up with hotels to offer discounts
New competitor, as first American Express card launches In Nigeria
PROSPECTS AND OPPORTUNITIES
Improved credit scoring will drive growth
Increasing growth of online transactions
Lifting of ban of naira cards for international transactions dampens value spend on credit cards
CATEGORY DATA: Table 39 Credit Cards: Number of Cards in Circulation 2018-2023; Table 40 Credit Cards Transactions 2018-2023; Table 41 Credit Cards in Circulation: % Growth 2018-2023; Table 42 Credit Cards Transactions: % Growth 2018-2023; Table 43 Commercial Credit Cards: Number of Cards in Circulation 2018-2023; Table 44 Commercial Credit Cards Transactions 2018-2023; Table 45 Commercial Credit Cards in Circulation: % Growth 2018-2023; Table 46 Commercial Credit Cards Transactions: % Growth 2018-2023; Table 47 Personal Credit Cards: Number of Cards in Circulation 2018-2023; Table 48 Personal Credit Cards Transactions 2018-2023; Table 49 Personal Credit Cards in Circulation: % Growth 2018-2023; Table 50 Personal Credit Cards Transactions: % Growth 2018-2023; Table 51 Credit Cards: Number of Cards by Issuer 2018-2022; Table 52 Credit Cards: Number of Cards by Operator 2018-2022; Table 53 Credit Cards Payment Transaction Value by Issuer 2018-2022; Table 54 Credit Cards Payment Transaction Value by Operator 2018-2022; Table 55 Commercial Credit Cards: Number of Cards by Issuer 2018-2022; Table 56 Commercial Credit Cards: Number of Cards by Operator 2018-2022; Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2018-2022; Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2018-2022; Table 59 Personal Credit Cards: Number of Cards by Issuer 2018-2022; Table 60 Personal Credit Cards: Number of Cards by Operator 2018-2022; Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2018-2022; Table 62 Personal Credit Cards Payment Transaction Value by Operator 2018-2022; Table 63 Forecast Credit Cards: Number of Cards in Circulation 2023-2028; Table 64 Forecast Credit Cards Transactions 2023-2028; Table 65 Forecast Credit Cards in Circulation: % Growth 2023-2028; Table 66 Forecast Credit Cards Transactions: % Growth 2023-2028; Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2023-2028; Table 68 Forecast Commercial Credit Cards Transactions 2023-2028; Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2023-2028; Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2023-2028; Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2023-2028; Table 72 Forecast Personal Credit Cards Transactions 2023-2028; Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2023-2028; Table 74 Forecast Personal Credit Cards Transactions: % Growth 2023-2028
CHARGE CARDS IN NIGERIA
2023 DEVELOPMENTS
PRE-PAID CARDS IN NIGERIA
KEY DATA FINDINGS
2023 DEVELOPMENTS
Still lack of awareness of pre-paid cards in Nigeria
Lift of ban of naira debit cards for international transaction dampens value growth for pre-paid cards
Scarcity of cash in 2023 drives further growth of Lagos Cowry transport card
PROSPECTS AND OPPORTUNITIES
Transport cards will continue to drive growth of closed loop pre-paid cards
Younger people key consumer group
Technological developments will help boost usage of pre-paid cards in e-commerce
CATEGORY DATA: Table 75 Pre-paid Cards: Number of Cards in Circulation 2018-2023; Table 76 Pre-paid Cards Transactions 2018-2023; Table 77 Pre-paid Cards in Circulation: % Growth 2018-2023; Table 78 Pre-paid Cards Transactions: % Growth 2018-2023; Table 79 Open Loop Pre-paid Cards Transactions 2018-2023; Table 80 Open Loop Pre-paid Cards Transactions: % Growth 2018-2023; Table 81 Pre-paid Cards: Number of Cards by Issuer 2018-2022; Table 82 Pre-paid Cards: Number of Cards by Operator 2018-2022; Table 83 Pre-paid Cards Transaction Value by Issuer 2018-2022; Table 84 Pre-paid Cards Transaction Value by Operator 2018-2022; Table 85 Open Loop Pre-paid Cards: Number of Cards by Issuer 2018-2022; Table 86 Open Loop Pre-paid Cards: Number of Cards by Operator 2018-2022; Table 87 Open Loop Pre-paid Cards Transaction Value by Issuer 2018-2022; Table 88 Open Loop Pre-paid Cards Transaction Value by Operator 2018-2022; Table 89 Forecast Pre-paid Cards: Number of Cards in Circulation 2023-2028; Table 90 Forecast Pre-paid Cards Transactions 2023-2028; Table 91 Forecast Pre-paid Cards in Circulation: % Growth 2023-2028; Table 92 Forecast Pre-paid Cards Transactions: % Growth 2023-2028; Table 93 Forecast Open Loop Pre-paid Cards Transactions 2023-2028; Table 94 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2023-2028
STORE CARDS IN NIGERIA
2023 DEVELOPMENTS