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Market Research Report
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1037451

Financial Cards and Payments in Nigeria

Published: | Euromonitor International | 41 Pages | Delivery time: 1-2 business days

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Financial Cards and Payments in Nigeria
Published: November 8, 2021
Euromonitor International
Content info: 41 Pages
Delivery time: 1-2 business days
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  • Table of Contents
Description

Cash remains the most popular form of payment in Nigeria in 2021 due to the large unbanked population, fear of electronic fraud, experiences of failed card and electronic payment transactions, and poor infrastructure in some areas of the country. The latter includes insufficient point-of-sale terminals in many merchant banks. Nevertheless, consumer payment transactions have continued to evolve over the years, supported by the financial inclusion strategy put in place by the Central Bank of Niger...

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, M-Commerce, 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.
Table of Contents
Product Code: FCNG

TABLE OF CONTENTS

List Of Contents And Tables

EXECUTIVE SUMMARY

  • Financial cards and payments in 2021: The big picture
  • 2021 key trends
  • COVID-19 is changing the payment landscape in Nigeria
  • M-commerce is changing the consumer payment landscape in Nigeria
  • The first- tier banks continue to take dominance in 2021
  • What next for financial cards and payments?

MARKET INDICATORS

  • Table 1 Number of POS Terminals: Units 2016-2021
  • Table 2 Number of ATMs: Units 2016-2021
  • Table 3 Value Lost to Fraud 2016-2021
  • Table 4 Card Expenditure by Location 2021
  • Table 5 Financial Cards in Circulation by Type: % Number of Cards 2016-2021
  • Table 6 Domestic versus Foreign Spend 2021

MARKET DATA

  • Table 7 Financial Cards by Category: Number of Cards in Circulation 2016-2021
  • Table 8 Financial Cards by Category: Number of Accounts 2016-2021
  • Table 9 Financial Cards Transactions by Category: Value 2016-2021
  • Table 10 Financial Cards by Category: Number of Transactions 2016-2021
  • Table 11 Consumer Payments by Category: Value 2016-2021
  • Table 12 Consumer Payments by Category: Number of Transactions 2016-2021
  • Table 13 M-Commerce by Category: Value 2016-2021
  • Table 14 M-Commerce by Category: % Value Growth 2016-2021
  • Table 15 Financial Cards: Number of Cards by Issuer 2016-2020
  • Table 16 Financial Cards: Number of Cards by Operator 2016-2020
  • Table 17 Financial Cards: Card Payment Transactions Value by Operator 2016-2020
  • Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2016-2020
  • Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2021-2026
  • Table 20 Forecast Financial Cards by Category: Number of Accounts 2021-2026
  • Table 21 Forecast Financial Cards Transactions by Category: Value 2021-2026
  • Table 22 Forecast Financial Cards by Category: Number of Transactions 2021-2026
  • Table 23 Forecast Consumer Payments by Category: Value 2021-2026
  • Table 24 Forecast Consumer Payments by Category: Number of Transactions 2021-2026
  • Table 25 Forecast M-Commerce by Category: Value 2021-2026
  • Table 26 Forecast M-Commerce by Category: % Value Growth 2021-2026

DISCLAIMER

SOURCES

    • Summary 1 Research Sources

DEBIT CARDS IN NIGERIA

KEY DATA FINDINGS

2021 DEVELOPMENTS

  • Agent banking and digital financial services drives growth of debit cards
  • COVID-19 stimulates rapid deployment of point-of-sale machines
  • Banks in Nigeria record strong growth thanks to digital payment channels

PROSPECTS AND OPPORTUNITIES

  • Financial inclusion to drive debit cards growth
  • M-commerce to hinder growth of physical card payments in Nigeria
  • The first-tier banks dominates the digital payment platform

CATEGORY DATA

  • Table 27 Debit Cards: Number of Cards in Circulation 2016-2021
  • Table 28 Debit Cards Transactions 2016-2021
  • Table 29 Debit Cards in Circulation: % Growth 2016-2021
  • Table 30 Debit Cards Transactions: % Growth 2016-2021
  • Table 31 Debit Cards: Number of Cards by Issuer 2016-2020
  • Table 32 Debit Cards: Number of Cards by Operator 2016-2020
  • Table 33 Debit Cards Payment Transaction Value by Issuer 2016-2020
  • Table 34 Debit Cards Payment Transaction Value by Operator 2016-2020
  • Table 35 Forecast Debit Cards: Number of Cards in Circulation 2021-2026
  • Table 36 Forecast Debit Cards Transactions 2021-2026
  • Table 37 Forecast Debit Cards in Circulation: % Growth 2021-2026
  • Table 38 Forecast Debit Cards Transactions: % Growth 2021-2026

CREDIT CARDS IN NIGERIA

KEY DATA FINDINGS

2021 DEVELOPMENTS

  • Limitations on credit card issuance slows growth
  • Low awareness impedes credit cards usage in Nigerian
  • Card issuers remain affected by travel restrictions

PROSPECTS AND OPPORTUNITIES

  • More positive outlook for Nigeria's economy and new government regulations set to improve demand for credit cards
  • Increase in the rate of securely employed population to boost category demand
  • Westernisation and digital payments changing the way Nigerians spend

CATEGORY DATA

  • Table 39 Credit Cards: Number of Cards in Circulation 2016-2021
  • Table 40 Credit Cards Transactions 2016-2021
  • Table 41 Credit Cards in Circulation: % Growth 2016-2021
  • Table 42 Credit Cards Transactions: % Growth 2016-2021
  • Table 43 Commercial Credit Cards: Number of Cards in Circulation 2016-2021
  • Table 44 Commercial Credit Cards Transactions 2016-2021
  • Table 45 Commercial Credit Cards in Circulation: % Growth 2016-2021
  • Table 46 Commercial Credit Cards Transactions: % Growth 2016-2021
  • Table 47 Personal Credit Cards: Number of Cards in Circulation 2016-2021
  • Table 48 Personal Credit Cards Transactions 2016-2021
  • Table 49 Personal Credit Cards in Circulation: % Growth 2016-2021
  • Table 50 Personal Credit Cards Transactions: % Growth 2016-2021
  • Table 51 Credit Cards: Number of Cards by Issuer 2016-2020
  • Table 52 Credit Cards: Number of Cards by Operator 2016-2020
  • Table 53 Credit Cards Payment Transaction Value by Issuer 2016-2020
  • Table 54 Credit Cards Payment Transaction Value by Operator 2016-2020
  • Table 55 Commercial Credit Cards: Number of Cards by Issuer 2016-2020
  • Table 56 Commercial Credit Cards: Number of Cards by Operator 2016-2020
  • Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2016-2020
  • Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2016-2020
  • Table 59 Personal Credit Cards: Number of Cards by Issuer 2016-2020
  • Table 60 Personal Credit Cards: Number of Cards by Operator 2016-2020
  • Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2016-2020
  • Table 62 Personal Credit Cards Payment Transaction Value by Operator 2016-2020
  • Table 63 Forecast Credit Cards: Number of Cards in Circulation 2021-2026
  • Table 64 Forecast Credit Cards Transactions 2021-2026
  • Table 65 Forecast Credit Cards in Circulation: % Growth 2021-2026
  • Table 66 Forecast Credit Cards Transactions: % Growth 2021-2026
  • Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2021-2026
  • Table 68 Forecast Commercial Credit Cards Transactions 2021-2026
  • Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2021-2026
  • Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2021-2026
  • Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2021-2026
  • Table 72 Forecast Personal Credit Cards Transactions 2021-2026
  • Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2021-2026
  • Table 74 Forecast Personal Credit Cards Transactions: % Growth 2021-2026

CHARGE CARDS IN NIGERIA

2021 DEVELOPMENTS

PRE-PAID CARDS IN NIGERIA

KEY DATA FINDINGS

2021 DEVELOPMENTS

  • Restrictions on travels impedes demand for pre-paid cards
  • Low awareness slows growth of pre-paid cards
  • Dependence on cash payment derails growth of pre-paid cards

PROSPECTS AND OPPORTUNITIES

  • Economic growth and international travels to enhance growth
  • Government policies key to growth
  • Banks and fintech partnership to grow awareness of pre-paid cards

CATEGORY DATA

  • Table 75 Pre-paid Cards: Number of Cards in Circulation 2016-2021
  • Table 76 Pre-paid Cards Transactions 2016-2021
  • Table 77 Pre-paid Cards in Circulation: % Growth 2016-2021
  • Table 78 Pre-paid Cards Transactions: % Growth 2016-2021
  • Table 79 Open Loop Pre-paid Cards Transactions 2016-2021
  • Table 80 Open Loop Pre-paid Cards Transactions: % Growth 2016-2021
  • Table 81 Pre-paid Cards: Number of Cards by Issuer 2016-2020
  • Table 82 Pre-paid Cards: Number of Cards by Operator 2016-2020
  • Table 83 Pre-paid Cards Transaction Value by Issuer 2016-2020
  • Table 84 Pre-paid Cards Transaction Value by Operator 2016-2020
  • Table 85 Open Loop Pre-paid Cards: Number of Cards by Issuer 2016-2020
  • Table 86 Open Loop Pre-paid Cards: Number of Cards by Operator 2016-2020
  • Table 87 Open Loop Pre-paid Cards Transaction Value by Issuer 2016-2020
  • Table 88 Open Loop Pre-paid Cards Transaction Value by Operator 2016-2020
  • Table 89 Forecast Pre-paid Cards: Number of Cards in Circulation 2021-2026
  • Table 90 Forecast Pre-paid Cards Transactions 2021-2026
  • Table 91 Forecast Pre-paid Cards in Circulation: % Growth 2021-2026
  • Table 92 Forecast Pre-paid Cards Transactions: % Growth 2021-2026
  • Table 93 Forecast Open Loop Pre-paid Cards Transactions 2021-2026
  • Table 94 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2021-2026

STORE CARDS IN NIGERIA

2021 DEVELOPMENTS