Home BusinessWire Nigeria Cards and Payments Market Opportunities and Risks Report 2022-2025 – ResearchAndMarkets.com

Nigeria Cards and Payments Market Opportunities and Risks Report 2022-2025 – ResearchAndMarkets.com


DUBLIN–(BUSINESS WIRE)–The “Nigeria Cards and Payments – Opportunities and Risks to 2025” report has been added to ResearchAndMarkets.com’s offering.

The report provides detailed analysis of market trends in the Nigerian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, cheques, credit transfers, and direct debits during the review-period (2017-21e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together The publisher’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Nigerian cards and payments industry, including

  • Current and forecast values for each market in Nigeria’s cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards, credit transfers, cash, direct debits, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing the Nigerian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.


  • To drive the shift towards electronic payments, low-cost payment acceptance solutions such as QR codes are being rolled out in Nigeria. In March 2021, Nigeria Inter-Bank Settlement System (NIBSS) launched the New Quick Response (NQR) payment solution code, which allows consumers to make peer-to-peer and consumer-to-business payments using NIBSS Instant Payment (NIP) infrastructure. According to the Small and Medium Enterprises Development Agency of Nigeria, there are nearly 37 million SMEs in Nigeria. The rollout of NQR will benefit these companies as they do not have to invest in costly POS terminals or setup fees.
  • The growing preference for digital banking has prompted digital banks to launch operations in Nigeria. In June 2020, digital-only bank Sparkle launched its operations in the country after receiving an operating license from the CBN. The bank offers various products, including debit cards. In May 2020, Brass – a digital-only bank focused on SMEs – raised seed funding from Ventures Platform, helping it officially launch in Nigeria in July 2020. In July 2021, digital bank Carbon partnered with Visa to issue both virtual and physical Visa debit cards to its customers.
  • The most important factor contributing to the country’s banking penetration is the widespread use of an agent banking system. Such systems make use of human agents who are easily accessible even in rural areas, as opposed to bank branches (whose presence in rural areas is limited). In February 2019, the CBN, deposit money banks, mobile money operators, and banking agents launched Shared Agent Network Expansion Facilities (SANEF). As part of this initiative, 500,000 agents were deployed in underserved urban and rural areas. The network consists of individuals and small businesses who provide financial services on behalf of financial institutions. The network offers basic banking services such as cash deposits and withdrawals, fund transfers, bill payments, airtime purchases, and disbursement of government benefits. This initiative aims to provide financial services to millions of financially excluded Nigerians.

Key Topics Covered:

  • Market Overview
  • Payment Instruments
  • Card-Based Payments
  • Ecommerce Payments
  • Alternative Payments
  • Payment Innovations
  • Payment Infrastructure and Regulation
  • Appendix

Companies Mentioned

  • Access Bank
  • Unted Bank of Africa
  • FirstBank
  • Ecobank
  • Zenith Bank
  • GTBank
  • Central Bank of Nigeria
  • Keystone Bank
  • Skye Bank
  • Stanbic IBTC
  • Unity Bank
  • Sterling Bank
  • Verve
  • Mastercard
  • Visa
  • PayPal
  • KongaPay
  • Paga

For more information about this report visit https://www.researchandmarkets.com/r/tls3y8



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