Payments Nigeria Market 2018 – Current and Future Plans

Pune, India, 22nd February 2018: WiseGuyReports announced addition of new report, titled “Payments Landscape in Nigeria: Opportunities and Risks to 2021”.


“Payments Landscape in Nigeria: Opportunities and Risks to 2021″, report provides detailed analysis of market trends in Nigerian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debit, payment cards, and cheques during the review-period (2013-17e).


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 (2017-21f). It also offers information on the country’s competitive landscape, including the market shares of issuers and schemes.




Companies mentioned


First Bank of Nigeria

Access Bank



Zenith Bank





The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.


This 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 the Nigerian cards and payments industry, including debit and credit cards.

– Detailed insights into payment instruments including credit transfers, direct debit, cheques, and payment cards. It also, includes an overview of the country’s key alternative payment instruments.

– E-commerce market analysis and payment methods.

– Analysis of various market drivers and regulations governing Nigerian cards and payments industry.

– Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.



– The Nigerian payment card market is anticipated to further accelerate due to the central bank lifting transaction limits on payment cards denominated in foreign currencies. Following the July 2017 announcement, banks immediately raised their dollar spending limits on card transactions abroad. For instance, GTBank announced an increase from $100 to $1,000 for international payments on its naira Mastercard. Fidelity Bank and UBA also revised their spending limits. This came after the CBN’s December 2015 ban on the use of debit and credit cards abroad, and on transactions denominated in foreign currencies. This prevented Nigerian consumers from using cards to make purchases during overseas travel and from foreign e-commerce sites. However, following a severe consumer backlash the ban was partially revoked in January 2016, with banks enabling consumers to use foreign exchange services, albeit with limits on transaction values.

– Banks in Nigeria are making banking and payments services available through digital channels and social media. In January 2018, UBA launched Leo, a “chat banker” that allows customers to open new accounts, receive instant transaction notifications, check account balances, and transfer funds via Facebook Messenger. Customers can also confirm cheques, pay bills, apply for loans, freeze accounts, and request mini statements. Similarly, in December 2017 Ecobank launched the Ecobank Xpress Account. The account can be opened via Ecobank’s mobile app for smartphone users or via USSD for feature phone users. There is no account servicing fee.

– To foster the use of electronic payments and realize the need for instant payments in Finland, Finnish ATM operator Automia launched the real-time payments platform Siirto in March 2017, which was developed by Tieto – a Finnish IT services company. The service allows users to make instant money transfers between participating banks simply using the recipient’s mobile number. The service is currently available for customers of Nordea Bank, OP Bank, and S-Bank. Initially launched as a money transfer service, but has since been extended to e-commerce payments.


Reasons to buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Nigerian cards and payments industry and each market within it.

– Understand the key market trends and growth opportunities in the Nigerian cards and payments industry.

– Assess the competitive dynamics in the Nigerian cards and payments industry.

– Gain insights into marketing strategies used for various card types in Nigeria.

– Gain insights into key regulations governing the Nigerian cards and payments industry.


Table of Content: Key Points

Market Overview

Executive Summary

Card-based Payments

E-commerce Payments

Alternative Payments

Payments Infrastructure & Regulation





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