Cash remains the most popular form of payment in Nigeria due to the large unbanked population, in addition to a fear of electronic fraud association with a high illiteracy rate, particularly amongst the lower-income members of society, coupled with poor infrastructure in some areas of the country including insufficient point of sale terminals in many merchants and failed card and electronic payment transactions. Nevertheless, consumer payment transactions have continued to evolve over the years,...
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.
Euromonitor International has over 40 years' experience of publishing market research reports, business reference books and online information systems. With offices in London, Chicago, Singapore, Shanghai, Vilnius, Dubai, Cape Town, Santiago, Sydney, Tokyo and Bangalore and a network of over 800 analysts worldwide, Euromonitor International has a unique capability to develop reliable information resources to help drive informed strategic planning.
Financial Cards and Payments in Nigeria
Euromonitor International
December 2020
List OF CONTENTS AND TABLES
EXECUTIVE SUMMARY
COVID-19 impact on consumer payments
COVID-19 country impact
Financial assistance measures launched to help SMEs and individual households
Growing trend for digitalisation boosted by emergence of pandemic
Increasingly consolidated competitive landscape within financial cards and payments while pandemic encourages issuers to be more innovative in their offer
What next for consumer payments?
MARKET INDICATORS
Table 1 Number of POS Terminals: Units 2015-2020
Table 2 Number of ATMs: Units 2015-2020
Table 3 Value Lost to Fraud 2015-2020
Table 4 Card Expenditure by Location 2020
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020
Table 6 Domestic versus Foreign Spend 2020
MARKET DATA
Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020
Table 8 Financial Cards by Category: Number of Accounts 2015-2020
Table 9 Financial Cards Transactions by Category: Value 2015-2020
Table 10 Financial Cards by Category: Number of Transactions 2015-2020
Table 11 Consumer Payments by Category: Value 2015-2020
Table 12 Consumer Payments by Category: Number of Transactions 2015-2020
Table 13 M-Commerce by Category: Value 2015-2020
Table 14 M-Commerce by Category: % Value Growth 2015-2020
Table 15 Financial Cards: Number of Cards by Issuer 2015-2019
Table 16 Financial Cards: Number of Cards by Operator 2015-2019
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025
Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025
Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025
Table 23 Forecast Consumer Payments by Category: Value 2020-2025
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025
Table 25 Forecast M-Commerce by Category: Value 2020-2025
Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025
DISCLAIMER
GLOBAL MACROECONOMIC ENVIRONMENT
GLOBAL INDUSTRY ENVIRONMENT
SOURCES
Summary 1 Research Sources
KEY DATA FINDINGS
2020 IMPACT
Pandemic drives smaller payments through debit cards with move away from the dominant cash in 2020
Further development of digitalisation in Nigeria drives ongoing impressive growth through m-commerce
Highly competitive landscape with pandemic encouraging players to be more innovative in their offer
RECOVERY AND OPPORTUNITIES
Increasing number of consumers set to sign up to debit cards over the forecast period to use for small everyday transactions
Further development of digitalisation will continue to drive impressive growth through mobile m-commerce remote
Players likely to form more partnerships with merchants to encourage greater use of debit cards
CATEGORY DATA
Table 27 Debit Cards: Number of Cards in Circulation 2015-2020
Table 28 Debit Cards Transactions 2015-2020
Table 29 Debit Cards in Circulation: % Growth 2015-2020
Table 30 Debit Cards Transactions: % Growth 2015-2020
Table 31 Debit Cards: Number of Cards by Issuer 2015-2019
Table 32 Debit Cards: Number of Cards by Operator 2015-2019
Table 33 Debit Cards Payment Transaction Value by Issuer 2015-2019
Table 34 Debit Cards Payment Transaction Value by Operator 2015-2019
Table 35 Forecast Debit Cards: Number of Cards in Circulation 2020-2025
Table 36 Forecast Debit Cards Transactions 2020-2025
Table 37 Forecast Debit Cards in Circulation: % Growth 2020-2025
Table 38 Forecast Debit Cards Transactions: % Growth 2020-2025
KEY DATA FINDINGS
2020 IMPACT
Notable declines across the niche of credit cards as direct result of pandemic
Limited travel opportunities reduce usage of both personal and commercial credit cards in 2020
Consolidated competitive landscape for credit cards with disruption caused by Access Bank/Diamond Bank merger
RECOVERY AND OPPORTUNITIES
More positive outlook for Nigeria's economy over the forecast period set to improve demand for credit cards
Issuers quick to resume credit offer to certain consumer groups
SMEs able to survive impact of pandemic supported by government financial assistance could help boost number of commercial credit cards
CATEGORY DATA
Table 39 Credit Cards: Number of Cards in Circulation 2015-2020
Table 40 Credit Cards Transactions 2015-2020
Table 41 Credit Cards in Circulation: % Growth 2015-2020
Table 42 Credit Cards Transactions: % Growth 2015-2020
Table 43 Commercial Credit Cards: Number of Cards in Circulation 2015-2020
Table 44 Commercial Credit Cards Transactions 2015-2020
Table 45 Commercial Credit Cards in Circulation: % Growth 2015-2020
Table 46 Commercial Credit Cards Transactions: % Growth 2015-2020
Table 47 Personal Credit Cards: Number of Cards in Circulation 2015-2020
Table 48 Personal Credit Cards Transactions 2015-2020
Table 49 Personal Credit Cards in Circulation: % Growth 2015-2020
Table 50 Personal Credit Cards Transactions: % Growth 2015-2020
Table 51 Credit Cards: Number of Cards by Issuer 2015-2019
Table 52 Credit Cards: Number of Cards by Operator 2015-2019
Table 53 Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 54 Credit Cards Payment Transaction Value by Operator 2015-2019
Table 55 Commercial Credit Cards: Number of Cards by Issuer 2015-2019
Table 56 Commercial Credit Cards: Number of Cards by Operator 2015-2019
Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019
Table 59 Personal Credit Cards: Number of Cards by Issuer 2015-2019
Table 60 Personal Credit Cards: Number of Cards by Operator 2015-2019
Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 62 Personal Credit Cards Payment Transaction Value by Operator 2015-2019
Table 63 Forecast Credit Cards: Number of Cards in Circulation 2020-2025
Table 64 Forecast Credit Cards Transactions 2020-2025
Table 65 Forecast Credit Cards in Circulation: % Growth 2020-2025
Table 66 Forecast Credit Cards Transactions: % Growth 2020-2025
Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 68 Forecast Commercial Credit Cards Transactions 2020-2025
Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025
Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 72 Forecast Personal Credit Cards Transactions 2020-2025
Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025
Table 74 Forecast Personal Credit Cards Transactions: % Growth 2020-2025
2020 IMPACT
KEY DATA FINDINGS
2020 IMPACT
Category dominated by general purpose reloadable open loop cards
While move away from cash during pandemic supports transaction value growth of pre-paid cards in 2020, banks focus on promoting debit accounts
Highly competitive and consolidated landscape for pre-paid cards
RECOVERY AND OPPORTUNITIES
Growth will for pre-paid cards set to gradually build over the course of the forecast period
Concerns over online fraud linked to bank cards offers further opportunity to pre-paid cards
Easing of international travel restrictions could offer further demand for pre-paid cards for overseas students
CATEGORY DATA
Table 75 Pre-paid Cards: Number of Cards in Circulation 2015-2020
Table 76 Pre-paid Cards Transactions 2015-2020
Table 77 Pre-paid Cards in Circulation: % Growth 2015-2020
Table 78 Pre-paid Cards Transactions: % Growth 2015-2020
Table 79 Open Loop Pre-paid Cards Transactions 2015-2020
Table 80 Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 81 Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 82 Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 83 Pre-paid Cards Transaction Value by Operator 2015-2019
Table 84 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 85 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 86 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 87 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 88 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 89 Forecast Pre-paid Cards Transactions 2020-2025
Table 90 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025
Table 91 Forecast Pre-paid Cards Transactions: % Growth 2020-2025
Table 92 Forecast Open Loop Pre-paid Cards Transactions 2020-2025
Table 93 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025
2020 IMPACT
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