The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020
GlobalData’s The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020 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, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce 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.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape in the Nigerian cards and payments industry.
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 credit transfers, checks and payment cards during the review period (2012-2016).
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 (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData’s 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.
The Nigerian payment cards market is anticipated to slow down, as a result of a ban imposed by the Central Bank of Nigeria (CBN) in December 2015 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, or 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, but with limits on transaction values. In January 2016, for instance, GTBank permitted customers to transfer foreign currency via online banking, its mobile app, or at any branch nationwide, subject to a daily limit. Similar restrictions were imposed by other banks, such as First Bank of Nigeria and Sterling Bank. Yet again, with the escalating foreign exchange crisis, in October 2016 GTBank, Standard Chartered Bank Nigeria and Stanbic IBTC Bank suspended use of payment cards abroad and for online transactions.
While banks in Nigeria still focus on traditional bricks-and-mortar branches to deliver services, SunTrust Bank launched a mobile-only bank in 2016, allowing consumers to conduct transactions purely by mobile phone. Another digital bank, Lidya, was introduced in 2016; it offers an online platform for consumers to open bank accounts, access credit and save money. Furthermore, the bank aims to partner with other bricks-and-mortar Nigerian banks to provide an online platform to small and medium-sized businesses (SMEs). The advent of mobile-only banks is likely to accelerate a shift towards electronic payments in Nigeria.
Alternative payments that offer security and convenience are gradually gaining prominence in Nigeria, with banks and payment solution providers launching services. The latest of these is the launch of MasterPass by Mastercard in association with Ecobank in 2016. Similarly, Visa and Nigeria-based technology company JORG Technologies launched mVisa and Nairabox respectively in the same year. Other alternative payments available in the market include PayAttitude by six banks: UBA, Access Bank, FirstBank, Zenith Bank, Skye Bank and Diamond Bank, Verve World and PayPal.Scope
Reasons to buy
- This report provides a comprehensive analysis of the Nigerian cards and payments industry.
- It provides current values for the Nigerian cards and payments industry for 2016, and forecast figures to 2020.
- It details the different demographic, economic, infrastructural and business drivers affecting the Nigerian cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details marketing strategies used by various banks and other institutions.
- 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.