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Nigeria Cards and Payments: Opportunities and Risks to 2030

Publisher GlobalData
Published Apr 06, 2026
Length 90 Pages
SKU # GBDT21143319

Description

Nigeria Cards and Payments: Opportunities and Risks to 2030

Summary

GlobalData’s ‘Nigeria Cards and Payments: Opportunities and Risks to 2030' 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, credit transfers, cards, direct debits, and cheques during the review-period (2021-25e).

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 (2026f-30f). It also offers information on the country's competitive landscape, including 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 detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Nigeria Cards and Payments: Opportunities and Risks to 2030' 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 cash, credit transfers, cards, 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.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Nigerian cards and payments industry.
Key Highlights
  • Nigeria’s cross-border payment landscape is evolving; driven by regulatory reforms. For example, in April 2025, the CBN issued a Pan-African Payment and Settlement System (PAPSS) circular simplifying Know Your Customer (KYC) and Anti-Money Laundering (AML) rules; allowing individuals to transact up to NGN2.97 million ($2,000) and corporates up to NGN7.43 million ($5,000) with basic paperwork which makes it easier for Nigerians to send and receive money globally. This move allowed banks to obtain foreign currency for international transactions which enables faster and easier payments.
  • In October 2025, the Nigerian Government, through the National Information Technology Development Agency (NITDA), introduced a trustmark scheme to certify authentic ecommerce platforms. The Trustmark is meant to help consumers identify legitimate platforms and enhanced protection against fraud in the online marketplace.
  • In January 2026, PayPal, in partnership with Paga, launched a direct-link payment service in Nigeria that allows users to receive international payments directly into their digital wallets. To use this service, users must link their PayPal accounts with their Paga wallets. Once linked, users can receive funds sent through PayPal directly into their Paga accounts. At the time of receiving payment, when funds are transferred to the user’s PayPal account, the service automatically enables the transfer of the funds into the linked Paga wallet. The received funds are instantly converted into Naira and become available for various transactions, such as shopping, bill payments or P2P transfers within the Paga platform.
Scope
  • Card market size in terms of number of cards, value and volume of transactions in Nigeria along with detailed card segmentation of debit, and credit cards available in the country.
  • Market sizing and analysis of major payment instruments including cash, credit transfers, cards, direct debits, and cheques.
  • Payment market trends and growth for both historical and forecast period.
  • Competitor analysis with detailed insights into leading card issuers and schemes.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • A detailed snapshot of country's key alternative payment brands.
Reasons to Buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to the Nigeria cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Nigeria cards and payments industry.
  • Assess the competitive dynamics in the Nigeria cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Nigeria.
  • Gain insights into key regulations governing the Nigeria cards and payments industry.

Table of Contents

90 Pages
1. Executive Summary
2. Macroeconomics, Regulation, and Infrastructure
3. Payment Instruments
4. Card-Based Payments
5. Instant Payments
6. Digital Wallet Payments
7. Buy Now Pay Later
8. In-store Payments
9. Ecommerce Payments
10. Bill Payments
11. P2P and Remittances
12. Appendix
List of Tables
Key facts, 2025
Payment instrument transaction values (LCU), 2021-2030f
Payment instrument transaction values ($), 2021-2030f
Payment instrument transaction volumes (units), 2021-2030f
Payment cards in circulation by type (units), 2021-2030f
Volume of payment card transactions (units), 2021-2030f
Value of payment card transactions (LCU), 2021-2030f
Value of payment card transactions ($), 2021-2030f
Debit cards in circulation (units), 2021-2030f
Debit card transaction volumes, 2021-2030f
Debit card transaction values (LCU), 2021-2030f
Debit card transaction values ($), 2021-2030f
Debit cards in circulation by scheme (units), 2021-25e
Debit card transaction values by scheme (LCU), 2021-25e
Debit card transaction values by scheme ($), 2021-25e
Debit cards in circulation by issuer (units), 2021-25e
Debit cards transaction value by issuer (LCU), 2021-25e
Debit cards transaction value by issuer ($), 2021-25e
Credit cards in circulation (units), 2021-2030f
Credit cards transaction volumes, 2021-2030f
Credit cards transaction values (LCU), 2021-2030f
Credit cards transaction values ($), 2021-2030f
Credit cards in circulation by scheme (units), 2021-25e
Credit cards transaction values by scheme (LCU), 2021-25e
Credit cards transaction values by scheme ($), 2021-25e
Credit cards in circulation by issuer (units), 2021-25e
Credit cards transaction value by issuer (LCU), 2021-25e
Credit cards transaction value by issuer ($), 2021-25e
List of Figures
Card penetration per 100 inhabitant
Average number of monthly card transactions
POS terminals per 1,000 inhabitants
Inflation rate
GDP growth rate
Unemployment rate
Total population
Banked population
Internet penetration
Cell phone penetration
Number of ATMs and ATMs per 1 million inhabitants
Number of POS terminals and POS terminals per 1 million inhabitants
Payment istrument transaction volume (paper-based vs electronic payments)
Payment instruments transaction value
Payment instruments transaction volume
Cross-border payment value
Cross-border payment volume
Payment cards number of cards in circulation
Payment cards card penetration per individual, by card type
Payment cards value of card transactions
Payment cards volume of card transactions
Payments card value physical POS vs. remote
Payments card volume physical POS vs. remote
Payments value domestic vs. cross-border
Payments volume domestic vs. cross-border
Debit cards share of value of transactions
Credit cards share of value of transactions
Debit card frequency of payments and average transaction value
Debit card ATM withdrawals frequency of use and average transaction value
Debit cards schemes transaction volume
Debit cards schemes transaction value
Debit cards schemes market share in terms of transaction value
Debit card issuers by number of cards
Debit card issuers by transaction value share
Credit card frequency of payments and average transaction value
Credit card ATM withdrawals frequency of use and average transaction value
Credit card schemes transaction value
Credit card schemes transaction volume
Credit card schemes market share in terms of transaction value
Credit card issuers by number of cards
Credit card issuers by transaction value share
Credit card balances outstanding repayment schedule
Instant payments transaction value
Instant payments transaction volume
Digital wallet transaction value
Digital wallet transaction volume
Mobile Proximity Payments usage drivers
Mobile Proximity Payments funding methods
BNPL online transaction value and transaction volume
BNPL share of overall ecommerce transaction value
Preferred BNPL brand/tool for in-store and online payments
In-store transaction value by payment method
In-store payment tool usage drivers
In-store transaction value by products and services
E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
Ecommerce market by product and services
Ecommerce market by paymnet tools
Online payment tool usage drivers
Bill Payments - Breakdown by payment tools
Bill Payments- Frequency of bill payments
P2P Payments - Domestic and International P2P money transfers and top priorities for P2P tools
Value of inward and outward remittances
Top 10 countries for inward and onward remittances

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