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The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2019

The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2019

Synopsis

Timetric’s 'The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2019' report provides detailed analysis of market trends in Nigeria's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, check payments and payment cards, during the review period (2010–2014).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, and transaction values and volumes during the review period and over the forecast period (2015–2019). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together Timetric’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.

Summary

Timetric’s 'The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2019' report provides top-level market analysis, information and insights into Nigeria's 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 credit transfers, payment cards and checks. 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 Nigeria'a 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 Nigeria's cards and payments industry.
Scope
  • This report provides a comprehensive analysis of Nigeria's cards and payments industry.
  • It provides current values for Nigeria's cards and payments industry for 2014, and forecast figures to 2019.
  • It details the different demographic, economic, infrastructural and business drivers affecting Nigeria's cards and payments industry.
  • It outlines the current regulatory framework in the industry.
  • It details marketing strategies used by various banks and other institutions.
Reasons To Buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to Nigeria's cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Nigeria's cards and payments industry.
  • Assess the competitive dynamics in Nigeria's cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Nigeria.
  • Gain insights into key regulations governing Nigeria's cards and payments industry.
Key Highlights
  • To limit the foreign exchange outflow from the country, in December 2015 the Central Bank of Nigeria (CBN) imposed a ban on the use of debit and credit cards abroad, and on transactions in foreign currencies. This prevented Nigerian customers from using cards to make purchases from overseas retailers, 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 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 of US$10,000 (NGN1.7 million). Similar restrictions were imposed by other banks, such as First Bank of Nigeria and Sterling Bank. This restriction is anticipated to slow payment card transaction volumes and values.
  • Following government measures to curb cash transactions and promote electronic payments, the CBN reduced the daily cash withdrawal limit from US$908.4 (NGN150,000) to US$363.4 (NGN60,000) from August 2015. Previously, the CBN imposed a surcharge of US$0.4 (NGN65) from fourth withdrawals from non-base-bank ATMs from September 2014. Enforcement of these regulations supports the government’s policy of making Nigeria a cashless society.
  • Contactless technology is gaining prominence in Nigeria. In May 2015, six banks – UBA, Access Bank, First Bank, Zenith Bank, Skye Bank and Diamond Bank – signed an agreement with payment solution provider Unified Payments to launch PayAttitude, to promote contactless payments in Nigeria. PayAttitude is a near-field technology (NFC)-enabled tag-based mobile payment solution that works with contactless POS terminals. UBA introduced debit cards in Nigeria in November 2015 enabled with NFC technology for use at contactless POS and ATM terminals.


  • Definitions and Methodology
    • Definitions
      • Table Key Definitions
    • Methodology
      • Table Annual Average Exchange Rate
  • Key Facts and Events
    • Table Nigeria - Key Facts, 2014
    • Table Regional Benchmarking of Nigerian Payment Cards, 2014
  • Executive Summary
  • Payment Instruments
    • Current Payment Environment
  • E-Commerce
    • E-Commerce Market Analysis
  • Alternative Payments
    • Alternative Payment Instruments
      • Paga
      • eTranzact
      • PayPal
      • Chams Mobile
      • Verve World
  • Regulations in the Cards and Payments Industry
    • Regulatory Framework
      • Payment System Vision 2020 (PSV2020)
      • Regulations on credit cards
      • Anti-money laundering (AML) measures
    • Foreign Direct Investment (FDI) Regulations
      • Table Nigeria - Mode of Entry of Foreign Banks
  • Analysis of Cards and Payments Industry Drivers
    • Demographic Drivers
    • Economic Drivers
    • Infrastructure Drivers
    • Business Drivers
  • Market Segmentation and New Product Launches
    • Market Segmentation and Targeting
      • Consumer cards
        • Table Cards for High-Income Consumers, 2016
        • Table Cards for Students and Young Population, 2016
        • Table Cards for Shoppers, 2016
      • Commercial cards
        • Table Commercial Cards Comparison and Key Features, 2016
    • New Product Launches
      • Table Nigeria - New Product Launches
  • Payment Cards
    • Payment Cards Analysis
      • Volume and value of payment card transactions by type
      • Personal vs commercial cards
  • Debit Cards
    • Debit Card Market Analysis
      • Debit card transaction volumes and values by channel
      • Debit card scheme and issuer shares in terms of transaction value
      • Debit cards comparison
        • Table Nigeria - Debit Cards Comparison and Key Features, 2016
  • Credit Cards
    • Credit Card Market Analysis
      • Credit card transaction volumes and values by channel
      • Credit card scheme and issuer shares in terms of transaction value
      • Credit cards comparison
        • Table Nigeria - Gold Credit Cards Comparison and Key Features, 2016
        • Table Nigeria - Premium Credit Cards Comparison and Key Features, 2016
  • Commercial Cards
    • Commercial Card Market Analysis
      • Commercial cards comparison
        • Table Nigeria - Commercial Cards Comparison and Key Features, 2016
  • Card Issuers
    • United Bank of Africa
    • First Bank
    • Access Bank
    • GTBank
    • Ecobank
  • Appendix
    • Tables
      • Table Nigeria - Payment Instrument Transaction Values (NGN Trillion), 2010-2014
      • Table Nigeria - Payment Instrument Transaction Values (US$ Billion), 2010-2014
      • Table Nigeria - Payment Instrument Transaction Volumes (Million), 2010-2014
      • Table Nigeria - Number of Payment Cards in Circulation by Type (Million), 2010-2019
      • Table Nigeria - Volume of Payment Card Transactions by Type (Million), 2010-2019
      • Table Nigeria - Value of Payment Card Transactions by Type (NGN Billion), 2010-2019
      • Table Nigeria - Value of Payment Card Transactions by Type (US$ Billion), 2010-2019
      • Table Nigeria - Personal and Commercial Card Transaction Volumes (Million), 2010-2019
      • Table Nigeria - Personal and Commercial Card Transaction Values (NGN Billion), 2010-2019
      • Table Nigeria - Personal and Commercial Card Transaction Values (US$ Million), 2010-2019
      • Table Nigeria - Number of Debit Cards in Circulation (Million), 2010-2019
      • Table Nigeria - Debit Card Transaction Volumes and Frequency by Channel, 2010-2019
      • Table Nigeria - Debit Card Total and Average Transaction Values by Channel, 2010-2019
      • Table Nigeria - Number of Debit Cards in Circulation by Scheme (Million), 2010-2014
      • Table Nigeria - Debit Card Transaction Values by Scheme (NGN Billion), 2010-2014
      • Table Nigeria - Debit Card Transaction Values by Scheme (US$ Billion), 2010-2014
      • Table Nigeria - Debit Card Transaction Values by Issuer (NGN Billion), 2010-2014
      • Table Nigeria - Debit Card Transaction Values by Issuer (US$ Billion), 2010-2014
      • Table Nigeria - Number of Credit Cards in Circulation (Million), 2010-2019
      • Table Nigeria - Credit Card Transaction Volumes and Frequency by Channel, 2010-2019
      • Table Nigeria - Credit Card Total and Average Transaction Values by Channel, 2010-2019
      • Table Nigeria - Number of Credit Cards in Circulation by Scheme (Thousand), 2010-2014
      • Table Nigeria - Credit Card Transaction Values by Scheme (NGN Billion), 2010-2014
      • Table Nigeria - Credit Card Transaction Values by Scheme (US$ Million), 2010-2014
      • Table Nigeria - Credit Card Transaction Values by Issuer (NGN Billion), 2010-2014
      • Table Nigeria - Credit Card Transaction Values by Issuer (US$ Million), 2010-2014
      • Table Nigeria - Number of Commercial Cards in Circulation (Thousand), 2010-2019
      • Table Nigeria - Commercial Cards Transaction Values (NGN Billion), 2010-2019
      • Table Nigeria - Commercial Cards Transaction Values (US$ Million), 2010-2019
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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