Nigeria Payments Landscape Market Report- Growing demand and growth opportunity | FirstBank, UBA, GTBank

ReportsnReports added Latest Nigeria Payments Landscape Market research report estimates the market size by the end of year at a CAGR, by deep-dive analysis of the historical data for the years. The main objective of this report is to determine Nigeria Payments Landscape Market status, forecast, growth opportunity, market size by analyzing segments such as key market players, regional classifications, product type and application industry. Nigeria Payments Landscape Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.

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Access Bank

Zenith Bank




Nigeria Payments Landscape Market 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 cards, credit transfers, direct debits, and cheques during the review-period (2014-18e).

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 (2018e-22f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

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 detailed regulatory policies and recent changes in 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 cards, credit transfers, direct debits, and cheques. 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.

Scope of this Report-
– While bricks-and-mortar branches remain important in Nigeria, digital banks have begun to enter the market. In May 2017, Nigeria-based Wema Bank launched a digital-only bank, ALAT, with whom consumers can open accounts, receive a debit card, apply for loans, pay utility bills and receive discounts at partner merchants. Previously in November 2016, Lidya, an online financial services platform, was launched in the country, which also offers a Mastercard credit card. Similarly, banks are gradually moving towards digital channels to serve their customers. In 2017, FNB customers conducted nearly 97 millions transactions worth NGN4.1tn ($11.28bn) using the FirstOnline and FirstMobile digital channels; these developments will help accelerate the shift towards electronic payments.
– To further enhance financial inclusion in the country, on October 26, 2018 the CBN released a new set of guidelines for the licensing and regulation of payment service banks in Nigeria. According to the regulation, banking agents, telecommunication companies, postal and courier service providers, mobile money operators, financial technology companies, financial holding companies and any other entity approved by the CBN are eligible to establish a payment service bank. In March 2018, the CBN, deposit money banks, mobile money operators and banking agents launched a new project, the Shared Agent Network Expansion Facilities (SANEF). As part of the initiative, 500,000 agent networks will be deployed to under- and unbanked areas in a phased manner. These agents will offer basic banking services such as cash deposits and withdrawals, fund transfer, bill payments, airtime purchases and government benefits.
– Commercial banks/credit card issuers in Nigeria are likely to face competition in the consumer lending space with the emergence of the online P2P lending model. In December 2017, for instance, the P2P lender KiaKia launched an online P2P and direct lending platform. According to the company, interest rates for unsecured credit vary between 7.5-15%, against 30% charged by some of its competitors. It also allows borrowers to choose between seven and 60 days for short-term loans, and charges interest only for the chosen days.

Reasons to buy this Report-
– 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.

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Table of Contents
Market Overview
Executive Summary
Card-based Payments
E-commerce Payments
Alternative Payments
Payment Innovations
Payments Infrastructure & Regulation