The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020

  • ID: 4142865
  • Report
  • Region: Nigeria
  • 51 pages
  • GlobalData
1 of 4

FEATURED COMPANIES

  • Access Bank
  • Ecobank
  • FirstBank
  • GTBank
  • Interswitch
  • Mastercard
  • MORE
The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020

Summary:

The "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 The 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:

- 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.

Reasons to buy

- 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.
READ MORE
Note: Product cover images may vary from those shown
2 of 4

FEATURED COMPANIES

  • Access Bank
  • Ecobank
  • FirstBank
  • GTBank
  • Interswitch
  • Mastercard
  • MORE
EXECUTIVE SUMMARY
1.1. Market overview
1.2. Key facts
1.3. Top five industry events
2. PAYMENT INSTRUMENTS
2.1. Current payment environment
3. E-COMMERCE AND ALTERNATIVE PAYMENTS
3.1. E-Commerce market analysis
3.2. Alternative payment solutions
3.2.1. Paga
3.2.2. PocketMoni
3.2.3. PayPal
3.2.4. Verve World
3.2.5. Nairabox
3.2.6. Fortumo
3.2.7. MasterPass
3.2.8. mVisa
3.2.9. KongaPay
3.2.10. PayAttitude
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY
4.1. Regulatory framework
4.1.1. Payment System Vision 2020 (PSV2020)
4.2. Anti-money laundering and counter-terrorism financing (AML/CTF)
4.3. Foreign direct investment (FDI) regulations
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS
6. PAYMENT CARDS
7. DEBIT CARDS
7.1. Debit cards market analysis
7.2. Competition in the debit cards market
7.3. Debit cards comparison
8. PAY LATER CARDS
8.1. Pay later cards market analysis
8.2. Competition in the pay later cards market
8.3. Pay later cards comparison
9. APPENDIX
9.1. Abbreviations
9.2. Supplementary data
9.3. Definitions
9.4. Common payment card features
9.5. Methodology
9.6. Bibliography
9.7. Further reading

List of Tables
Table 1: Nigeria, Key Facts, 2016
Table 2: Nigeria, Regional Benchmarking of Payment Cards, 2016
Table 3: Nigeria, Mode of Entry of Foreign Banks
Table 4: Nigeria, Debit Cards Comparison and Key Features, 2016
Table 5: Nigeria, Gold Credit Cards Comparison and Key Features, 2016
Table 6: Nigeria, Premium Credit Cards Comparison and Key Features, 2016
Table 7: Nigeria, Payment Instrument Transaction Values (NGN Trillion), 2012-2016
Table 8: Nigeria, Payment Instrument Transaction Values (US$ Billion), 2012-2016
Table 9: Nigeria, Payment Instrument Transaction Volumes (Million), 2012-2016
Table 10: Nigeria, Payment Cards in Circulation by Type (Million), 2012-2020
Table 11: Nigeria, Volume of Payment Card Transactions (Million), 2012-2020
Table 12: Nigeria, Value of Payment Card Transactions (NGN Billion), 2012-2020
Table 13: Nigeria, Value of Payment Card Transactions (US$ Million), 2012-2020
Table 14: Nigeria, Debit Cards in Circulation (Million), 2012-2020
Table 15: Nigeria, Debit Card Transaction Volumes, 2012-2020
Table 16: Nigeria, Debit Card Transaction Values (NGN), 2012-2020
Table 17: Nigeria, Debit Card Transaction Values (US$), 2012-2020
Table 18: Nigeria, Debit Cards in Circulation by Scheme (Million), 2012-2016
Table 19: Nigeria, Debit Card Transaction Values by Scheme (NGN Billion), 2012-2016
Table 20: Nigeria, Debit Card Transaction Values by Scheme (US$ Billion), 2012-2016
Table 21: Nigeria, Debit Card Transaction Values by Issuer (NGN Billion), 2012-2016
Table 22: Nigeria, Debit Card Transaction Values by Issuer (US$ Billion), 2012-2016
Table 23: Nigeria, Pay Later Cards in Circulation (Thousand), 2012-2020
Table 24: Nigeria, Pay Later Card Transaction Volumes, 2012-2020
Table 25: Nigeria, Pay Later Card Transaction Values (NGN), 2012-2020
Table 26: Nigeria, Pay Later Card Transaction Values (US$), 2012-2020
Table 27: Nigeria, Pay Later Cards in Circulation by Scheme (Thousand), 2012-2016
Table 28: Nigeria, Pay Later Card Transaction Values by Scheme (NGN Billion), 2012-2016
Table 29: Nigeria, Pay Later Card Transaction Values by Scheme (US$ Million), 2012-2016
Table 30: Nigeria, Pay Later Card Transaction Values by Issuer (NGN Million), 2012-2016
Table 31: Nigeria, Pay Later Card Transaction Values by Issuer (US$ Million), 2012-2016
Table 32: Definitions of Commonly Used Terms
Table 33: Common Features of Payment Cards

List of Figures
Figure 1: Nigeria, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016
Figure 2: Nigeria, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016
Figure 3: Nigeria, E-Commerce Value
Figure 4: Nigeria, Population and Economic Indicators
Figure 5: Nigeria, ATMs, POS Terminals and Household Consumption
Figure 6: Nigeria, Payment Cards Transaction Value and Cards in Circulation, 2012-2021
Figure 7: Nigeria, Debit Card Penetration and Turnover Per Card
Figure 8: Nigeria, Debit Cards Scheme and Issuer Transaction Value Share, 2016
Figure 9: Nigeria, Pay Later Card Penetration and Turnover Per Card
Figure 10: Nigeria, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016
Note: Product cover images may vary from those shown
3 of 4

Loading
LOADING...

4 of 4
  • UBA
  • FirstBank
  • GTBank
  • Access Bank
  • Ecobank
  • Interswitch
  • Visa
  • Mastercard
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
Adroll
adroll