The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020
March 2017
51
About the Report
About the Report
Products
Companies
UBA, FirstBank, GTBank, Access Bank, Ecobank, Interswitch, Visa, Mastercard
Table of Contents
Table of Contents
Table of Contents
EXECUTIVE SUMMARY 2
1.1. Market overview 2
1.2. Key facts 4
1.3. Top five industry events 5
2. PAYMENT INSTRUMENTS 11
2.1. Current payment environment 11
3. E-COMMERCE AND ALTERNATIVE PAYMENTS 13
3.1. E-Commerce market analysis 13
3.2. Alternative payment solutions 15
3.2.1. Paga 15
3.2.2. PocketMoni 15
3.2.3. PayPal 16
3.2.4. Verve World 16
3.2.5. Nairabox 16
3.2.6. Fortumo 16
3.2.7. MasterPass 16
3.2.8. mVisa 17
3.2.9. KongaPay 17
3.2.10. PayAttitude 17
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 18
4.1. Regulatory framework 18
4.1.1. Payment System Vision 2020 (PSV2020) 18
4.2. Anti-money laundering and counter-terrorism financing (AML/CTF) 19
4.3. Foreign direct investment (FDI) regulations 20
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 21
6. PAYMENT CARDS 24
7. DEBIT CARDS 27
7.1. Debit cards market analysis 27
7.2. Competition in the debit cards market 29
7.3. Debit cards comparison 31
8. PAY LATER CARDS 32
8.1. Pay later cards market analysis 32
8.2. Competition in the pay later cards market 34
8.3. Pay later cards comparison 36
9. APPENDIX 37
9.1. Abbreviations 37
9.2. Supplementary data 38
9.3. Definitions 45
9.4. Common payment card features 46
9.5. Methodology 47
9.6. Bibliography 49
9.7. Further reading 49
List of Figure
List of Figures
Figure 1: Nigeria, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016 11
Figure 2: Nigeria, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016 12
Figure 3: Nigeria, E-Commerce Value 13
Figure 4: Nigeria, Population and Economic Indicators 21
Figure 5: Nigeria, ATMs, POS Terminals and Household Consumption 22
Figure 6: Nigeria, Payment Cards Transaction Value and Cards in Circulation, 2012-2021 24
Figure 7: Nigeria, Debit Card Penetration and Turnover Per Card 27
Figure 8: Nigeria, Debit Cards Scheme and Issuer Transaction Value Share, 2016 29
Figure 9: Nigeria, Pay Later Card Penetration and Turnover Per Card 32
Figure 10: Nigeria, Pay Later Cards Scheme and Issuer Transaction Value Share, 2016 34
List of Table
List of Tables
Table 1: Nigeria, Key Facts, 2016 4
Table 2: Nigeria, Regional Benchmarking of Payment Cards, 2016 4
Table 3: Nigeria, Mode of Entry of Foreign Banks 20
Table 4: Nigeria, Debit Cards Comparison and Key Features, 2016 31
Table 5: Nigeria, Gold Credit Cards Comparison and Key Features, 2016 36
Table 6: Nigeria, Premium Credit Cards Comparison and Key Features, 2016 36
Table 7: Nigeria, Payment Instrument Transaction Values (NGN Trillion), 2012�2016 38
Table 8: Nigeria, Payment Instrument Transaction Values (US$ Billion), 2012�2016 38
Table 9: Nigeria, Payment Instrument Transaction Volumes (Million), 2012�2016 38
Table 10: Nigeria, Payment Cards in Circulation by Type (Million), 2012�2020 38
Table 11: Nigeria, Volume of Payment Card Transactions (Million), 2012�2020 39
Table 12: Nigeria, Value of Payment Card Transactions (NGN Billion), 2012�2020 39
Table 13: Nigeria, Value of Payment Card Transactions (US$ Million), 2012�2020 39
Table 14: Nigeria, Debit Cards in Circulation (Million), 2012�2020 39
Table 15: Nigeria, Debit Card Transaction Volumes, 2012�2020 40
Table 16: Nigeria, Debit Card Transaction Values (NGN), 2012�2020 40
Table 17: Nigeria, Debit Card Transaction Values (US$), 2012�2020 40
Table 18: Nigeria, Debit Cards in Circulation by Scheme (Million), 2012�2016 41
Table 19: Nigeria, Debit Card Transaction Values by Scheme (NGN Billion), 2012�2016 41
Table 20: Nigeria, Debit Card Transaction Values by Scheme (US$ Billion), 2012�2016 41
Table 21: Nigeria, Debit Card Transaction Values by Issuer (NGN Billion), 2012�2016 41
Table 22: Nigeria, Debit Card Transaction Values by Issuer (US$ Billion), 2012�2016 42
Table 23: Nigeria, Pay Later Cards in Circulation (Thousand), 2012�2020 42
Table 24: Nigeria, Pay Later Card Transaction Volumes, 2012�2020 42
Table 25: Nigeria, Pay Later Card Transaction Values (NGN), 2012�2020 43
Table 26: Nigeria, Pay Later Card Transaction Values (US$), 2012�2020 43
Table 27: Nigeria, Pay Later Cards in Circulation by Scheme (Thousand), 2012�2016 43
Table 28: Nigeria, Pay Later Card Transaction Values by Scheme (NGN Billion), 2012�2016 44
Table 29: Nigeria, Pay Later Card Transaction Values by Scheme (US$ Million), 2012�2016 44
Table 30: Nigeria, Pay Later Card Transaction Values by Issuer (NGN Million), 2012�2016 44
Table 31: Nigeria, Pay Later Card Transaction Values by Issuer (US$ Million), 2012�2016 44
Table 32: Definitions of Commonly Used Terms 45
Table 33: Common Features of Payment Cards 46
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