Press release
The Cards and Payments Industry in Nigeria: credit transfers, check payments and payment cards
Timetrics '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 (20102014).
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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 (20152019). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together Timetrics 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.
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Summary
Timetrics '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.
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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 governments 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.
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