The slide of the month July shows continuous growth of more than 20% in payment cards for Nigeria. At the moment the total market has got about 42 million cards according to various sources. The major share of payment cards in Nigeria are debit cards with almost 98%. Credit cards have not been popular in the market. Verve, a national payment scheme still holds the strongest position however with sincere competition from Mastercard. The bank with the most cards in the market is First Bank, followed by UBA and Ecobank.
At the moment the following trends can be observed:
- Strong marketing activities to push China Union Products to come by end of 2016
- Mobile solutions on the rise with payment cards being a commodity product
- Growth in agent networks resulting in the need for more solutions
Over the past 2 years africon has developed a strong understanding of the Nigerian payment cards market and would be happy to answer all questions on info@africon.de.
