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Nigeria Cards and Payments - Opportunities and Risks to 2024

ReportLinker
·3-min read

Summary ’Nigeria Cards and Payments - Opportunities and Risks to 2024’ 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 cash, cards, credit transfers, cheques, and direct debits during the review-period (2016-20e).

New York, Dec. 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nigeria Cards and Payments - Opportunities and Risks to 2024" - https://www.reportlinker.com/p05994231/?utm_source=GNW


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 (2020e-24f). 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 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 cash, cards, credit transfers, cheques, and direct debits. 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’s cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope
- The growing preference for digital banking has prompted digital banks to launch operations in Nigeria. In June 2020, digital-only bank Sparkle launched its operations in the country after receiving an operating license from CBN. The bank offers several features, including savings accounts and debit cards. In August 2019, neobank Kuda Bank launched in Nigeria, while in December 2019 Standard Chartered Bank Nigeria launched a digital-only bank in the country. Similarly, in May 2020, Brass - a digital-only bank focused on SMEs - raised seed funding from Ventures Platform, helping it officially launch in Nigeria in July 2020.
- Contactless payments are gradually gaining traction in Nigeria, with major banks including First Bank of Nigeria and United Bank for Africa (UBA) Group now offering contactless cards. To capitalize on this trend, commercial banks such as Zenith Bank are offering contactless POS terminals to increase contactless card payment acceptance among merchants. Meanwhile, contactless payments are also being introduced in the transport sector. Sterling Bank offers the contactless transit card FarePay, allowing holders to make contactless payments to purchase tickets for the Lagos Bus Rapid Transit system.
- Commercial banks and credit card issuers in Nigeria are likely to face competition in the consumer lending space following the emergence of the online P2P lending model. In November 2017, P2P lender KiaKia launched an online P2P and direct lending platform. The company charges lower interest rates compared to traditional banks. It also allows borrowers to choose the exact loan tenure for short-term loans (between seven and 60 days), and only charges interest for the chosen tenure. As of October 2020 the company had provided loans worth NGN6.7m ($18,505.22).

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.
Read the full report: https://www.reportlinker.com/p05994231/?utm_source=GNW

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