The Cards and Payments industry in Nigeria: emerging Trends and Opportunities to 2019

Published: Apr, 2016 | Pages: 56 | Publisher: Timetric
Industry: Financial Services | Report Format: Electronic (PDF)

Synopsis
Timetric's '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 (2010-2014).

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 (2015-2019). it also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together Timetric's 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.

Summary
Timetric's '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.

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 government's 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.

 Table of Content
1 Definitions and Methodology
1.1 Definitions
1.2 Methodology
2 Key Facts and events
3 executive Summary
4 Payment instruments
4.1 Current Payment environment
5 e-Commerce
5.1 e-Commerce Market Analysis
6 Alternative Payments
6.1 Alternative Payment instruments
6.1.1 Paga
6.1.2 eTranzact
6.1.3 PayPal
6.1.4 Chams Mobile
6.1.5 Verve World
7 Regulations in the Cards and Payments industry
7.1 Regulatory Framework
7.1.1 Payment System Vision 2020 (PSV2020)
7.1.2 Regulations on credit cards
7.1.3 Anti-money laundering (AML) measures
7.2 Foreign Direct investment (FDi) Regulations
8 Analysis of Cards and Payments industry Drivers
8.1 Demographic Drivers
8.2 economic Drivers
8.3 infrastructure Drivers
8.4 Business Drivers
9 Market Segmentation and New Product Launches
9.1 Market Segmentation and Targeting
9.1.1 Consumer cards
9.1.2 Commercial cards
9.2 New Product Launches
10 Payment Cards
10.1 Payment Cards Analysis
10.1.1 Volume and value of payment card transactions by type
10.1.2 Personal vs commercial cards
11 Debit Cards
11.1 Debit Card Market Analysis
11.1.1 Debit card transaction volumes and values by channel
11.1.2 Debit card scheme and issuer shares in terms of transaction value
11.1.3 Debit cards comparison
12 Credit Cards
12.1 Credit Card Market Analysis
12.1.1 Credit card transaction volumes and values by channel
12.1.2 Credit card scheme and issuer shares in terms of transaction value
12.1.3 Credit cards comparison
13 Commercial Cards
13.1 Commercial Card Market Analysis
13.1.1 Commercial cards comparison
14 Card issuers
14.1 United Bank of Africa
14.2 First Bank
14.3 Access Bank
14.4 GTBank
14.5 ecobank
15 Appendix
15.1 Tables
15.2 Contact Timetric
15.3 About Timetric
15.4 Timetric's Services
15.5 Disclaimer

List of Tables
Table 1: Key Definitions
Table 2: Annual Average exchange Rate
Table 3: Nigeria - Key Facts, 2014
Table 4: Regional Benchmarking of Nigerian Payment Cards, 2014
Table 5: Nigeria - Mode of entry of Foreign Banks
Table 6: Cards for High-income Consumers, 2016
Table 7: Cards for Students and Young Population, 2016
Table 8: Cards for Shoppers, 2016
Table 9: Commercial Cards Comparison and Key Features, 2016
Table 10: Nigeria - New Product Launches
Table 11: Nigeria - Debit Cards Comparison and Key Features, 2016
Table 12: Nigeria - Gold Credit Cards Comparison and Key Features, 2016
Table 13: Nigeria - Premium Credit Cards Comparison and Key Features, 2016
Table 14: Nigeria - Commercial Cards Comparison and Key Features, 2016
Table 15: Nigeria - Payment instrument Transaction Values (NGN Trillion), 2010-2014
Table 16: Nigeria - Payment instrument Transaction Values (US$ Billion), 2010-2014
Table 17: Nigeria - Payment instrument Transaction Volumes (Million), 2010-2014
Table 18: Nigeria - Number of Payment Cards in Circulation by Type (Million), 2010-2019
Table 19: Nigeria - Volume of Payment Card Transactions by Type (Million), 2010-2019
Table 20: Nigeria - Value of Payment Card Transactions by Type (NGN Billion), 2010-2019
Table 21: Nigeria - Value of Payment Card Transactions by Type (US$ Billion), 2010-2019
Table 22: Nigeria - Personal and Commercial Card Transaction Volumes (Million), 2010-2019
Table 23: Nigeria - Personal and Commercial Card Transaction Values (NGN Billion), 2010-2019
Table 24: Nigeria - Personal and Commercial Card Transaction Values (US$ Million), 2010-2019
Table 25: Nigeria - Number of Debit Cards in Circulation (Million), 2010-2019
Table 26: Nigeria - Debit Card Transaction Volumes and Frequency by Channel, 2010-2019
Table 27: Nigeria - Debit Card Total and Average Transaction Values by Channel, 2010-2019
Table 28: Nigeria - Debit Card Total and Average Transaction Values by Channel, 2010-2019
Table 29: Nigeria - Number of Debit Cards in Circulation by Scheme (Million), 2010-2014
Table 30: Nigeria - Debit Card Transaction Values by Scheme (NGN Billion), 2010-2014
Table 31: Nigeria - Debit Card Transaction Values by Scheme (US$ Billion), 2010-2014
Table 32: Nigeria - Debit Card Transaction Values by issuer (NGN Billion), 2010-2014
Table 33: Nigeria - Debit Card Transaction Values by issuer (US$ Billion), 2010-2014
Table 34: Nigeria - Number of Credit Cards in Circulation (Million), 2010-2019
Table 35: Nigeria - Credit Card Transaction Volumes and Frequency by Channel, 2010-2019
Table 36: Nigeria - Credit Card Total and Average Transaction Values by Channel, 2010-2019
Table 37: Nigeria - Credit Card Total and Average Transaction Values by Channel, 2010-2019
Table 38: Nigeria - Number of Credit Cards in Circulation by Scheme (Thousand), 2010-2014
Table 39: Nigeria - Credit Card Transaction Values by Scheme (NGN Billion), 2010-2014
Table 40: Nigeria - Credit Card Transaction Values by Scheme (US$ Million), 2010-2014
Table 41: Nigeria - Credit Card Transaction Values by issuer (NGN Billion), 2010-2014
Table 42: Nigeria - Credit Card Transaction Values by issuer (US$ Million), 2010-2014
Table 43: Nigeria - Number of Commercial Cards in Circulation (Thousand), 2010-2019
Table 44: Nigeria - Commercial Cards Transaction Values (NGN Billion), 2010-2019
Table 45: Nigeria - Commercial Cards Transaction Values (US$ Million), 2010-2019