Lewes, DE -- (SBWIRE) -- 05/14/2014 -- The Nigerian card payments channel recorded strong growth during the review period both in terms of volume and value. The card payments channel grew at a review-period CAGR of 12.89%, rising from 30.5 million cards in circulation in 2009 to 49.5 million in 2013. Over the forecast period, the card payments channel is forecast to register a CAGR of 9.76%, rising from 56.1 million cards in circulation 2014 to 81.4 million in 2018.
The review-period growth was a result of the Nigerian government’s efforts to move its cash-based economy towards non-cash payments. Projects such as Cash-Less Lagos have been launched to promote electronic payments and curb issues such as tax evasion and money laundering.
In terms of transaction value, the card payments channel grew at a significant CAGR of 31.69% during the review period, from NGN1.1 trillion (US$7.1 billion) in 2009 to NGN3.2 trillion (US$20.3 billion) in 2013. The channel is expected to post a forecast-period CAGR of 11.09%, from NGN3.6 trillion (US$22.4 billion) in 2014 to NGN5.5 trillion (US$31.1 billion) in 2018.
Mobile payments (m-payments) registered an exponential review-period CAGR of 147.46%, from NGN1.3 billion (US$8.4 million) in 2009 to NGN47.1 billion (US$300.4 million) in 2013. M-payments are anticipated to record a forecast-period CAGR of 23.24%. E-commerce also grew at a healthy review-period CAGR of 24.29%, from NGN38.6 billion (US$259.2 million) in 2009 to NGN92.1 billion (US$586.9 million) in 2013, and is anticipated to record a forecast-period CAGR of 12.63%. Outbound travel spending by retail and corporate consumers increased during the review period at a CAGR of 17.25%, and is anticipated to increase further over the forecast period at a CAGR of 9.31%, fueling the growth of travel cards.
In 2012, the Central Bank of Nigeria (CBN) introduced a new policy stipulating a cash handling charge on daily cash withdrawals or deposits which exceed NGN500,000 (US$3,188.6) for individuals and NGN3,000,000 (US$19,131.5) for corporate bodies, in order to reduce the amount of physical cash in circulation. The policy is initially piloted in Lagos and will be gradually introduced in other Nigerian states. Consumers, financial institutions and the government are all expected to benefit from the policy.
Browse this report: http://www.marketresearchreports.com/timetric/nigerias-cards-and-payments-industry-emerging-opportunities-trends-size-drivers-strategies
The report provides top-level market analysis, information and insights on Nigeria's cards and payments industry, including:
- Current and forecast values for each category of Nigeria's cards and payments industry, including debit cards, credit cards and prepaid cards
- Comprehensive analysis of the industry’s market attractiveness and future growth areas
- Analysis of various market drivers and regulations governing Nigeria's cards and payments industry
- Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
- Comprehensive analysis of consumer attitudes and buying preferences for cards
- The competitive landscape of Nigeria's cards and payments industry
- 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 2013, and forecast figures for 2018.
- It details the different economic, infrastructural and business drivers affecting Nigeria's cards and payments industry.
- It outlines the current regulatory framework in the industry.
- It details the marketing strategies used by various banks and other institutions.
- It profiles the major banks in Nigeria's cards and payments industry.
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- 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 within Nigeria's cards and payments industry.
- Assess the competitive dynamics in Nigeria's cards and payments industry.
- Gain insights in to the marketing strategies used for selling various card types in Nigeria.
- Gain insights into key regulations governing Nigeria's cards and payments industry.
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Spanning over 89 pages, 50 tables, 56 figures, “Nigeria's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape” report covering the Analysis of Market Environment, Key Trends and Drivers, Cards and Payments Industry Share Analysis, Regulatory Framework and Card Fraud Statistics, Emerging Consumer Attitudes and Trends, Analysis of Card Payments and Growth Prospects, Analysis of Credit Card Payments and Growth Prospects, Analysis of Debit Card Payments and Growth Prospects, Analysis of Prepaid Card Payments and Growth Prospects, Merchant Acquiring, Company Profiles of Card Issuers, Appendix. The report covered 10 companies - Standard Chartered Bank Nigeria, United Bank of Africa, Zenith Bank, Guaranty Trust Bank, Access Bank, Ecobank Keystone Bank, MasterCard, Visa, Interswitch.
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