Nigeria – preferred payment methods

Nigeria

General Information

Population 211.4 m
Population 15 + 120.3 m
Online population 110.2 m
Area 923,768 km²
Currency NGN
GDP 480.5 bn $US
GDP per capita 2,273 $US

Card-based payments
Cash-based payments
Bank transfer
Wallets
Other

[{"label":"Card-based payments","value":"37"},{"label":"Cash-based payments","value":"20"},{"label":"Bank transfer","value":"26"},{"label":"Wallets","value":"8"},{"label":"Other","value":"9"}]

Banked population

Nigeria 42%
Middle East & Africa 46%
World 67%

Credit card penetration

Nigeria 4%
Middle East & Africa 8%
World 19%

Internet penetration

Nigeria 52%
Middle East & Africa 47%
World 62%

Smartphone penetration

Nigeria 53%
Middle East & Africa 43%
World 70%

Nigerian social commerce is set to grow by 82.4% in 2022 to reach 1,003.8 m $US, and then is forecast to keep growing by CAGR 71.3% to a worth of 23,817.4 m $US in 2028.

jumia.com.ng, Nigeria’s most popular e-commerce site, celebrated its 10th birthday in 2022. It had 4.26 m visits in July 2022.

Nigerian merchants have recorded a 40% increase in e-payments during the first half of 2022 compared to the same period in 2021. That amounts to 484.3 bn $US compared to 345.3 bn $US.

Future e-commerce trends (2021-2026)

B2C e-commerce ($US billion)

2022 16.0

2023 19.6

2024 23.4

2025 27.4

2026 31.5

E-commerce spending per capita ($US)

2022 74

2023 88

2024 103

2025 117

2026 132

E-commerce spending as % of GDP

2022 3.2%

2023 3.4%

2024 3.6%

2025 3.7%

2026 3.8%

Nigeria

The E-Commerce Market

Top e-commerce segments

Fashion: 35%
Electronics & Media: 28%
Furniture & Appliances: 17%
Food & Personal Care: 11%
Toys, Hobby & DIY: 9%

Cross-border e-commerce

% of online shoppers who have shopped cross-border – 65%

Top cross-border shopping origin markets

China
US
Germany

B2C e-commerce growth 20->21

Nigeria 37.2%

E-commerce % of total retail

Nigeria 7%
Middle East & Africa 9%
World 20%

E-commerce completed on a mobile device

Nigeria 49%
Middle East & Africa 47%
World 53%

The Credit Card Split

Visa
Mastercard
Local Schemes

[{"label":"Visa","value":"18"},{"label":"Mastercard","value":"28"},{"label":"Local Schemes","value":"54"}]

E-commerce market size 12.6 bn $US
E-commerce spending per capita 60 $US
E-commerce spending as % of GDP 2.9%

_{The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.}

Nigeria

Local Payment Methods

BitPay

Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 PayPal

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayU

Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 2 Market relevance High Skrill

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Airtel Money

Type Wallet Regions Asia Pacific, Middle East & Africa Market relevance High Allied Wallet

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay SecurePay

Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo

Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paga Wallet