The New Central Bank of Nigeria aims to transform the country into a ‘Cashless Nigeria’ by reducing the amount of physical cash and encouraging the adoption of electronic-based transactions.

Aiming to digitise payments and increase financial inclusion in Africa’s most populous country, in October 2021 Nigeria’s central bank has launched its central bank digital currency (CBDC), called eNaira.

The digital currency and the blockchain technology used by eNeira are expected to foster economic growth and increase the GDP of the country to USD 29 billion over the next ten years.


Payment by card 

  • Credit card penetration in Nigeria is expected to reach 03% by 2025 (share of total population using credit cards). Cards represent 35% of e-commerce payments.

  • With local actors:
    • Paystack

    • Verve

Payment by cash payments

  • Despite the adoption of a wide range of electronic payments, cash is still king in Nigeria. Cash remains the most popular form of payment in Nigeria in 2021 due to the large unbanked population, fear of electronic fraud, experiences of failed card and electronic payment transactions, and poor infrastructure in some areas of the country. Cash payments represent 23% of e-commerce payments.
  • With local actors:
    • Tingg
    • Lipa Na M-pesa

Payment by bank transfer

  • Nigeria ranks 6th globally in the number of real-time transactions in 2020 (1.9 billion real-time payment transactions processed in 2020). Bank transfer represent 21% of e-commerce payments.

  • With local actors such as:
    • NIBSS
    • Paga
    • Flutterwave
    • Ecobank
    • Access
    • FCMB
    • GTBank
    • Firstbank
    • Paystack
    • etc.

Payment by installment and BNPL

  • BNPL payment in Nigeria is expected to grow by 111.2% on annual basis to reach US$ 1920.3 million in 2022.

  • With local actors such as:
    • Guddies Planet
    • Carbon
    • CredPal
    • Klump
    • CDcare
    • LipaLater
    • etc.

Payment by digital wallet and X-Pay

  • In recent years, smartphone and internet penetration has increased in Nigeria and online shopping is on the rise. Cash on delivery is very popular (with payment via SMS or QR code). E-wallets are also popular, making up around 7% of digital payments market

  • With local actors such as:
    • Jumia Pay
    • KongaPay
    • Paga
    • PocketMoni
    • Klasha
    • Readycash
    • Kuda
    • OPay
    • Barter
    • Chipper
    • etc.



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