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

Published: Apr 29, 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


List of Figures
Figure 1: Nigeria - Payment instrument Shares by Transaction Value (%), 2010 vs 2014 Figure 2: Nigeria - Payment instrument Shares by Transaction Volume (%), 2010 and 2014 Figure 3: Nigeria - e-Commerce Value (US$ Billion) and Payment Types (%) Figure 4: Nigeria - Total Population and Structure Figure 5: Nigeria - economic indicators Figure 6: Nigeria - Number of ATMs and POS Terminals Figure 7: Nigeria - Real Household Consumption expenditure Figure 8: Nigeria - Segmentation by Card Type Figure 9: Nigeria - Growth in Payment Card Transaction Values and Number of Cards in Circulation by Type, 2010-2019 Figure 10: Nigeria - Volume and Value of Payment Card Transactions by Type (%), 2010-2019 Figure 11: Nigeria - Personal and Commercial Card, Transaction Volumes and Values (%), 2010-2019 Figure 12: Nigeria - Growth in Debit Card Transaction Values and Number of Debit Cards in Circulation, 2010-2019 Figure 13: Nigeria - Debit Card Transaction Volumes and Values by Channel, 2010-2019 Figure 14: Nigeria - Debit Card Scheme and issuer Shares in Terms of Transaction Value (%), 2014 Figure 15: Nigeria - Growth in Credit Card Transaction Values and Number of Credit Cards in Circulation, 2010-2019 Figure 16: Nigeria - Credit Card Transaction Volumes and Values by Channel, 2010-2019 Figure 17: Nigeria - Credit Card Scheme and issuer Shares in Terms of Transaction Value (%), 2014

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