Local labels dominated Nigeria’s credit and debit card market, with 30% of cardholders using Mastercard and 18% using Visa, but credit card ownership remains low and is projected to decline by 2029.

Despite the rise of digital payments, cash remains a key payment method in Nigeria, particularly in rural areas, due to infrastructure challenges and security concerns, with 20% of online transactions still occurring in cash in 2023.

Mobile wallets have gained significant popularity in Nigeria, with mobile transactions increasing by 237%, making mobile money a crucial gateway to the digital market in a country with low bank penetration and widespread mobile phone usage.

BNPL payments are rapidly growing in Nigeria, with an expected annual growth of 20.9%, and the industry is projected to continue expanding with a 12.7% CAGR, reaching a Gross Merchandise Value of USD 5.1 billion by 2028.