Guide

FUELING NIGERIA'S GROWTH THROUGH THE DIGITAL PAYMENTS SURGE

With its large population, thriving economy, and increasing internet penetration, Nigeria stands out as a prime destination for global players seeking to establish a foothold in Africa.

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AFRICA'S LARGEST INTERNET ECONOMY

Nigeria is the largest country in Africa both in terms of population and GDP. With over 214 million people, the country's economic landscape is expanding rapidly, driven by increasing smartphone penetration and internet connectivity.

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The increasing adoption of digital payment methods indicates Nigeria's adaptability and resilience

Nigerias’s unbanked population remains large, but growing mobile and Internet penetration provides a significant opportunity for mobile banking and payments.

Share of payment methods in Nigeria (2022)

Source: Statista

ADAPTING TO WIN: EMBRACING ALTERNATIVE PAYMENTS in nigeria

Alternative Payment Methods (APMs) are crucial for global companies expanding into Nigeria due to the unique financial ecosystem of the country. According to the FT Partners – Fintech Industry Research, as of 2022, 55% of Nigeria's adult population was unbanked.


Traditional payment methods like cash and credit cards may be less effective in this market. That's when APMs, such as bank transfers, mobile money, and digital wallets, provide an opportunity to reach a broader audience.

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55% of Nigeria's adult population is unbanked

In Nigeria, Bank transfers typically use the NIBSS Instant Payment (NIP) system, allowing real-time funds transfer between banks. Customers can initiate these transfers through various channels, including mobile banking apps, USSD codes, or Internet banking platforms.

By reading the guide, you will track down the following:

  • Nigeria's payments landscape

  • Leading industries growing double-digits

  • The growth of market share in Nigeria

  • Payment Methods and consumer preferences in Africa

  • Tailored cross-border payment strategies to profit in Nigeria

  • How to unlock APMs through Nigeria's population

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