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As of 2023, Mastercard led Nigeria’s credit and debit card market, maintaining its position as the most widely used card brand. Visa was held by ** percent of cardholders, while local schemes accounted for ** percent. Despite this, overall credit card penetration remains very low among the Nigerian population. The figures are based on total transaction value, including both online and offline purchases. The dominance of Mastercard and Visa reflects the international orientation of the Nigerian card market. However, a considerable proportion of transaction value is still directed toward local card schemes, reflecting a diverse ecosystem of payment channels.  

Cash, cards, and the rise of mobile at POS  

Point-of-sale (POS) payments in Nigeria continue to be driven by cash, which accounted for **** out of every 10 in-store transactions in 2024, despite a notable decline in market share since the COVID-19 pandemic. While cash remains prominent, card payments (debit and prepaid, now grouped together) and mobile wallets are gaining traction — spurred by the popularity of fintech solutions like Paga and the ongoing expansion of POS infrastructure nationwide. This shift suggests that, while traditional payment methods persist, digital alternatives are fast becoming mainstream in the consumer economy. 

E-commerce payments: dominance of bank transfer and cards

In 2023, account-to-account bank transfers emerged in Nigerian e-commerce as the leading payment method, constituting ** percent of online purchases. Debit cards followed closely, handling ** percent of transaction volume, while credit cards and cash on delivery each captured ** percent. This distribution shows a strong consumer preference for direct and secure payment channels in the fast-growing online marketplace, emphasizing both the trust in digital banking and the enduring relevance of physical cash in the transaction mix.