Payment methods in Nigeria - statistics & facts
Despite the adoption of a wide range of electronic payments, cash is still king in Nigeria. The results of a survey conducted in 2023 show that cash and debit cards are the most common payment methods chosen in stores, restaurants, and similar. Card payments are still struggling to take off. Credit card penetration in Nigeria is very low for such a big economy. In a ranking of 150 countries worldwide placed from highest to lowest estimated credit card penetration, Nigeria was 115th. Recent data from 2024 show that almost two percent of the population in Nigeria own a credit card. Nevertheless, the percentage of people having an account with a financial institution is considerably higher.
