Boston, MA -- (SBWIRE) -- 06/21/2013 -- The Nigerian card industry recorded strong growth during the review period (2008-2012) both in terms of volume and value. The card industry grew at a CAGR of 15.77%, rising from 24.9 million cards in circulation in 2008 to 44.7 million cards in 2012. Over the forecast period, the cards and payments industry is forecast to register a CAGR of 6.00%, rising from 48.8 million cards in circulation to 61.6 million cards in 2017. In comparison with the same period in 2011, Nigeria's GDP recorded a CAGR of 6.5% in the third-quarter of 2012. The country's annual GDP increased from 6.7% in 2011 to 6.9% in 2012. Economically, the nation mainly comprises oil and non-oil sectors, which posted decelerated growth rates in third-quarter of 2012. According to International Monitor Fund (IMF) forecasts, over 2013-2017, Nigeria's GDP is expected to grow at an average rate of 6.6%. This will maintain consumer prosperity and foster growth opportunities in the cards and payments industry.

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Key Highlights

- Nigeria's internet penetration levels rose by 19% from 46.2 million internet users in 2011 to 55 million in 2012, equivalent to 33.4% of the total population. This is creating a new, high-impact distribution channel for many businesses, especially due to the increasing popularity of social media.
- The credit card category recorded a CAGR of 24.77% during the review period, growing from 300,800 cards in circulation in 2008 to 729,000 cards in 2012. Over the forecast period, the category is projected to register a CAGR of 5.32%, rising from 807,100 cards in circulation in 2013 to 993,100 cards in 2017.
- UBA Bank was the leading bank in terms of debit card issuance volume in 2011 and accounted for 27.9% of the total debit card volume. Other key operatives in the debit cards category include Guaranty Trust Bank, First Bank, Oceanic Bank and Union Bank, which accounted for respective industry shares of 4.4%, 16.9%, 6.6% and 8.1%.
- In 2010, the Central Bank of Nigeria (CBN) announced its financial inclusion strategy which includes providing financial services such as loans, savings, money transfers, insurance and pensions in adequate measures to the disadvantaged and low income population, with the aim of reducing the percentage of Nigerians excluded from financial services from 46.3% as of 2010 to 20% by the end of 2020.

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 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Nigeria's cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
- It profiles the major banks in Nigeria's cards and payments industry

Companies Mentioned in this Report: United Bank of Africa, Zenith Bank Plc, Guaranty Trust Bank, First Bank of Nigeria, Interswitch

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