Nigeria

Cash remains important in Nigerian shops, but digital in-store payments are rising fast: according to the World Bank Global Findex, the share of adults who used a card or phone to pay in a store rose from 9% in 2021 to 27% in 2024. Much of this happens on POS terminals, which accept Verve, Mastercard, Visa and AfriGo debit cards; AfriGo offers instant settlement to merchants at POS. Shoppers also pay by bank transfer at the till, and the NIBSS NQR standard provides interoperable QR-code payments. The CBN has issued guidelines for contactless payments and a QR code payments framework.

Online buying is still limited: in 2024, 6% of adults used a mobile phone or the internet to buy something online, according to the World Bank Global Findex. Major platforms include Jumia and Konga, alongside food and grocery delivery apps. Shoppers expect naira pricing, bank transfer options and clear delivery terms, and some retailers still offer pay on delivery. Most Nigerian cards are debit cards: only 3% of adults owned a credit card in 2024.

The Central Bank of Nigeria (CBN) regulates and supervises the payments system under the CBN Act, licensing switching companies, payment service providers, payment terminal service providers, super-agents, mobile money operators and payment service banks. Its frameworks include the Mobile Money Services Guidelines, the Framework for QR Code Payments (2021), open banking operational guidelines (2022 and 2023), guidelines for contactless payments and the Regulatory Framework for Agent Banking (2023). The Bank Verification Number (BVN), introduced in 2014, is the biometric identifier used across banks. The AfriGo domestic card scheme was created by the CBN and NIBSS in 2023 partly to keep card data in Nigeria and lower costs.

Account ownership has risen sharply. According to the World Bank Global Findex, 63% of adults in Nigeria had an account in 2024, up from 45% in 2021, and mobile money account ownership jumped from 9% to 33% over the same period. In 2024, 48% of adults owned a debit card but only 3% a credit card, and 44% made a digital payment. Agent banking, regulated by the CBN, and mobile money wallets extend services beyond bank branches.