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Nigeria
It's interesting to note that despite the availability of electronic payment options, cash remains the preferred payment method in Nigeria. It's also important to consider the low credit card penetration in the country, which could be a factor in the continued use of cash. However, it's encouraging to hear that a significant percentage of the population has an account with a financial institution, which could potentially lead to increased adoption of digital payment methods in the future.
Top banks
Zenith Bank
Zenith Bank Plc was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO). Zenith Bank Plc currently has a shareholder base of more than half a million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE).
Guaranty Trust Bank Limited
Guaranty Trust Bank Limited (GTBank) is a multinational financial institution that provides individuals, businesses, private and public institutions across Africa and the United Kingdom with a broad range of market-leading financial products and services. Headquartered in Lagos, Nigeria and with subsidiaries in Cote D'Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone and the United Kingdom, the Bank currently employs over 12,000 professionals and has Total assets and Shareholders’ Funds of ₦4.057trillion and ₦661.1Billion respectively.
Access Bank
Access Bank PLC is a subsidiary of Access Bank PLC, a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and over 36 million customers. Access Bank's parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders. As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.
First Bank of Nigeria
First Bank of Nigeria Limited operates as a bank. The Bank offers accounts, credit, mortgages, financing, bank cards, channels, transfer services, loans and advances, deposit products, guarantees, distributorship financing, cash management, and foreign trade services. First Bank of Nigeria serves customers worldwide.
United Bank of Africa
UBA provides corporate, commercial, SME, consumer and personal (retail) banking services to more than 45 million customers, served through diverse channels: over 1,000 business offices and customer touch points with 2,669 ATMs, 87,223 PoS, and robust online banking services.
Fidelity Bank
Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 7.2 million customers who are serviced across its 250 business offices and various other digital banking channels. Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in exponential growth in savings deposits over the last 12 years, with over 57 percent customer enrollment on the Bank’s flagship mobile/internet banking products.
Stanbic IBTC
We offer all our clients a wide range of personal, business and commercial banking products through our various branches spread across Nigeria and our online banking platforms.
Union Bank of Nigeria
Union Bank of Nigeria (“UBN”) was established in 1917 and is one of Nigeria’s long-standing and most respected financial institutions, offering a portfolio of banking services to individuals, SMEs, commercial and corporate clients. With a robust geographical network comprising more than 293 service centres and over 937+ ATMs spread across Nigeria, we have remained committed to helping individuals, families and businesses grow for nearly a century. We are committed to being widely recognised as Nigeria’s most reliable and trusted partner. Our ambition is hinged on successfully delivering against six strategic pillars including quality of our customer experience, client base, talent, banking platform, professional standards and earnings. Aggressive execution of our strategy is underway, leveraging a robust transformation team largely focused on people, processes and technology.
Ecobank
Ecobank started as an idea of setting up a bank across West Africa and then the whole of Africa for the wider business community. The Founders of the Ecobank Group envisioned an African bank for Africans. The dual objectives of Ecobank are to enable a modern pan-African bank to thrive and to contribute to the economic development and financial integration of the continent.
Top payment methods
Tingg
Tingg - Instore is a Proximity Payment Service that allows you to collect payments from different payment options in your store without the need for costly hardware or software.
Paga
Paga - is a payment service that has its own platform and application to pay bills, send money instantly with a phone number, email address or directly into your bank account, and receive money.
FasterPay
FasterPay - is a digital wallet that allows you to pay in multi-currency and send, and receive money instantly. Easy top up while using debit/credit card or a bank transfer.
Airtel Money
Airtel Money - is a Mobile Commerce service from Airtel in partnership with Central Bank of Nigeria licenced operator that allows customers to make online and offline payments, pay bills, top up their mobile phones and make and receive money transfers. Customers can load their wallets via payment cards, or bank accounts or connect their mobile numbers to bank accounts via UPI for sending/requesting payments. Beside these companies there is the Access Bank USSD code that allows you to make transactions and enjoy other banking benefits and services right from your phone without an internet connection or data and without visiting the bank.
Paystack
Paystack enables you accept payments from customers using different payment channels such as: cards, mobile money accounts, QR codes, directly from their bank account or USSD. If you use the the Popup or Redirect method, the paying customer will be shown all the payment methods selected on your dashboard.
Concluding remarks
Here are the summary of the payment habits in Nigeria:
Cash
Cash is still widely used in Nigeria, particularly for smaller transactions such as buying food or paying for transportation.
Bank transfers
Bank transfers are a popular way to make payments in Nigeria. Many people have bank accounts and can easily transfer money to another bank account using their mobile banking app or internet banking.
Debit cards
Debit cards are widely used in Nigeria and can be used to make purchases both online and offline. Many banks issue debit cards to their customers, which can be used to withdraw cash from ATMs as well as make payments.
Mobile money
Mobile money is becoming increasingly popular in Nigeria, particularly for people who do not have bank accounts. Mobile money allows users to send and receive money using their mobile phones.
USSD
USSD is a mobile banking service that allows users to perform banking transactions using their mobile phones without the need for an internet connection. It is a quick and convenient way to make payments.
Online payment platforms
There are several online payment platforms that are popular in Nigeria, such as Paystack, FasterPay, Paga, Airtel Money. These platforms allow users to make payments online using their debit cards or bank accounts or just a digital wallet.
POS (Point of Sale) machines
POS machines are widely used in Nigeria, particularly in retail stores and restaurants. They allow customers to make payments using their debit cards.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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