According to Stears' report on the market size, segmentation, and share of payments in Nigeria, the value of the country's digital payment market has surged 47.4 times, reaching ₦657.8 trillion between 2013 and 2023. This remarkable growth has been driven by a combination of factors, including advancements in digital innovation and the Central Bank of Nigeria's (CBN) initiatives to boost financial inclusion and decrease cash usage.
This report thoroughly explores Nigeria’s payment market drivers, offering investors a comprehensive understanding of the factors propelling this significant growth in Nigeria's payment markets.
Market Driver: Demographics
Nigeria’s population is predominantly young, digitally savvy, and experiencing significant urban growth. With 77.5% of the population aged between 0 and 35 and 93% of adults (18 years and above) having access to mobile phones, Nigeria is in a prime position for the growth of online transactions, which is driving the expansion of digital payments and stimulating digital economic growth.
