Market Size and Segmentation
In 2023, Nigerian businesses and consumers completed digital payment transactions worth ₦657.8 trillion ($730.9 billion), averaging ₦54 trillion ($60.9 billion) monthly. This transaction value is 1.9 times the country’s GDP for the same year and represents a staggering 47.4 times increase compared to ₦13.9 trillion ($89.16 billion) in 2013.
We expect the market to grow steadily over the next decade. This prediction is driven by Nigeria's demographics, with 77.5% of the population younger than 35 and increasing smartphone penetration, from 53% (2021) to 58% (2022) in urban areas. The Central Bank of Nigeria’s (CBN) regulatory drive to boost financial inclusion and cashless payments positions the country's digital payment market for continued growth and investment opportunities.
Nigeria’s digital payment market is segmented by payment channels, including electronic transfers, ATMs, POS devices, mobile agents, and web payments.
Electronic transfers drive the bulk of the digital payment market, accounting for 88.2% of its
