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Nigeria
Nigeria, the largest economy in Africa and 24th largest globally, has a population of approximately 200 million people and a GDP of about $514 billion in 2023. Despite the availability of electronic payment options, cash remains the dominant payment method, accounting for roughly 70% of all transactions, partly due to low credit card penetration of less than 3%. However, over 60 million Nigerians now have bank accounts, and mobile money users exceed 50 million, driving growth in digital payments.
Nigeria’s import and export sector is vital to the economy. In 2023, exports totaled around $100 billion, primarily crude oil, natural gas, agricultural products, and manufactured goods, while imports reached approximately $70 billion, including machinery, vehicles, chemicals, and consumer products. Businesses increasingly use bank transfers, letters of credit, and mobile payment platforms to facilitate trade, enhancing efficiency and transparency.
The country’s payment ecosystem is evolving rapidly. Platforms like mobile wallets, fintech applications, and online banking are expanding access, improving financial inclusion, and supporting the shift toward a cashless, digitally empowered economy.
Top banks
Nigeria’s banking sector is robust and diverse, featuring major players like Access Bank, Zenith Bank, (GTBank) Guaranty Trust Bank, First Bank of Nigeria, and United Bank for Africa (UBA), etc. These institutions provide retail, corporate, and digital banking services, supporting financial inclusion and economic growth.
Zenith Bank
Zenith Bank Plc is a leading Nigerian commercial bank established in May 1990, now listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE). As Nigeria’s largest bank by tier-1 capital, Zenith Bank serves millions of customers through retail, corporate, SME, and investment banking services. The bank has over 500,000 shareholders and a strong reputation for financial stability and innovation.
Guaranty Trust Bank Limited
Guaranty Trust Bank (GTBank) is a leading multinational bank headquartered in Lagos, Nigeria, offering retail banking, corporate banking, SME banking, investment banking, and digital banking services. With subsidiaries across Cote d'Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the UK, GTBank serves individuals, businesses, and institutions, supported by over 12,000 employees and total assets of ₦4.057 trillion.
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 is a leading commercial bank in Nigeria offering a wide range of financial services, including accounts, loans, credit, mortgages, financing, bank cards, cash management, guarantees, foreign trade services, and digital banking solutions. The bank serves customers nationally and internationally, supporting individuals, SMEs, and corporate clients.
United Bank of Africa
UBA Nigeria is a leading commercial and retail bank serving over 45 million customers across corporate, SME, consumer, and personal banking. The bank operates through 1,000+ branches, 2,669 ATMs, 87,223 PoS terminals, and robust online and digital banking services.
Fidelity Bank
Fidelity Bank Nigeria is a leading commercial bank serving over 7.2 million customers through 250 branches and digital banking channels. The bank specializes in corporate banking, MSME banking, retail banking, mobile and internet banking, and has seen significant growth in savings deposits through its digital banking strategy.
Stanbic IBTC
Stanbic IBTC Bank Nigeria provides a full range of personal, business, and commercial banking services across Nigeria through its branch network and digital banking platforms. The bank focuses on delivering innovative financial solutions, loans, savings, investments, and seamless online banking services.
Union Bank of Nigeria
Union Bank of Nigeria (UBN), established in 1917, is one of Nigeria’s oldest and most trusted banks. Serving individuals, SMEs, commercial, and corporate clients, UBN operates over 293 branches and 937+ ATMs nationwide. The bank focuses on customer experience, digital banking, talent development, and reliable financial solutions to drive growth and innovation across Nigeria.
Ecobank
Ecobank Nigeria is part of the Ecobank Group, a leading pan-African bank established to serve the wider African business community. With a mission to promote financial inclusion, economic development, and continental integration, Ecobank Nigeria provides a full range of retail banking, corporate banking, investment banking, and digital banking services to individuals, SMEs, and large corporations across the country.
Top payment methods
Nigeria’s payment ecosystem is rapidly evolving, combining traditional cash transactions with modern digital solutions. Popular methods include mobile money platforms like Tingg, Paga, FasterPay, Airtel and Paystack, bank transfers, debit and credit cards, and online banking, supporting a cashless economy and promoting financial inclusion across urban and rural areas.
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 in Nigeria are commonly used for business payments, real estate transactions, utility bills, and salary payments. Nigeria’s banking system supports secure domestic and international transfers, including online banking, wire transfers, and electronic funds transfers (EFT), making financial transactions fast, reliable, and convenient for individuals and businesses.
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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