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Nigeria

NG · NGA · 566AfricaNGN ₦35 methods

2 sources

Nigeria's e-commerce market was worth US$9 billion in 2023, forecast to grow to US$14 billion by 2027.

$9 bn
e-commerce spend
115M
online population
4%
of total retail
53%
banked adults
4%
credit card population
MixMethodsBehaviourBanksSourcesFacts

Payment mix

share of e-commerce spend
  • Card37%
  • Bank Transfer29%
  • Cash16%
  • E-Wallet10%
  • Other8%

Methods in use

top 8 of 35
All 35 methods in Nigeria →

Checkout behaviour

Local card schemes (primarily Verve) account for 52% of card transactions, dominating over Visa (18%) and Mastercard (30%).

Bank transfers are the fastest-growing payment method, accounting for 29% of transactions and used heavily via Paystack and Flutterwave.

66%
shoppers buying cross-border
4%
e-commerce of retail
Facts
ISO 3166
NG · NGA · 566
Region
Africa
Population
224M
Currency
NGN ₦
Banked adults
53%
Methods live
35
Banks covered
8
Largest banks
Compare with
South AfricaKenyaEthiopiaDemocratic Republic of Congo
Sources
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