Nigeria

NG · NGA · 566AfricaNGN ₦32 methods

Revised · 2 sources

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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

Mix Methods Behaviour Banks Sources Facts

Payment mix

share of e-commerce spend

CategoryLeading methodShare

CardMastercard37%
Bank Transfer—29%
Cash—16%
E-WalletGoogle Pay10%
Other—8%

Methods in use

top 8 of 32 · by spend

MethodTypeShare

All 32 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: 32
Banks covered: 8

Largest banks

Compare with

South Africa Saudi Arabia Peru Chile

Sources

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