Nigeria eCommerce Market

A large untapped market dominated by alternative payment methods

Over half of Nigerian adults lack access to financial services and only 3% have credit cards. Alternative payments are substantial to succed in this market.

Market Overview Nigeria

Economy

The New Central Bank of Nigeria aims to transform the country into a 'Cashless Nigeria' by reducing the amount of physical cash and encouraging the adoption of electronic-based transactions.

eCommerce - $18B

Nigeria's eCommerce market is expected to continuously grow over the next couple of years.

Ecommerce mobile phone image
eShoppers - 11.4M

Nigerian eShoppers have a strong inclination to domestic eCommerce purchases using cash.

Mobile eCommerce

Smartphones, with a penetration of 56%, are the main internet access point. Mobile optimized checkout flows are key to enter Nigeria's eCommerce market.

Nigeria's eCommerce payment mix

Improve your payment acceptance by offering local payment methods in Nigeria

Credit and debit cards 29 %
Cash payments 23 %
Bank transfers 22 %
eWallets 9 %
Others 17 %
Nigeria payment methods map

Gain insight into Nigeria's most relevant payment methods

Local payment methods are essential to boost your sales in Nigeria

Online bank transfers

Bank transfer: Banks like Ecobank and Access simplify bank transfers which account aproximately 22% of the eCommerce sales.

Access
Providus Bank Logo
Sterling Bank
First bank logo
Unity Bank
GT Bank
Zenith

Credit & Debit Cards

Local credit and debit cards hold more than 29% of the total eCommerce sales.

VISA
Mastercard
Verve
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