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Payment methods in Nigeria

Here are the top takeaways you need to know about the Nigerian e-commerce market:

Between 2020 and 2022 alone, the online population of Nigerians increased by almost 11 million to 115,000.
The Nigerian e-commerce market was worth US$9 billion in 2023. By 2027, it will have grown to be worth US$14 billion.
The average Nigerian online shopper spends US$72 a year with e-commerce merchants, rising to US$98 by 2027.
Nigerians complete exactly half of all their online purchases using mobile devices such as a smartphone or a tablet.
Between 2002 and 2022, the proportion of Nigerians with a bank account increased from 39% to 53%.

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Population

Online Population

B2C E-commerce

Banked Population

Credit Card Population

E-commerce of Total Retail

Payment Method Breakdown

Card 37%
Cash 16%
Bank Transfer 29%
E-Wallet 10%
Other 8%

[{"label":"Card","value":"37"},{"label":"Cash","value":"16"},{"label":"Bank Transfer","value":"29"},{"label":"E-Wallet","value":"10"},{"label":"Other","value":"8"}]

Card Scheme Breakdown

Visa 18%
Mastercard 30%
American Express 0%
Local schemes 52%
Other 0%

[{"label":"Visa","value":"18"},{"label":"Mastercard","value":"30"},{"label":"American Express","value":"0"},{"label":"Local schemes","value":"52"},{"label":"Other","value":"0"}]

Cross-Border E-Commerce

Online shoppers who have shopped cross-border

N/A

Cross-border proportion of total e-commerce

N/A $US

Value of cross-border e-commerce

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Top cross-border shopping origin markets