According to the report analysis, ‘The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020’ states that the Nigerian payment cards market is projected to slow down, as a result of a ban imposed by the Central Bank of Nigeria (CBN) during December 2015 on the use of debit and credit cards abroad, and on transactions denominated in foreign currencies. This safeguarded the Nigerian consumers from utilizing cards to make purchases throughout overseas travel, or from foreign e-commerce sites. However, following a severe customer backlash, the ban was partially revoked during January 2016, with banks allowing consumers to utilize the foreign exchange services, but with restricts on transaction values. In January 2016, for instance, GTBank allowed customers to transfer foreign currency via online banking, its mobile app, or at any branch nationwide, subject to a daily restrict. Similar restrictions were compulsory by other banks, such as First Bank of Nigeria and Sterling Bank. Yet again, with the intensifying foreign exchange crisis, in October 2016 GTBank, Standard Chartered Bank Nigeria and Stanbic IBTC Bank suspended usage of payment cards abroad and for the online transactions.
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While banks in Nigeria still aim on traditional bricks-and-mortar branches to convey services, SunTrust Bank launched a mobile-only bank during 2016, enabling the consumers to conduct transactions decently by mobile phone. Another digital bank, Lidya, was introduced during 2016; it proposes an online platform for customers to open bank accounts, admittance credit and save money. Furthermore, the bank focuses to partner with other bricks-and-mortar Nigerian banks to deliver an online platform to small and medium-sized businesses (SMEs). The advent of mobile-only banks is likely to quicken a shift towards electronic payments around Nigeria.
Alternative payments that propose the security and convenience are gradually obtaining the prominence in Nigeria, with banks and payment solution providers launching services. The newest of these is the launch of MasterPass by Mastercard in association with Ecobank during 2016. Similarly, Visa and Nigeria-based technology company JORG Technologies launched mVisa and Nairabox respectively in the similar year. Other alternative payments obtainable in the market include Pay Attitude by six banks: UBA, Access Bank, FirstBank, Zenith Bank, Skye Bank and Diamond Bank, Verve World and PayPal.
Although, the effective growth in demand for cash alternatives and obtainability of affordable credit cards across the Nigeria boost the growth of the Nigeria cards and payments market size. In addition, augment in demand for card among the several nations positively impacts the growth of the market. However, aspects such as growth in credit card frauds across the Nigeria is projected to limit the card and payments market growth. On the contrary, technological innovations in product offering like utilizing the blockchain for augmented security is projected to propose the remunerative opportunities for the enlargement of the market throughout the coming years. Therefore, it is predicted that during the review years the market of card and payments will increase around the Nigeria more efficiently over the near years.
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