Accept payments in Nigeria

Nigerian Market Overview

Nigeria has the largest economy in Africa and is the world's 24th largest economy. With a population of 200 million, 60 percent of which has access to financial services, Nigeria offers significant opportunities for businesses willing to expand in the country.

Payment-focused solutions have surged over the past two years, spurred, in part, by the central bank’s financial inclusion drive and favorable regulatory policies, including revised Know your Customer (KYC) requirements for lower-tier accounts and incentives to accelerate the development of agent networks across the country. Paga, Tingg, and other mobile money services compete with mobile banking applications and bank unstructured supplementary service data (USSD) channels for send-and-receive transactions and bill payments.

Payment Methods in Nigeria

Key Market Indicators in Nigeria

Banks in Nigeria

Mobile Carriers in Nigeria

Integrate Nigerian Payment Methods

Mobile money is a gateway to the Nigerian digital market, where low bank penetration rates and high mobile acceptance let to the massive adoption of mobile money in Nigeria. Customers use their mobile phones to access a digital account held by their mobile network operator. All transactions are authorized and recorded in real-time using SMS. The second most popular payment method in the African region is an instant EFT with mobile banking, where customers transfer funds directly from their bank account using a mobile phone.

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