Nigeria payment methods, processors, and ecommerce market

dLocal's Coverage in Africa and the Middle East

Demerge Nigeria Limited is a limited company incorporated in Nigeria and licensed by the Central Bank of Nigeria as a Payment Solution Service Provider

Market Overview

eCommerce market revenue is expected to grow at a rate of 10.81% per year (CAGR 2023-2027)* * Source: Statista, 2023

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Population: 236.74 M *

Approximately 17% of Nigerians own credit cards.

* Source: Worldometers 2024.
eCommerce: 19.6B *

Nigeria is expected to achieve $10,030.00 million in eCommerce market value by 2027*

* Source: researchandmarkets, 2024
Internet users: 55.4% *

Smartphone penetration is at 56% among Nigerians, this is why payment methods such as mobile money are important.

* Source: datareportal, beginning of 2024.

Gain insight into Nigeria's most relevant payment methods

22% Bank Transfer
16% Internationally-enabled credit card
15% Cash payments
15% Mobile money
14% Debit Cards
14% eWallets
7% Cash on Delivery
2% Domestic only credit card
2% Buy Now Pay Later

Most commonly used options

OPay
Omnichannel
Paga
Cash-based payments
Verve
Credit and debit cards

Credit and debit cards

Play like a local by offering traditional payment methods.
- Visa
- Mastercard
- Verve
Wallets
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Tackle all audiences.
- OPay
- Paga
Bank Transfers
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Count on a wide variety of options to drive conversion.
- Zenith
- GT Bank
- Unity Bank
- First Bank
- Sterling Bank
- Providus Bank
- Access
- Okra
- Regular Bank Transfers
- Mono Direct Debit

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