Accept payments in Nigeria

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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

Online shopping market value
Mobile penetration
Annual market growth
Avg annual online spend

Banks in Nigeria

Zenith Bank
Guaranty Trust Bank
First Bank of Nigeria
Ecobank Nigeria
Access Bank
United Bank for Africa
Diamond Bank
Union Bank of Nigeria
Fidelity Bank

Mobile Carriers in Nigeria

MTN Nigeria
Airtel 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.


Country Statistics
Region West Africa
Population 200 million
E-commerce market size $15,4 billion
Local currency NGN
Key Metrics
Internet penetration rate 46.6%
Internet cost $25/month
Mobile penetration rate 87%
Cellular technology standard 3G, 4G
Dual sim usage 65%
Popular mobile OS Android
Other Information
Average annual income $10,541
Largest Cities in Nigeria by Population
Lagos 9,048,430
Kano 3,626,068
Ibadan 3,565,108
Kaduna 1,582,102
Port Harcourt 1,148,665
Benin City 1,125,058
Maiduguri 1,112,449

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