Nigeria’s card payment sector is set for substantial growth in 2025, as the nation accelerates its shift towards a cashless economy, according to insights from Fintava’s Co-founder, Samuel Ojerinde.
Ojerinde emphasized that this forecasted increase will be fueled by global trends, supportive government policies, and heightened consumer demand for secure and efficient payment solutions.
“Cards have emerged as a fundamental component of modern transactions worldwide, and Nigeria is rapidly catching up,” he stated.
Data from the Nigeria Inter-Bank Settlement System indicates that card transactions soared to N1.01 trillion in June 2024, rising from N930.76 billion in June 2023 and N923.37 billion in July 2023.
This growth signifies Nigeria’s advancement in digital transformation and its alignment with international payment standards.
“The data from 2024 highlights our trajectory,” he remarked. “Last year, our platform issued over 850,000 physical cards for businesses and government agencies. By January 2025 alone, we aim to produce over 400,000 cards, showcasing the surging demand for both physical and virtual cards.”
Ojerinde attributed this upward trend to increasing internet access and smartphone adoption, which are broadening digital financial services for Nigerians.
He also noted that the Central Bank of Nigeria’s cashless policy, encouraging non-cash transactions, plays a pivotal role in this growth.
“Contactless technology not only facilitates quicker transactions but also enhances security, which consumers increasingly prioritize,” he added, highlighting that innovations like biometric authentication and tokenization are fostering trust in card payments.
The global shift towards cashless payments is similarly shaping Nigeria’s financial ecosystem.
Ojerinde referenced a World Bank report indicating cashless payments are expanding by over 12 percent annually, with card usage leading this movement.
Regarding business implications, he remarked that the growth in card transactions presents a valuable opportunity to reevaluate payment strategies.
He pointed out that physical cards continue to hold importance for government initiatives and corporate needs, while virtual cards are gaining traction among online shoppers and frequent travelers.
“In 2024, we collaborated with businesses and government entities to issue over 50,000 cards, significantly improving customer retention and driving revenue growth.”
Despite potential challenges such as network stability and consumer confidence, Ojerinde highlighted recent technological advancements that are fostering a conducive environment for card payments.
The emergence of payment gateways and digital wallet platforms has further enriched Nigeria’s financial ecosystem.
Ojerinde concluded with optimism about the future: “The demand for secure and efficient payment options is poised to rise. Businesses that proactively integrate card services will be strategically positioned to excel in this evolving financial landscape.”
