Cash money still made up the vast majority of Nigerian POS payments since COVID-19, despite a significant decline in market share. Bank notes and paper money accounted for more than six out of 10 paid-for transactions in physical stores in 2022, as the source predicts cash will likely stay the main in-store payment method up to 2025. The use of mobile wallets in a physical environment did increase since 2020 - likely spurred by the forecasted user growth of Nigeria's Paga app. This wallet is widely regarded as the country's biggest fintech, as it was responsible for over two billion U.S. dollars of transactions in 2020.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria from 2017 to 2023, with a forecast for 2027
* The source changed its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL".
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1270456/distribution-of-pos-payment-methods-in-nigeria/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1270456/distribution-of-pos-payment-methods-in-nigeria/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1270456/distribution-of-pos-payment-methods-in-nigeria/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in Nigeria from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1270456/distribution-of-pos-payment-methods-in-nigeria/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1270456/distribution-of-pos-payment-methods-in-nigeria/ (last visited November 21, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Nigeria from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1270456/distribution-of-pos-payment-methods-in-nigeria/
