Top 5 Payment Providers Offered by Nigerian Online Stores 2023

What are the Top 5 Payment Providers in the Nigerian eCommerce Market Offered by Online Stores in 2023?

In the Nigerian eCommerce landscape of 2023, payment provider penetration (percentage of stores offering the provider among available payment methods) showcases a clear dominance of traditional card services. VISA leads the market with an impressive penetration rate of 83.0%, closely followed by Mastercard at 81.1%. These high penetration rates highlight the strong trust and widespread acceptance of these card providers within the Nigerian eCommerce market. Bank transfer/cash in advance holds a significant presence as well, with a penetration rate of 71.7%. Cash on delivery follows with a penetration rate of 58.5%, showcasing the continued popularity of this payment method among Nigerian online stores. Verve Card rounds out the top five with a penetration rate of 45.3%, highlighting the diverse range of payment options available to Nigerian eCommerce shoppers. The data from 2023 illustrates the evolving digital payment landscape in Nigeria, with traditional card providers maintaining their dominance while alternative payment methods continue to gain traction driven by consumer demand for convenience and innovation in payment technologies.

Main Facts: Dominant Payment Providers in Nigerian eCommerce Market 2023

• VISA (Cards) and Mastercard (Cards) dominate the Nigerian eCommerce market with penetration rates of 83.0% and 81.1% respectively in 2023.
• Bank transfer/cash in advance is a popular payment method with a penetration rate of 71.7%.
• Cash on delivery and Verve Card (Cards) follow closely behind with penetration rates of 58.5% and 45.3% respectively.