Market News

BY  Emma Okonji

Given the growing trend in card transactions in Nigeria, Fintava, a fast growing Fintech company that provides financial solutions to businesses of all sizes, has predicted that card payments in Nigeria will surge in 2025.

Fintava’s Co-founder, Samuel Ojerinde, who gave the prediction in his outlook for Nigeria’s payment landscape in 2025, said: “The shift towards a cashless economy accelerates this trend, with more consumers relying on physical and virtual cards for everyday financial transactions. Cards have become the backbone of modern transactions globally, and Nigeria is catching up rapidly. As 2025 unfolds, the stage is set for an unprecedented surge in card payments, presenting businesses with unique opportunities to tap into this growing market and redefine their payment strategies.” 

According to him, globally, the use of card payments has witnessed exponential growth over the past decade. He cited a recent report by World Bank, which explains how cashless transactions are increasing at an annual rate of over 12 per cent, with card payments leading the charge. 

“Emerging technologies such as biometric authentication and tokenisation have also bolstered trust and security in card transactions, further driving their adoption. The global shift towards digital transactions is clear, and developing nations, including Nigeria, are beginning to align with this trend. In Nigeria, the growth in card usage is a testament to the country’s increasing digital transformation. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals a consistent annual increase in card transactions, driven by the government’s push for a cashless economy,” Ojerinde said. 

He however said challenges like network reliability and consumer trust have historically slowed its adoption rate, but explained that the recent policies and technological advancements were already addressing the bottlenecks, creating a more enabling environment for card payments.

“As more Nigerians embrace online shopping and digital services, cards—both physical and virtual—are emerging as a preferred payment method, setting the stage for unprecedented growth in 2025,” Ojerinde further said.

He explained that the surge would be fueled by a combination of global trends, government policies, and increasing consumer demand for convenience.