Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.
Among all the 40 countries studied in the report, Nigeria leads the decline in cash transactions, dropping from 91% in 2019 to 55% in 2023, a sharper decline than any other country analysed.
By 2027, Nigeria’s cash transactions are projected to fall to 42%.
Mexico, Thailand, and Japan are also experiencing significant declines, with cash transactions expected to drop below 35% in all three countries by 2027.
Brazil, which started with a relatively lower cash transaction rate (48% in 2019), is on track to become one of the least cash-dependent nations in this group, with just 12% of transactions expected to be cash-based by 2027.
The global average for cash transactions was already low at 26% in 2019, and it is set to decline further to just 11% by 2027, making cash an increasingly rare payment method worldwide.
Germany, a traditionally cash-friendly economy, has seen a major drop, with cash transactions decreasing from 50% in 2019 to a projected 29% by 2027, reflecting broader changes in consumer behavior.
Despite being a key contributor to employment and food security, the Agricultural sector only gets an average of 4.4% of total DMB credit.
The Industrial sector consistently absorbs the largest loans, accounting for 42%–46% of total credit from January to September 2024.
The Services sector remains a top recipient of bank credit, with shares fluctuating between 37% and 41%.
The Government sector receives relatively low credit levels, averaging 4.9%, suggesting reliance on alternative funding sources rather than direct bank borrowing.
The Manufacturing industry received the lion’s share of DMB credit to the industrial sector, consistently surpassing 50% and peaking at 56.9% in September.
Despite being a crucial part of Nigeria’s economy, the Oil and Gas industry received 40–42.8% of the credit, which was less than the Manufacturing industry.
The Power and Energy industry received less than 5% of credit throughout the period, reflecting minimal support for the industry.
Manufacturing’s share increased from 52.4% in January to 56.9% in September, indicating growing prioritisation of this sector.
Approximately 0.2% of total credit was allocated to mining and quarrying, showcasing an almost complete neglect of this sector.
Asia has the highest number of crypto owners globally, with 326.8 million individuals
Despite having the smallest crypto user base (3 million), Oceania experienced explosive 1-year growth of 114.3% in crypto ownership between 2023 and 2024.
Africa’s crypto ownership grew by just 8.5% over the past year, the lowest among all regions, with 43.5 million individuals owning cryptocurrency.
While some regions like Oceania and South America are experiencing rapid growth, Africa's slower adoption indicates barriers such as infrastructure and regulatory challenges.
