Nigeria: The volume of POS transactions in 2022 was 1,500x the volume in 2012

In 2012, the volume of Point of Sale (POS) transactions in Nigeria was nearly 2.6 million, valued at ₦48 billion. As of 2022, it had grown to nearly four billion transactions worth ₦41 trillion. The volume and value of POS transactions surged between 2020 and 2022.

Source:

Central Bank of Nigeria

Period:

2012-2022
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Nigeria’s insurance industry gross premium written in 2025
  • Nigeria's insurance industry generated ₦2.3 trillion in gross premium written in 2025.
  • Gross premium written increased 47.3% from ₦1.56 trillion in 2024.
  • Premiums have grown by 273% since 2021, from ₦616.6 billion.
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  • Premium growth does not necessarily mean higher insurance coverage or profitability.
Among 17 insurers reviewed, the top three generated ₦30.3bn more than the rest
  • AXA Mansard, NEM Insurance and AIICO generated 51.7% of the combined revenue of 17 NGX-listed insurers.
  • The top three earned ₦449.9 billion, ₦30.3 billion more than the other 14 insurers combined.
  • The 17 insurers generated a combined ₦869.6 billion in insurance revenue in 2025.
  • AXA Mansard recorded the highest insurance revenue at ₦160.6 billion.
  • Revenue rose at 15 insurers, but only four reported higher profits.
Sub-Saharan Africa received an estimated $54 billion in stablecoin value in the 12 months to June 2024
  • Total received: $125 billion in on-chain value.
  • Stablecoin value: $54 billion, representing 43.2%.
  • Bitcoin comparison: Stablecoins received more than twice Bitcoin’s value.
  • Key driver: Currency depreciation and limited dollar access.
GTCO turned ₦40 of every ₦100 earned into profit
  • GTCO had the strongest profit conversion in 2025.
  • GTCO turned about ₦40 of every ₦100 earned into profit.
  • Stanbic IBTC followed with about ₦34 profit per ₦100 earned.
  • Zenith made the highest profit, but not the strongest conversion.
  • First HoldCo had the weakest profit conversion among the banks reviewed.
 
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  • KCB recorded the largest improvement, with a 2.9% point drop.
  • KCB still had the highest NPL ratio in the group at 16.9%.
  • Co-operative Bank remained highly stressed at 15.7%, despite some improvement.
  • Equity Bank and Absa Bank Kenya both ended 2025 at 11.5%.
  • Standard Chartered Kenya had the lowest NPL ratio in the group at 5.5%.
Nigeria's insurance sector crossed ₦1.98tn in H1 2025 as every segment grew by at least 25%
  • Life Business was the single largest segment, and its 70.3% jump signals that more Nigerians are thinking seriously about financial protection for their families.
  • Miscellaneous, the smallest segment, posted the biggest growth at 86.7%, suggesting new and unconventional insurance products are gaining serious traction.
  • Aviation & Marine nearly doubled, with 79.9% growth in a sector tied to trade and logistics, reflecting Nigeria's expanding import/export activity and the rising cost of cargo and aircraft risk coverage.
  • Motor (52.5%), Fire (53.3%), and General Accident (49.6%) grew by roughly half, indicating broad-based sector expansion rather than isolated pockets of growth.
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