Nigeria’s card cost panorama is poised for vital development in 2025 because the nation deepens its transition to a cashless financial system, Co-founder of Fintava, Samuel Ojerinde, mentioned in a word shared with The PUNCH.
Ojerinde, who runs that banking-as-a-service platform, defined that this anticipated surge could be pushed by international traits, authorities insurance policies, and rising shopper demand for safe and handy cost strategies.
“Playing cards have turn out to be the spine of contemporary transactions globally, and Nigeria is catching up quickly,” he mentioned.
Citing information from the Nigeria Inter-Financial institution Settlement System, Ojerinde mentioned card transactions in June 2024 reached N1.01tn, up from N930.76bn in June 2023 and N923.37bn in July 2023.
He defined that the expansion displays Nigeria’s progress in digital transformation and alignment with international cost practices.
“The numbers from 2024 already present the place we’re headed,” he mentioned. “Final 12 months, Fintava produced over 850,000 bodily playing cards for companies and authorities entities. By January 2025 alone, we’re set to supply over 400,000 playing cards, which speaks to the explosive demand for each bodily and digital playing cards.”
Ojerinde attributed the expansion to rising web penetration and elevated smartphone adoption, giving extra Nigerians entry to digital monetary instruments.
He additionally pointed to the Central Financial institution of Nigeria’s cashless coverage, which incentivises non-cash transactions, as a significant enabler.
“Contactless know-how gives sooner, safer choices for transactions, which customers more and more worth,” he mentioned, including that developments like biometric authentication and tokenisation have additionally bolstered belief in card funds.
Ojerinde famous that the worldwide pattern towards cashless transactions can be influencing Nigeria’s cost ecosystem.
He cited a World Financial institution report, which confirmed that cashless funds are rising yearly by over 12 per cent, with playing cards main the pattern.
Talking on the implications for companies, Ojerinde mentioned the surge in card funds gives a singular alternative to redefine cost methods.
He famous that bodily playing cards stay related for presidency programmes, company companies, and industries requiring identification, whereas digital playing cards are gaining reputation amongst web shoppers and frequent travellers.
“In 2024, Fintava partnered with companies and authorities organisations to concern over 50,000 playing cards, enhancing buyer retention and driving income development.”
Whereas acknowledging challenges like community reliability and shopper belief, Ojerinde mentioned latest developments in know-how and infrastructure are making a extra enabling setting for card funds.
He added that the rise of cost gateways and digital pockets methods has additional enriched the monetary ecosystem.
Ojerinde expressed confidence that the demand for playing cards will reshape Nigeria’s monetary panorama in 2025.
“The demand for safe and environment friendly cost choices will proceed to develop. Companies that act now to combine card companies shall be well-positioned to thrive on this evolving ecosystem,” he concluded.