Number of Active Issued Payment Cards Rises To 50m

As of 2024, Nigeria has approximately 50 million active payment cards in circulation, reflecting a significant increase from previous years. The number of active ATMs has decreased to about 16,714, down from 17,377 in late 2023, indicating a trend towards digital banking and online transactions.

Despite the decline in the number of ATMs, ATM transactions increased slightly in volume, reaching 496 million in the first half of 2024. However, the value of these transactions fell by 10%, highlighting a shift in consumer behavior towards digital payment methods like online transfers and Point of Sale (PoS) terminals, which have seen substantial growth.

Approximately 35 million active payment cards were issued in Nigeria as of 2022 , with 36 per cent of Nigerians aged 15 and above owning a debit card. The total number of debit cards in circulation is expected to continue increasing due to the Central Bank of Nigeria’s push for financial inclusion and the growing adoption of cashless transactions.

In terms of ATM infrastructure, Nigeria had about 22,600 ATMs as of December 2023, although estimates suggest that around 60,000 ATMs are needed to adequately serve the population.