Nigeria’s card payment landscape is on the verge of substantial expansion in 2025, as the nation advances its transition to a cashless economy, according to Samuel Ojerinde, co-founder of Fintava, a banking-as-a-service platform. In a recent note shared with The PUNCH, Ojerinde highlighted that the growth would be driven by global trends, government initiatives, and increasing consumer demand for secure and convenient payment options.

Ojerinde pointed to the rising volume of card transactions, citing data from the Nigeria Inter-Bank Settlement System, which reported card transactions reached N1.01 trillion in June 2024—up from N930.76 billion in June 2023. He noted that this surge indicates Nigeria’s rapid adoption of digital financial solutions, aligning with global trends.

Fintava’s impressive production numbers further underscore this growth, with over 850,000 physical cards issued in 2024 and a projected 400,000 cards set for production by January 2025. Ojerinde attributes this surge to rising internet penetration, smartphone usage, and the Central Bank of Nigeria’s cashless policy, which incentivizes non-cash transactions.

Ojerinde also discussed the rising popularity of contactless technology, biometric authentication, and tokenization, all of which are bolstering consumer confidence in card payments. He stressed that this evolving payment landscape provides a unique opportunity for businesses to rethink their payment strategies, with both physical and virtual cards offering substantial growth potential.