How people pay in Nigeria in 2026
Nigeria is a transfer-first market. Its account-to-account rail, NIBSS Instant Payment (NIP), settles most payments in seconds, and the Central Bank of Nigeria's 2025 annual report, as summarized by ThisDay, puts electronic payments at N3.46 quadrillion and 47.9 billion transactions in 2025, up 26% in value. Online, shoppers often pay by sending a transfer to a one-time account number, and Paystack reported that bank transfers made up 58% of its Nigerian transactions in 2023, ahead of cards at 36%.
In the street, the point of sale is a POS terminal run by an agent or a merchant, mostly supplied by fintechs such as Moniepoint, OPay and PalmPay. POS payments were worth N18.78 trillion in the first quarter of 2026, up 79% in a year, according to NIBSS. Cash still matters, but the CBN caps over-the-counter withdrawals, and its new Payments System Vision 2028 aims to push cash outside banks below 40% of currency in circulation. Cards run on Verve, the AfriGO national scheme, Visa and Mastercard. BNPL is small and focused on phones and electronics, and the eNaira has stayed marginal.
- N3.46 quadrillion value of electronic payments in 2025 (CBN annual report via ThisDay)
- 28.7 billion mobile money operator transactions in 2025 (CBN annual report via Economic Confidential)
- N18.78 trillion POS transaction value in Q1 2026 (NIBSS)
- 100 million Verve cards issued by December 2025 (Interswitch)
Payment by card in Nigeria
Nigeria has two domestic card schemes. Verve, run by Interswitch, is the incumbent and announced 100 million cards issued across Africa in December 2025. AfriGO, the national domestic card launched by the CBN and NIBSS in January 2023, has grown more slowly: NIBSS reports over one million cards and more than N70 billion in transactions by September 2025, with 25 issuing banks and fintech partners such as Moniepoint and PalmPay. Visa and Mastercard cover the rest of the market, mostly on dual-purpose and international cards.
Cards are used above all at POS terminals and ATMs. The CBN counted 15.7 billion POS transactions and 1.7 billion ATM transactions in 2025. Online, cards lose ground to transfers, but they remain the default for subscriptions and foreign merchants, and Verve now works on platforms such as Netflix and Uber. Merchants should route domestic schemes locally and understand how card networks work to keep approval rates high.
Card schemes in Nigeria
Verve
Domestic card scheme
The Interswitch-owned scheme behind most Nigerian debit cards, used at POS, ATMs and online, with physical, virtual, prepaid and contactless cards and acceptance at global platforms such as Netflix and Uber.
100 million Verve cards issued across Africa as of December 2025, Interswitch
AfriGO
National card scheme
The domestic card scheme launched by the CBN and NIBSS in 2023 and operated by Afrigopay Financial Services, designed to keep domestic card payments local and settled in naira.
1 million+ AfriGO cards issued and N70 billion+ in transactions by September 2025, NIBSS
Visa
International scheme
Issued by Nigerian banks on debit, credit and prepaid cards, Visa is used at POS terminals and for online and cross-border payments.
Mastercard
International scheme
The other international brand on Nigerian bank and fintech cards, accepted at POS terminals and online; in November 2025 it launched an Essential Debit Card with Zenith Bank aimed at low-income customers.
POS debit cards
Debit card
Chip-and-PIN debit cards inserted in agent and merchant POS terminals are the most common card use in Nigeria, for purchases and for cash withdrawals at agents.
15.7 billion POS transactions in 2025, CBN annual report via ThisDay
Payment by cash in Nigeria
Cash remains part of daily life in Nigeria, but it increasingly flows through digital channels. Much of it is withdrawn at POS agents rather than bank branches. Moniepoint says 8 out of 10 in-person payments in Nigeria are made on its terminals, and POS terminals processed N18.78 trillion in the first quarter of 2026. The Association of Mobile Money and Bank Agents counted 5.9 million active terminals in March 2025. ATMs remain busy too, with 1.66 billion ATM transactions in 2025, up 62%.
The CBN's cashless policy now limits withdrawals rather than deposits. Under a circular issued on December 2, 2025 and in force since January 1, 2026, individuals can withdraw up to N500,000 per week and companies N5 million, with fees of 3% and 5% on the excess, and ATM withdrawals are capped at N100,000 per day. Deposit limits were removed. Under its Vision 2028 roadmap, the CBN wants cash outside the banking system below 40% of currency in circulation. Online, cash on delivery survives, and riders often accept a transfer or a POS payment at the door. Our case studies on the move from cash to digital put Nigeria's shift in context.
Cash payment methods in Nigeria
Cash
Banknotes and coins
Naira notes are still used for small purchases, markets and transport, within weekly withdrawal caps set by the CBN.
N500,000 weekly withdrawal limit for individuals before a 3% fee, effective January 1, 2026, Channels TV
POS agent cash-out
Agent banking
Agents of Moniepoint, OPay, PalmPay and banks use POS terminals to pay out cash against a card or transfer and to take deposits, serving areas with few bank branches.
5.9 million active POS terminals in March 2025, AMMBAN data, BusinessDay
ATM withdrawal
ATM cash access
Bank ATMs remain a major cash channel, limited to N100,000 per day and N500,000 per week per customer since January 2026.
1.66 billion ATM transactions in 2025, up 62%, CBN annual report via ThisDay
Cash on delivery
Cash on delivery
Still offered by many e-commerce sellers and social commerce vendors, often settled by a transfer or a POS payment to the rider at the door.
Payment by bank transfer in Nigeria
Bank transfers are the backbone of Nigerian payments. NIP, the NIBSS instant payment system, is the rail behind mobile app transfers, USSD, POS settlements and online checkouts. It processed N284.8 trillion in the first quarter of 2025, with up to 792 million transactions in a single month. The CBN's first Fintech Report counts nearly 11 billion NIP transactions in 2024, more than double the 2022 level. For Nigerian shoppers, instant payment is the norm, not a premium option.
At checkout, the dominant method is pay with transfer. The gateway shows a one-time virtual account number, the shopper pushes a transfer from a bank or fintech app, and the payment is confirmed automatically, as Paystack explains. Other gateways, including Flutterwave, offer similar transfer options. USSD codes let feature-phone users pay without data, with 669.6 million USSD transactions in 2025. NIBSS also runs NQR, its account-based QR scheme, and the CBN wants more than 10 million QR and tap-to-pay acceptance points by 2028. Our guide to account-to-account payments explains why these rails matter.
Bank transfer methods in Nigeria
NIBSS Instant Payment (NIP)
Instant payment
The interbank real-time transfer system owned by the CBN and licensed banks, used for app transfers, wallet top-ups and almost every account-to-account payment in Nigeria.
Nearly 11 billion NIP transactions in 2024, up from 5 billion in 2022, CBN Fintech Report
Pay with Transfer
Virtual account transfer
A checkout method where the gateway generates a single-use account number and confirms the payment when the shopper's transfer lands, offered by Paystack and by competing gateways.
58% of Paystack transactions in Nigeria were bank transfers in 2023, TechCabal
USSD payments
USSD banking
Short codes such as *737# or *894# let customers send transfers and pay merchants from any phone, without a data connection or a smartphone.
669.6 million USSD transactions in 2025, up 21%, CBN annual report via ThisDay
NQR
QR payment
NIBSS's account-based QR code scheme, which lets shoppers scan a merchant code in a bank or fintech app and pay by instant transfer; the CBN plans to expand QR acceptance under Vision 2028.
Direct bank transfer
Bank transfer
Many small merchants and social commerce sellers simply share their account number and confirm the incoming NIP alert before releasing goods, a habit that makes fraud checks important.
Payment by installment and BNPL in Nigeria
Buy now, pay later in Nigeria is mostly device and electronics financing. With smartphones expensive relative to incomes, lenders ask for a down payment and spread the rest over a few months. Credit Direct, part of FCMB Group, signed a deal with vivo in April 2026 that requires 20% upfront and six months of repayments, with a target of 200,000 devices in the first year. Easybuy and CDcare offer similar plans in phone stores, with down payments of 30% and 50% according to Credit Direct.
Online, CredPal, Carbon and Klump offer installments at checkout for electronics, fashion, school fees or travel. Pricing is far from the interest-free European model: monthly rates of several percent are common, as a 2026 comparison by NairaCompare shows. Regulation tightened with the FCCPC's digital lending rules, which explicitly apply to BNPL operators. Earlier players did not all last: Zilla paused its BNPL product in 2024 to focus on cross-border payments.
Installment and BNPL providers in Nigeria
CredPal
BNPL
Nigerian BNPL and credit app that lets shoppers split purchases of electronics, fashion and services into monthly payments at partner merchants, including Jumia, according to NairaCompare.
Credit Direct Checkout
Point-of-sale financing
FCMB Group's lender finances phones and gadgets at partner stores such as Slot and Pointek, with 20% to 25% down and repayment over up to six months.
200,000 vivo devices targeted in the first year of its April 2026 financing deal, Techeconomy
Easybuy
Phone financing
Device financing offered through agents in phone shops, with a down payment and repayments over 3 to 12 months; financed phones can be locked on default.
30% typical down payment, Credit Direct
Carbon Zero
BNPL
Carbon Microfinance Bank's interest-free option: after a 25% down payment, the balance is split into four installments at partner merchants such as electronics and appliance stores.
Klump
BNPL
Checkout BNPL used for spending such as school fees, flights, healthcare and laptops; shoppers pay a 25% deposit and spread the balance over up to 12 months, choosing among partner lenders.
Payment by digital wallet and X-Pay in Nigeria
In Nigeria, the wallet that matters is a fintech account app, not a card token. OPay, PalmPay and Moniepoint hold bank-like accounts with their own account numbers, so they plug straight into NIP transfers. In the KPMG Nigeria Smartphone Study, OPay was installed on 69% of smartphones, PalmPay on 29% and Moniepoint on 16%, ahead of every bank app. The CBN counted 28.7 billion mobile money operator transactions worth N372 trillion in 2025, up 66% in a year.
In Nigeria, X-Pay mostly means these local apps rather than card-token wallets. Telecom wallets have struggled: MTN's MoMo PSB had 3.7 million active wallets in December 2025 and is being restructured. The eNaira, launched in 2021 as Africa's first retail CBDC, has processed only about N22 billion in total, and the CBN now plans to refocus it on government and cross-border payments.
Digital wallets and X-Pay in Nigeria
OPay
Fintech wallet
The most widely installed payment app in Nigeria, used for transfers, bill payments, merchant QR and POS payments, with a large agent network.
39.3 million monthly active users and $358 billion in gross transaction value in 2025, audited figures reported by Nairametrics
PalmPay
Fintech wallet
A mobile money app and agent network offering accounts, transfers and bill payments, and an issuer of AfriGO cards.
29% of Nigerian smartphones had PalmPay installed in 2025, KPMG study via Techeconomy
Moniepoint
Business and personal wallet
Started as a POS and business banking provider for more than 6 million businesses and now runs personal accounts too; it says 8 out of 10 in-person payments in Nigeria are made on its terminals.
16 million+ individuals banked and 1 billion+ transactions a month in 2025, Moniepoint Year in Review 2025
Paga
Mobile money
One of Nigeria's oldest mobile money operators, used for transfers, bill payments and merchant collections through an app and an agent network.
$1.5 billion processed per month in 2026, according to its CEO, Techeconomy
MoMo PSB
Telecom wallet
MTN's payment service bank offers a wallet tied to the subscriber's phone number; MTN is moving a 60% stake to MTN Group and a new CEO took over in September 2026.
3.7 million active wallets in December 2025, Techeconomy
eNaira
CBDC wallet
The CBN's retail digital currency, live since October 2021 but little used; Vision 2028 repositions it toward government and cross-border payments.
N22 billion total eNaira transactions since launch, TechCabal
Payments in Nigeria: FAQ
What is the most popular online payment method in Nigeria?
Bank transfer. Shoppers pay to a one-time account number generated at checkout and the NIP rail confirms it in seconds. Paystack reported that 58% of its Nigerian transactions in 2023 were bank transfers, against 36% for cards.
How much cash can you withdraw in Nigeria in 2026?
Since January 1, 2026, individuals can withdraw up to N500,000 per week and companies N5 million across all channels. Amounts above the limit carry a 3% or 5% fee, ATM withdrawals are capped at N100,000 per day, and deposit limits have been removed, as Channels TV reports.
What is the difference between Verve and AfriGO?
Both are domestic card schemes. Verve is owned by Interswitch and has issued 100 million cards, while AfriGO was launched by the CBN and NIBSS in 2023 and counted over one million cards by September 2025.
Is the eNaira still used?
Barely. The CBN admits adoption has been slow, and the CBDC has processed about N22 billion in transactions since 2021. Its Payments System Vision 2028 now targets government-to-person and cross-border use.
Accept local payments in Nigeria with NORBr
In Nigeria, Paystack and Flutterwave dominate online checkout and Moniepoint leads in-store POS, with Interswitch and NIBSS behind the scenes. Check the partner's CBN license category, pay-with-transfer and USSD, Verve and AfriGO acceptance, and naira settlement speed.
With NORBr, you can connect any acquirer, PSP or local provider that offers bank transfers through NIP and virtual accounts, Verve cards, USSD and wallets such as OPay, PalmPay and Moniepoint. Some are already in our connector catalog; Mapper™ gets the others live in days, and Smart Checkout shows each shopper the right methods. Explore the other #PayWorldTour guides.
Local payment providers in Nigeria
Paystack
Payment gateway
Lagos-founded payment gateway, owned by Stripe since 2020, used by Nigerian businesses of every size to accept cards, bank transfers and USSD online and in person.
Covers: Cards, Verve, Visa, Mastercard, Pay with Transfer (Paystack), NIBSS Instant Payment (NIP), USSD, NQR (NIBSS), Apple Pay
Flutterwave
Payment gateway
Pan-African payment company founded in Lagos, serving Nigerian and international merchants that collect payments in naira and other African currencies.
Covers: Cards, Verve, Visa, Mastercard, Bank transfer, USSD, NQR (NIBSS), OPay
Interswitch
Payment switch
Lagos-based payment switch and processor behind the Verve card scheme, offering the Quickteller and IPG gateways to merchants, banks and billers.
Covers: Verve, Visa, Mastercard, Bank transfer, USSD, Quickteller
Moniepoint
Acquirer
Nigerian fintech group that provides POS terminals, business accounts and payment acceptance to small businesses across Nigeria.
Covers: Cards, Verve, Visa, Mastercard, Bank transfer, NIBSS Instant Payment (NIP), Moniepoint
