Card business declining in Nigeria
People continue to invest in card business despite the fact that it is expected to make way for instant payment.
There are indications that the country’s electronic payments ecosystem is today driven by mobile means of communications as the number of Instant Pay users in the system is put at 11million with mobile and USSD accounting for 77 percent of this figure, Nigeria CommunicationsWeek has learnt.
Mrs. Christabel Onyejekwe, executive director, Technology & Operations, Nigeria Inter-Bank Settlement Systems (NIBSS) disclosed this at Point of Sale, PoS, innovation summit held in Lagos recently...
She added that Instant Pay is the future of payment as card business is declining. “This is why MasterCard and Visa are coming up with mobile payment services such as Mvisa and MasterPass,” she said.
Meanwhile, the Executive Director, Business Development, Nigeria Inter-Bank Settlement System Plc (NIBSS), Oyeniyi Ajao, decried the low level of payment terminals in the country, saying that 2,000 terminals to service a population of almost 200 million is extremely poor.
