How card payments can grow in Nigeria
Since the introduction of the cashless policy by the CBN in 2011, the rate at which Nigerians have embraced cashless payments has increased exponentially. The policy, aimed at reducing reliance on physical cash by promoting electronic transactions, has modernized the payment system and enhanced efficiency. It has been a significant success, with more people adopting the policy not just in urban centres but also in rural areas.
Two key points in recent time fast tracked the adoption of this policy:
- The covid 19 lockdown of 2020 where physical contact and movement was restricted and people were restricted majorly to online shopping
- The scarcity of cash necessitated by the changing of the currency of the country from the old notes to the new and the ultimatum given by the government to change.
In 2022, the Nigerian card payments market was valued at approximately $22 billion. That year, 1.5 billion transactions were conducted via ATMs, while point-of-sale (PoS) terminals facilitated 3.5 billion transactions. As of 2024, cards accounted for approximately 37% of online retail payments in Nigeria, making them the most popular payment method. Bank transfers and cash payments followed, accounting for 29% and 16% of online payments, respectively.
This growth was driven by the marketing strategies and activities of organisations competing for market share in the otherwise new market with a lot of potential. Companies like MasterCard, Visa, Interswitch, Paga, Palmpay, Opay etc. led the market in creative campaigns and publicity that ensured they remained top of mind.
How Creative Campaigns Drove Growth In Card Payment In Nigeria
Expanding the card payment industry in Nigeria. The creativity in crafting the messaging has played a crucial role in the growth of companies in Nigeria’s card payment market making financial services more relatable and these companies successfully onboarded millions of Nigerians into the cashless economy. They did this by;
Simplifying Financial Jargon by using simple, relatable language in their campaigns to explain card payments and digital banking, making them more accessible.
Emotional Storytellinging to create an emotional connection. Opay and PalmPay, for example, focused on real-life scenarios to highlight the convenience of card payments.
Leveraging Pop Culture and Influencers to boost credibility and reach younger demographics. For instance, Visa and Mastercard collaborated with Nollywood actors and musicians to make digital payments aspirational.
Localized and Community-Focused Campaign with messaging tailored to local cultures helped drive adoption. Moniepoint and Kuda created campaigns in Pidgin and regional dialects, making card payments more relatable to everyday Nigerians.
Brands like Verve and Flutterwave introduced cashback incentives, referral bonuses, and social media challenges to encourage engagement and loyalty, increasing card usage.
MasterCard
Mastercard has implemented several creative campaigns in Nigeria to drive growth in the card payment market. Here are notable examples
- Cashless Lagos” Initiative – Partnering with the Lagos State Government, Mastercard promoted digital payments for transportation, enabling commuters to pay fares using prepaid cards. This increased cashless transactions in daily life.
- “Mastercard Foundation Partnership” – Through financial inclusion campaigns, Mastercard collaborated with fintechs like Paga and Flutterwave to provide digital payment solutions to SMEs, driving adoption among underserved communities.
- “Experience More” Campaign – This campaign targeted young Nigerians, emphasizing seamless e-commerce payments with Mastercard cards. Using influencers and social media, it highlighted security and ease of digital transactions.
- “Sensory Branding” Strategy – Mastercard introduced a sonic identity and haptic feedback for payments, reinforcing trust and engagement among users in Nigeria’s growing digital economy.
Mastercard’s success in Nigeria shows that localised, trust-driven, and partnership-based strategies are key to increasing digital payment adoption in emerging markets.
Interswitch
By creatively embedding its brand into everyday experiences, Interswitch successfully increased card payment adoption and customer loyalty in Nigeria. These are some of the campaigns explored;
- Verve Life Campaign (2017-Present) positioned Verve cards as part of a dynamic, fitness-driven lifestyle. By organizing fitness events, partnering with influencers, and offering cardholders exclusive perks, the campaign boosted brand affinity and card adoption.
- “Never Stop” Campaign (2019) used storytelling to showcase how Verve cards empower Nigerians to achieve their goals—whether in business, travel, or everyday transactions. It reinforced trust in digital payments and encouraged card usage.
- Quickteller’s “Everything is Possible” (2021)- Here by highlighting seamless transactions, bill payments, and financial empowerment, this campaign used relatable scenarios to demonstrate convenience, increasing platform engagement.
- InterswitchSPAK (Ongoing)- A STEM competition for students, this initiative builds brand credibility while promoting financial literacy, subtly integrating Interswitch’s payment solutions.
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OPay
Opay, one of the top card payment solution companies in Nigeria drove growth in Nigeria’s card payment market through their innovative campaigns.
- The “Spend and Win” cashback promotions encouraged frequent card usage by rewarding customers with incentives. To boost adoption, Opay collaborated with celebrities and influencers, making digital payments more appealing to young Nigerians.
- The company also localized its marketing by using Pidgin and regional languages, making card payments relatable to traders and SMEs. Additionally, Opay aggressively onboarded merchants by offering lower transaction fees and seamless integration, ensuring more businesses accepted Opay cards.
These strategies significantly expanded Opay’s user base, increased transaction volumes, and strengthened trust in digital payments. By leveraging creativity, Opay successfully positioned itself as a key player in Nigeria’s evolving cashless economy.
As is shown from the case studies shared above and with a combination of education, rewards, partnerships and digital engagement, creative campaigns can exponentially increase adoption, reduce cash dependency and ultimately grow Nigeria’s card payment market.Card payment companies like Interswitch and Mastercard who rely on the effectiveness of the creative communications for their campaigns will need to ensure that they have the right team that infuses creativity with data and technology for campaigns that win; and Purple Stardust is positioned to provide this with her team of experienced professionals, so give us a call today!
