Shifting Tides: Nigerian Banks Embrace Local Card Schemes Amidst Changing Consumer Behav
- Banks in Nigeria are adopting local card schemes like Verve, moving away from international giants such as Visa and Mastercard.
- The pandemic has reduced reliance on card payments, leading to the popularity of bank transfers.
- Fintechs are developing products to facilitate bank transfers in response to the growing preference for this payment method.
The shift towards local card schemes in Nigeria is a positive development for the banking sector. It allows banks to cater to changing consumer preferences and reduce costs associated with international card schemes. Fintechs adapting to the rise of bank transfers also shows their ability to innovate and meet customer demands.
