Getting a credit card from a Nigerian bank
In Nigeria, the credit card remains a niche product for salaried workers whose pay goes through the bank. A few large banks issue naira cards on Verve, Visa or Mastercard, while most payments go through debit cards or instant transfers.
A country of debit cards and transfers
The great majority of Nigerians pay with a Verve debit card, by NIP instant transfer or through point-of-sale terminals run by agents. Revolving credit on a card remains marginal compared with these everyday payment habits across the country.
Verve, AfriGo, Visa and Mastercard
Verve, launched by Interswitch, dominates domestic cards, while AfriGo, a national scheme promoted by the CBN and NIBSS since 2023, aims to cut costs. Credit cards, however, are mostly issued on the Visa and Mastercard networks.
Who can get a credit card in Nigeria?
Banks generally reserve their credit cards for employees whose salaries are paid into accounts with them, or for customers who lodge a security deposit. The limit granted depends on net monthly salary and on the record held by the credit bureau.
Monthly rate and grace period
Nigerian cards often show a monthly interest rate on the balance carried over, after an interest-free period if the statement is paid in full. Converted to an annual figure, this cost far exceeds that of a bank personal loan.
International payments: the foreign currency constraint
During the dollar shortage of 2022 and 2023, many banks suspended or capped the use of their naira cards abroad. Travellers now turn to dollar cards linked to a domiciliary account, which are more dependable for spending outside Nigeria.
Virtual naira cards for online subscriptions
Without a credit card, young professionals in Lagos use prepaid or virtual cards offered by banks and fintechs to pay for online subscriptions. These cards provide no credit at all and depend entirely on the balance loaded onto them.
The CBN Guide to Charges
The CBN publishes a schedule of permitted bank charges, which covers card maintenance and withdrawals among other items. Credit card interest and commissions must be clearly set out in the offer given to the customer before any signature.
Credit cards and the Global Standing Instruction
An unpaid card debt is treated like any other bank default: it is reported to the credit bureaus and, where applicable, recovered from other accounts linked to the BVN. A carried balance can therefore empty a savings account held elsewhere.
Card fraud and social engineering
Fraudsters pose as a bank's customer service team to obtain the PIN or the one-time password. No Nigerian bank ever asks for this information by phone, text message or social media, so any such request is a scam.
Alternatives to revolving credit
For a one-off purchase, such as a laptop or a phone, an instalment loan often costs less than a carried balance. The options are compared on the personal loan in Nigeria page, within the wider context of credit in Nigeria.
Split payments at retailers
Online shopping platforms and electronics sellers in Ikeja offer payment in several instalments, sometimes funded by partner fintechs. These arrangements count as consumer credit and fall under the FCCPC digital lending regulation, which protects buyers who use them.
Credit cards in Senegal, a different model
In Senegal, cards are issued in CFA francs within the GIM-UEMOA network and under the BCEAO, without the exchange constraints specific to the naira. The credit card in Senegal page explains in detail how that system works.
Applying for a credit card at your Nigerian bank
- Ask your bank which credit cards it offers and on which network they run.
- Have your salary paid into the bank if that is not already the case.
- Fill in the application form, stating the limit you want and the account for repayments.
- Read the schedule of monthly interest, annual fees and foreign currency transaction fees.
- Activate the card, set your PIN and switch on alerts by text message or app.
Fees attached to Nigerian credit cards
| Fee | What drives the amount | Tip |
|---|---|---|
| Interest on carried balance | Monthly rate set by the bank | Pay the statement in full |
| Annual or maintenance fees | Card type and network | Governed by the CBN Guide to Charges |
| Cash withdrawal | Amount withdrawn, ATM used | Interest from the day of withdrawal |
| Foreign currency transactions | Exchange rate applied by the bank | Check the limits in force |
Documents for a credit card application in Nigeria
- Signed application form
- BVN and NIN
- Valid ID document
- Recent payslips
- Letter from the employer
- Proof of address
Misusing a credit card in Nigeria
- Paying only the minimum each month and letting the carried balance build up high monthly interest charges.
- Giving your PIN or one-time password to a fake bank adviser on WhatsApp who claims to fix a problem.
- Relying on your naira card for a trip without checking the overseas payment limits set by your bank.
- Withdrawing cash with a credit card, a transaction that is charged and starts earning interest immediately.
Lenders to contact
- Jaiz Bank: Nigeria's first non-interest bank, publicly listed, offering Shariah-compliant accounts and financing to individuals and businesses.
- TAJBank: Second non-interest banking institution launched in Nigeria, providing Islamic banking services to both retail and business customers.
- Jaiz Bank: Nigerian Islamic bank offering Sharia-compliant home finance as well as personal financing for household appliances and equipment.
- Accion Microfinance Bank: Nigerian microfinance bank lending to micro-entrepreneurs and small businesses, also offering personal loan products such as BrightA MyOwn Loan Plus.
Questions about credit cards in Nigeria
Can you get a credit card in Nigeria without a salary?
It is difficult. Some banks accept a card secured by a blocked deposit, with a limit matching all or part of the amount deposited. Self-employed people generally have to show regular bank statements and a registered business.
What is AfriGo?
AfriGo is a national card scheme launched in 2023 by NIBSS with the support of the CBN. It aims to process domestic payments locally and reduce dependence on international networks. At this stage it mainly concerns debit cards.
Does a Nigerian credit card work abroad?
It depends on the bank and on the foreign exchange situation. Several banks have restricted international payments on naira cards. A dollar card linked to a domiciliary account is often more reliable for travel and online purchases abroad.
How do you dispute a fraudulent card transaction?
Block the card immediately through the app or customer service, then submit a written complaint. If the bank does not respond, a complaint can be sent to the CBN consumer protection department, which handles disputes with banks.