Credit card in Nigeria bank – we have discussed MasterCard and Visa Cards in our earlier publications and we did so because we know that it will help you understand the above topic which very well.

Credit card in Nigeria

Without wasting much of your time, the following will form our basis for this lecture.

What is Credit card in Nigeria?

This is the credit card services that is funded and denominated with the Nigerian Naira. It is mostly used in Nigeria though it can be used outside the country (Abroad) too.

This card can be funded from either one’s personal account or from one’s Bank as a loan to the holder. Either way, the customer has to make a request for it.

From the above, you can now see that the question is credit card available in Nigeria is not necessary because it very much available in Nigeria.

Credit card companies in Nigeria

Nigeria is growing economy and its scope can only be marred by itself. The credit card companies are as vast as the Nigeria’s Economy.

The credit Card companies include:

  1. All Nigeria Money Deposit Banks like Polaris Bank Limited, First Bank etc
  2. Some Nigeria Micro Finance bank LAPO Micro Finance Bank
  3. Some Financial Technology Companies like Quickteller

We believe this serves you well.

Best credit card in Nigeria

The questions of which is the best credit card for first time and which bank offer credit card often arise in the mind of many Nigerians. The truth is that there is none per say.

What matters here is the customer’s experience.

  1. There are people that wants card they must use abroad,
  2. There are people that want cards that ATM does not reject
  3. There are people that want cards that does not multiply failed transactions
  4. There are people that want card with high security features and can’t be hacked
  5. There are people that want cards that does not trap easily in ATM and…
  6. There people that want a card just because of its brand.

The question is what moves you in a credit card business?

We are of the view that a credit card with all the above wants in it is the Best credit card in Nigeria

The above also determines what credit cards are accepted in Nigeria

Virtual credit card in Nigeria

This is a credit card that one owns but one does not have the physical Credit Card itself.

This card aids fundamental online shoppers to use this card for security reasons.

This card serves as alternative when you forget your card at home but want to make an urgent internet purchases.

How does credit card work in Nigeria?

Credit card use in Nigeria is a function of how credit card works in Nigeria. Find below how credit card works in Nigeria:

  1. Customer approaches a bank (Commercial banks or Micro Finance Bank) inclusive or FinTech Companies and make a request
  2. If the customer has the money in his account and wants to use it, the bank will go ahead and prim the card. The customer will be charged only the card fee, the card maintenance fee.
  3. If the customer has the money but wishes to use Bank’s money, the credit card will be booked as a loan where the customer will provide some security. The customer can use his cash that he doesn’t want to touch as security. When he fulfills his credit card loan obligation without defaulting; his money will be released to him. This is called Cash Backed Credit card Loan in Nigeria. Most of often the cash that is allowed here as collateral is not just the exact amount that is needed but a certain percentage higher that the amount needed. In most cases the Cash Backed Collateral is often 100% of the amount requested. In this case the customer will be charged the Management fee, processing fee, card fee, card maintenance fee and other fees applicable in loan request. Now when the customer is a civil servant, the customer can use Salary Pay point domiciliation as his security for the credit card loan request. Business men can provide other collateral for this like domiciliation of sales proceed with the bank that issued the credit card, provision of physical assets and many more. The above serves as the concept of Credit card loan in Nigeria
  4. The most troubling part of Credit card loan is the default charges. Credit card loan functions more like a Monthly overdraft where you are expected to repay on or before the 30th day of the month. When one fails to repay the full amount availed to him or her, untold charges will hit the person’s account and it will continue until the Principal is fully repaid.

From enquiries, this is why Credit card use in Nigeria appears to be on the decline.

Credit card in Nigeria


Credit card Business is a robust business and a financial succor to the holder. It really helps but if you must use it then you must learn how to avoid it charges.

You can also read: Quickteller Nigeria

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