The gift card market in Nigeria is expected to grow by 12.8% on annual basis to reach US$2.34 billion in 2025.
The gift card market in the country experienced robust growth during 2020-2024, achieving a CAGR of 14.4%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 11.3% during 2025-2029. By the end of 2029, the gift card sector is projected to expand from its 2024 value of USD 2.08 billion to approximately USD 3.59 billion.
This report provides a detailed data-centric analysis of the gift card sector in Nigeria, covering market opportunities and risks across consumer segments (retail and corporate); product categories; retail sectors; and store formats. With over 100+ KPIs at the country level, this report provides a comprehensive understanding of gift card market dynamics.
It offers a comprehensive analysis of market dynamics in the gift card sector, segmented by digital and e-gift card sales, distribution channels, key occasions, demographic trends, and market share statistics of leading retailers. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
The publisher’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
Over the next 2-4 years, the market is expected to continue its upward trajectory, with projections indicating substantial expansion. As corporate adoption increases and regulatory oversight evolves, businesses will need to navigate compliance while leveraging new opportunities for engagement. Companies that embrace technological innovations and strategic partnerships will be well-positioned to capitalize on the growing demand, ensuring long-term sustainability in Nigeria’s expanding gift card industry.
The gift card market in the country experienced robust growth during 2020-2024, achieving a CAGR of 14.4%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 11.3% during 2025-2029. By the end of 2029, the gift card sector is projected to expand from its 2024 value of USD 2.08 billion to approximately USD 3.59 billion.
This report provides a detailed data-centric analysis of the gift card sector in Nigeria, covering market opportunities and risks across consumer segments (retail and corporate); product categories; retail sectors; and store formats. With over 100+ KPIs at the country level, this report provides a comprehensive understanding of gift card market dynamics.
It offers a comprehensive analysis of market dynamics in the gift card sector, segmented by digital and e-gift card sales, distribution channels, key occasions, demographic trends, and market share statistics of leading retailers. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
The publisher’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
Key Insights
The Nigerian gift card market is undergoing rapid transformation, fueled by the increasing adoption of digital transactions, the rise of reselling platforms, and the integration of gift cards into corporate reward programs. Retailers are expanding their offerings to cater to consumers' evolving needs, while secondary markets provide opportunities for users to trade and maximize the value of unused gift cards. These shifts are contributing to the steady growth of the market, making gift cards a mainstream payment and gifting option.Over the next 2-4 years, the market is expected to continue its upward trajectory, with projections indicating substantial expansion. As corporate adoption increases and regulatory oversight evolves, businesses will need to navigate compliance while leveraging new opportunities for engagement. Companies that embrace technological innovations and strategic partnerships will be well-positioned to capitalize on the growing demand, ensuring long-term sustainability in Nigeria’s expanding gift card industry.
Expansion of Retailer Gift Card Offerings
- Nigerian retailers are expanding their gift card offerings to cater to the growing demand for flexible payment and gifting solutions. E-commerce platforms such as Jumia and Konga have enhanced their gift card selections, offering customers options to purchase and redeem gift cards for various brands. This shift aligns with consumer preferences for digital transactions and easy-to-use gifting alternatives.
- The rise of e-commerce and digital payments has played a key role in driving this trend, as more Nigerians embrace online shopping and cashless transactions. Gift cards offer a seamless payment option that benefits retailers and consumers by providing convenience and eliminating the need for immediate cash payments. Additionally, Nigerian consumers' demand for choice and flexibility has encouraged retailers to diversify their gift card portfolios.
- Retailers that continue to invest in gift card solutions are likely to experience increased customer engagement and loyalty. As digital adoption accelerates, businesses integrating gift cards into their payment and loyalty strategies will gain a competitive advantage in Nigeria’s evolving retail landscape.
Emergence of Gift Card Reselling Platforms
- Gift card reselling platforms are gaining traction in Nigeria, allowing consumers to exchange, sell, or buy gift cards at competitive rates. These platforms provide a solution for individuals with unused or partially used gift cards, converting them into cash or other forms of value. The growing presence of such platforms reflects the increasing demand for alternative financial solutions in the Nigerian digital economy.
- The surge in demand for the secondary gift card market is driven by consumers looking to monetize their unused gift cards or acquire them at discounted rates. Additionally, the rise of digital payment adoption in Nigeria has facilitated secure and seamless transactions for gift card exchanges. As fintech adoption increases, these platforms are expected to be more prominent in Nigeria’s broader financial ecosystem.
- Over the next 2-4 years, the expansion of reselling platforms will likely increase overall market activity by enhancing the liquidity and utility of gift cards. However, as the secondary market grows, regulatory scrutiny may intensify to protect consumers from fraud and ensure compliance with financial regulations. Businesses operating in this space must implement stronger security measures and transparency to maintain consumer trust.
Corporate Adoption of Gift Cards
- Nigerian businesses are increasingly adopting gift cards as a strategic tool for employee rewards, customer incentives, and marketing campaigns. Companies recognize that gift cards offer a flexible and convenient way to engage employees while allowing customers to redeem them for products or services of their choice. This trend is particularly evident in corporate sectors such as banking, telecommunications, and retail, where gift cards effectively enhance engagement.
- The growing corporate adoption of gift cards is driven by two key factors: the need for employee recognition and evolving marketing strategies. Businesses use gift cards as an alternative to traditional employee rewards, providing a customizable and widely accepted incentive. Additionally, companies leverage gift cards in promotions to attract new customers and enhance customer retention, boosting brand loyalty and sales.
- Over the next 2-4 years, corporate demand for gift cards is expected to drive market expansion, with more businesses integrating them into their incentive programs. This growth may lead to increased innovation in the gift card sector, with tailored solutions designed specifically for corporate clients. As competition rises, businesses may introduce more personalized and industry-specific gift card offerings to maintain relevance in the evolving Nigerian market.
Competitive Landscape of the Nigeria Gift Card Market
Nigeria's gift card market is expanding rapidly, driven by increased digital adoption, retailer integration, and consumer demand for flexible payment solutions. As new entrants and established players compete for market share, innovation in fraud prevention, platform security, and seamless digital transactions will be key differentiators. Regulatory developments will be crucial in shaping the market’s future, requiring businesses to balance compliance with maintaining user-friendly services. Companies that leverage technology, build strong partnerships, and prioritize security will be well-positioned to lead in Nigeria’s evolving gift card ecosystem.Current Market Dynamics
- The Nigerian gift card market is witnessing significant growth, supported by increased digital adoption and evolving consumer preferences. E-commerce, digital payment solutions, and the increasing use of gift cards for financial transactions and remittances primarily drive this growth.
- Consumers in Nigeria are leveraging gift cards not only for gifting but also as a payment alternative amid foreign exchange restrictions and limited access to international banking services. The demand for multi-brand and digital gift cards is growing, as they provide flexibility for users and businesses. The market is expected to expand as more retailers and fintech platforms integrate gift cards into their payment ecosystems.
Key Players and Market Share
- Nigeria's gift card market is dominated by key players such as JumiaPay, KongaPay, Patricia, and Cardtonic, which offer various local and international gift card services. These platforms provide consumers with seamless digital transactions, allowing them to buy, sell, and trade gift cards efficiently. The growing demand for gift cards as alternative payment solutions has driven these platforms to enhance their services and user experiences.
- New entrants, especially fintech startups, are reshaping the market by introducing innovative features such as better exchange rates, faster transactions, and expanded payment options. Platforms such as Paxful and Prestmit have expanded their offerings to attract more users by providing competitive pricing and supporting a broader range of gift cards. As competition intensifies, companies are expected to further differentiate their services by improving security, user convenience, and liquidity in the resale market.
Recent Launches and Partnerships
- The Nigerian gift card market has witnessed strategic collaborations to improve service offerings and expand the market. JumiaPay has strengthened partnerships with multiple retail brands to integrate gift cards into its payment solutions, making digital gift cards more accessible.
- While no major acquisitions have been reported in the last year, the global trend of fintech and payment platforms consolidating their offerings suggests potential future mergers. As competition intensifies, larger companies may acquire smaller platforms specializing in gift card reselling and trading to enhance their market reach.
Anticipated Market Evolution (Next 2-4 Years)
- The Nigerian gift card market is expected to become more competitive, with increasing participation from fintech firms, retailers, and corporate users. As more businesses integrate gift cards into their offerings, digitalization and mobile-first solutions will play a crucial role in shaping the market.
- Regulatory developments may impact the industry, particularly regarding anti-fraud measures and consumer protection. Platforms that comply with evolving regulations while enhancing consumer trust through security features will have a strong competitive advantage in the coming years.
Regulatory Changes
- In response to the rapid growth of digital payments and concerns over fraud, Nigerian regulators have introduced stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements for financial platforms, including gift card trading services.
- Additionally, new tax policies on digital transactions could impact the pricing and profitability of gift card platforms. Compliance with these regulations will be essential for businesses operating in this sector to maintain customer trust and avoid legal penalties.
Scope
This report provides in-depth, data-centric analysis of gift card industry in Nigeria through 100+ tables and 280+ charts. Below is a summary of key market segments.Nigeria Total Spend on Gifts
- By Consumer Segment (Retail and Corporate)
- By Product Categories (13 Segments)
- By Retail Sectors (7 Segments)
Nigeria Gift Card Market Size by KPIs across Consumer Segments
- Gross Load Value
- Transaction Value
- Unused Value
- Average Value Per Transaction
- Transaction Volume
- Average Value of Card Purchased
- Number of Cards
Nigeria Gift Card Market Size by Consumer Segment
- Retail Consumer
- Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Nigeria Digital Gift Card Market Size
- By Retail Consumer
- By Retail Purchase Occasion
- By Corporate Consumer
- By Corporate Purchase Occasion
- By Company Size
Nigeria Gift Card Market Size by Retail Consumer
- By Functional Attribute
- By Occasion
- Festivals & Special Celebration Days
- Milestone Celebration
- Self-Use
- Other
- Value by Purchase Channel
Nigeria Gift Card Spend by Consumer Behavior and Demographics
- Gift Card Spend by Payment Method
- Consumer Purchase Behaviour
- Gift Card Buyer by Age Group
- Gift Card Buyer by Income Level
- Gift Card Buyer by Gender
Nigeria Gift Card Market Size by Corporate Consumer
- By Functional Attribute
- By Occasion
- Employee Incentive
- Sales Incentive
- Consumer Incentive
- By Scale of Business
Nigeria Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
- Food & Beverage
- Health, Wellness & Beauty
- Apparel, Footwear & Accessories
- Books & Media Products
- Consumer Electronics
- Restaurants & Bars
- Toys, Kids, and Babies
- Jewelry
- Sporting Goods
- Home & Kitchen Accessories & Appliances
- Travel
- Entertainment & Gaming
- Other
Nigeria Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
- Ecommerce & Department Stores
- Restaurants & Bars
- Supermarket, Hypermarket, Convenience Store
- Entertainment & Gaming
- Specialty Stores
- Health & Wellness
- Travel
Nigeria Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
- Gift Card Online Sales
- Gift Card Offline Sales
- 1st Party Sales
- 3rd Party Sales
- Sales Uplift
Nigeria Gift Card Purchase by Payment Method
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- BNPL & Other Digital Payment
- Cash
Reasons to buy
- Comprehensive comprehension of the dynamics of the gift card and incentive card markets: Recognise the opportunities in the market, the main drivers and trends, and the five-year projection for gift and incentive cards in Nigeria.
- Create strategies tailored to the market: To create your gift card strategy, identify growth categories and target particular opportunities across consumer segments and occasions; evaluate important trends and risks unique to your market.
- Learn about the attitudes and behaviours of consumers in Nigeria: Increase ROI by understanding how consumer attitudes and behaviours are evolving. With gift cards, you may obtain comprehensive information about retail spending for both corporate and retail customers.
- Six key performance indicators (KPIs) provide a comprehensive view: the quantity of cards in circulation, load value, unused value, average purchase value, average value per transaction, and transaction value.
- Distribution channel insights: Recognise the differences in gift card sales across online and offline channels as well as between first-party and third-party sales.
Table of Contents
1 About this Report
2 Nigeria Total Gift Spend Analyzer
3 Nigeria Retail Consumer Gift Spend Analyzer
4 Nigeria Corporate Consumer Gift Spend Analyzer
5 Nigeria Gift Card Spend Analyzer
6 Nigeria Digital Gift Card Spend Analyzer
7 Nigeria Gift Card Spend Share by Demographics and Purchase Behaviour
8 Nigeria Retail Consumer Gift Card Spend Analyzer
9 Nigeria Retail Consumer Gift Card Spend Analysis by Functional Attribute
10 Nigeria Retail Consumer Gift Card Spend Analysis by Occasion
11 Nigeria Corporate Consumer Gift Card Spend Analyzer
12 Nigeria Corporate Consumer Gift Card Spend Analysis by Functional Attribute
13 Nigeria Corporate Consumer Gift Card Spend Analysis by Occasion
14 Nigeria Corporate Consumer Gift Card Spend Analysis by Company Size
15 Nigeria Corporate Consumer Gift Card Spend Analysis by Company Size X Functional Attribute
16 Nigeria Gift Card Spend Analysis by Distribution Channel
17 Nigeria Gift Card Spend Analysis by Retail Sector
18 Nigeria Retail Consumer Gift Card Spend Analysis by Retail Sector
19 Nigeria Corporate Consumer Gift Card Spend Analysis by Retail Sector
20 Further Reading
List of Tables
List of Figures
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 325 |
Published | February 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 2.34 Billion |
Forecasted Market Value ( USD | $ 3.59 Billion |
Compound Annual Growth Rate | 11.3% |
Regions Covered | Nigeria |
No. of Companies Mentioned | 7 |