ECOWAS: Magnetic Card Market 2024

Magnetic Card Market Size in ECOWAS

The ECOWAS magnetic card market expanded to $X in 2021, picking up by 4.6% against the previous year. In general, consumption, however, showed a pronounced reduction. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Magnetic Card Production in ECOWAS

In value terms, magnetic card production surged to $X in 2021 estimated in export price. Overall, production, however, showed a slight decline. The growth pace was the most rapid in 2016 when the production volume increased by 66% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Magnetic Card Exports

Exports in ECOWAS

In 2021, the amount of cards incorporating a magnetic stripe exported in ECOWAS contracted sharply to X units, reducing by -57.5% on 2020. Over the period under review, exports faced a deep downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 207%. The volume of export peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, magnetic card exports reduced rapidly to $X in 2021. In general, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2019 with an increase of 450% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Nigeria (X units) was the main exporter of cards incorporating a magnetic stripe, mixing up 61% of total exports. It was distantly followed by Senegal (X units), Ghana (X units) and Cote d'Ivoire (X units), together generating a 38% share of total exports.

Nigeria was also the fastest-growing in terms of the cards incorporating a magnetic stripe exports, with a CAGR of +100.0% from 2012 to 2021. Cote d'Ivoire (-8.5%), Senegal (-10.1%) and Ghana (-28.4%) illustrated a downward trend over the same period. While the share of Nigeria (+61 p.p.), Cote d'Ivoire (+2.5 p.p.) and Senegal (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-62.2 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest magnetic card supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was taken by Senegal ($X), with a 4.6% share of total exports. It was followed by Cote d'Ivoire, with a 3% share.

In Nigeria, magnetic card exports expanded at an average annual rate of +104.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (-11.0% per year) and Cote d'Ivoire (+2.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, waning by -31.8% against the previous year. In general, the export price, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 164%. Over the period under review, the export prices reached the maximum at $X per unit in 2020, and then dropped rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Magnetic Card Imports

Imports in ECOWAS

In 2021, after three years of growth, there was significant decline in overseas purchases of cards incorporating a magnetic stripe, when their volume decreased by -67% to X units. In general, imports, however, enjoyed a tangible increase. The most prominent rate of growth was recorded in 2020 with an increase of 169%. As a result, imports attained the peak of X units, and then reduced sharply in the following year.

In value terms, magnetic card imports shrank rapidly to $X in 2021. Over the period under review, imports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when imports increased by 57%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the major importer of cards incorporating a magnetic stripe in ECOWAS, with the volume of imports reaching X units, which was approx. 69% of total imports in 2021. It was distantly followed by Burkina Faso (X units), Ghana (X units) and Senegal (X units), together generating a 28% share of total imports.

Imports into Nigeria increased at an average annual rate of +36.1% from 2012 to 2021. At the same time, Burkina Faso (+43.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +43.6% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-19.5%) illustrated a downward trend over the same period. Nigeria (+63 p.p.) and Burkina Faso (+17 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Ghana saw its share reduced by -2.5% and -50.3% from 2012 to 2021, respectively.

In value terms, Nigeria ($X), Burkina Faso ($X) and Ghana ($X) were the countries with the highest levels of imports in 2021, with a combined 78% share of total imports.

In terms of the main importing countries, Burkina Faso, with a CAGR of +21.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, surging by 64% against the previous year. In general, the import price, however, showed a abrupt slump. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Burkina Faso ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform