Western Africa: Magnetic Card Market 2025

Magnetic Card Market Size in Western Africa

The West African magnetic card market rose to $X in 2021, growing by 4.6% against the previous year. Overall, consumption, however, saw a noticeable shrinkage. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Magnetic Card Production in Western Africa

In value terms, magnetic card production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, showed a mild descent. The growth pace was the most rapid in 2016 with an increase of 66%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Magnetic Card Exports

Exports in Western Africa

In 2021, the amount of cards incorporating a magnetic stripe exported in Western Africa contracted sharply to X units, with a decrease of -57.7% on 2020 figures. Over the period under review, exports faced a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 207% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, magnetic card exports plummeted to $X in 2021. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 450% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria was the main exporter of cards incorporating a magnetic stripe in Western Africa, with the volume of exports accounting for X units, which was near 61% of total exports in 2021. It was distantly followed by Senegal (X units), Ghana (X units) and Cote d'Ivoire (X units), together comprising 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. Nigeria (+61 p.p.), Cote d'Ivoire (+2.5 p.p.) and Senegal (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -62.2% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) remains the largest magnetic card supplier in Western Africa, comprising 88% of total exports. The second position in the ranking was taken by Senegal ($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. In the other countries, the average annual rates were as follows: Senegal (-11.0% per year) and Cote d'Ivoire (+2.2% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, with a decrease of -31.6% against the previous year. Over the period under review, the export price, however, posted buoyant growth. The pace of growth appeared the most rapid in 2019 when the export price increased by 164%. Over the period under review, the export prices reached the peak figure at $X per unit in 2020, and then declined rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 Western Africa

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 -66.8% to X units. Over the period under review, imports, however, recorded moderate growth. The most prominent rate of growth was recorded in 2020 with an increase of 176% against the previous year. As a result, imports reached the peak of X units, and then fell notably in the following year.

In value terms, magnetic card imports contracted markedly to $X in 2021. In general, imports saw a perceptible contraction. The pace of growth appeared the most rapid in 2020 with an increase of 57%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria represented the major importing country with an import of around X units, which reached 67% of total imports. Burkina Faso (X units) ranks second in terms of the total imports with a 17% share, followed by Ghana (5.4%) and Senegal (4.7%). Mauritania (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to magnetic card imports into Nigeria stood at +36.1%. At the same time, Burkina Faso (+43.6%) and Mauritania (+22.2%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, 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. While the share of Nigeria (+61 p.p.), Burkina Faso (+16 p.p.) and Mauritania (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-2.6 p.p.) and Ghana (-50.1 p.p.) displayed negative dynamics.

In value terms, the largest magnetic card importing markets in Western Africa were Nigeria ($X), Burkina Faso ($X) and Ghana ($X), with a combined 75% share of total imports. These countries were followed by Senegal and Mauritania, which together accounted for a further 9.5%.

Mauritania, with a CAGR of +32.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per unit, rising by 65% against the previous year. In general, the import price, however, recorded a abrupt slump. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 Mauritania (+8.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :