Western Africa: Smart Card Market 2024

Smart Card Market Size in Western Africa

The West African smart card market surged to $X in 2022, with an increase of 28,606% against the previous year. In general, consumption posted a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Smart Card Production in Western Africa

In value terms, smart card production reached $X in 2022 estimated in export price. Over the period under review, production posted a prominent increase. The growth pace was the most rapid in 2015 when the production volume increased by 38% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Smart Card Exports

Exports in Western Africa

In 2022, exports of cards incorporating an electronic integrated circuit (smart card) in Western Africa skyrocketed to X units, picking up by 20% compared with the year before. Over the period under review, exports, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2018 with an increase of 335% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, smart card exports surged to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 315%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Nigeria (X units) was the largest exporter of cards incorporating an electronic integrated circuit (smart card), achieving 60% of total exports. It was distantly followed by Ghana (X units) and Cote d'Ivoire (X units), together mixing up a 29% share of total exports. The following exporters - Mali (X units), Senegal (X units) and Burkina Faso (X units) - together made up 8.7% of total exports.

From 2012 to 2022, average annual rates of growth with regard to smart card exports from Nigeria stood at +17.3%. At the same time, Burkina Faso (+110.1%), Cote d'Ivoire (+17.7%), Senegal (+12.2%) and Ghana (+7.1%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +110.1% from 2012-2022. By contrast, Mali (-5.7%) illustrated a downward trend over the same period. Nigeria (+52 p.p.), Cote d'Ivoire (+11 p.p.), Ghana (+11 p.p.), Burkina Faso (+2.5 p.p.) and Senegal (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest smart card supplier in Western Africa, comprising 44% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 21% share of total exports. It was followed by Ghana, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +31.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+12.6% per year) and Ghana (-1.3% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, approximately mirroring the previous year. In general, the export price posted a temperate expansion. The most prominent rate of growth was recorded in 2017 an increase of 93%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Smart Card Imports

Imports in Western Africa

In 2022, imports of cards incorporating an electronic integrated circuit (smart card) in Western Africa expanded significantly to X units, increasing by 10% on 2021 figures. Total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -37.0% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 24% against the previous year. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, smart card imports rose markedly to $X in 2022. In general, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2018 when imports increased by 19%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Ghana (X units), Cote d'Ivoire (X units), Mali (X units), Benin (X units), Senegal (X units), Niger (X units), Nigeria (X units), Burkina Faso (X units), Guinea (X units) and Sierra Leone (X units) represented the main importer of cards incorporating an electronic integrated circuit (smart card) in Western Africa, constituting 93% of total import.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +11.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest smart card importing markets in Western Africa were Cote d'Ivoire ($X), Ghana ($X) and Benin ($X), with a combined 53% share of total imports.

Cote d'Ivoire, with a CAGR of +10.2%, recorded the highest rates of growth with regard to the value of imports, among 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 2022, the import price in Western Africa amounted to $X per unit, leveling off at the previous year. Over the period under review, the import price, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2021 an increase of 22%. Over the period under review, import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, 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 Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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