UnionPay, the gigantic Chinese payment company, has overtaken Visa on the global debit card market, commanding 40.03% in 2022, with Visa 38.8%, on settlement volume of $16.227 trillion and $14.109 trillion respectively. A decade ago, Visa held 80% of the market while UnionPay was just around 1-2%. The country called China has bulldozed itself into the center of the world economy in many domains.

The Report

Credit, debit and prepaid cards carrying the brands of Visa, UnionPay, Mastercard, American Express, JCB and Diners Club/Discover—the global card networks—generated a combined 624.86 billion purchase transactions worldwide for goods and services in 2022, up 7.5% over 2021. Consumer, small business and commercial card products are included in those purchase transactions. All debit card figures mentioned in the text and used in the charts and tables on this page and pages 6, 7 and 8 include prepaid cards.

Of all global network purchase transactions worldwide in 2022, Visa brand credit and debit cards generated a 38.76% market share. This was a decline of 10 basis points (bps) from 38.86% in 2021. Visa credit cards generated 38.73% of credit card purchase transactions, an increase of 121 bps. Visa’s share of debit card transactions was 38.78%, down 82 bps.

UnionPay credit and debit cards accounted for a 34.04% share of global network purchase transactions, a slip of 4 bps from 2021. Debit cards with the UnionPay brand held a market share of 40.03% of all debit card purchase transactions, an increase of 139 bps. The market share for UnionPay credit cards among all credit card purchase transactions was 23.45%, a decrease of 230 bps.

Credit and debit cards with the Mastercard brand held a 24.00% market share of all global network purchase transactions worldwide, down 11 bps from 2021. Debit cards with the Mastercard brand held a 21.19% share of all debit card purchase transactions, a decline of 57 bps. Mastercard brand credit cards had a 28.97% share of all credit card purchase transactions, up 56 bps.

American Express credit card purchase transactions had a 4.61% market share of all global network credit products in 2022, up 37 bps from 2021. JCB cards had a 2.53% share, up 12 bps. Diners Club/Discover cards had a 1.72% share, up 4 bps.

Debit cards accounted for 63.88% of total purchase transactions on the global networks in 2022. This was a decline of 78 bps from 2021. For Visa, debit card purchase transactions were 63.91% of the network’s worldwide total, down 198 bps. UnionPay purchase transactions were 75.12% debit, an increase of 182 bps. Mastercard purchase transactions were 56.40% debit, a drop of 196 bps.

Total volume—purchases of goods and services combined with cash advances and withdrawals—was $40.645 trillion in 2022, a local percentage increase of 4.4% over 2021. Visa and Mastercard cards combined accounted for 54.83% of total volume, an increase of 283 bps. UnionPay cards generated 39.93%, a decline of 357 bps. American Express, JCB and Diners/Discover accounted for 5.24%, up 75 bps.

Debit card purchase volume, which excludes debit card cash withdrawals, tied to UnionPay, Visa and Mastercard cards reached $16.711 trillion in 2022. This was up 1.2% from 2021. Credit card purchase volume for all network brands, which excludes credit card cash advances, reached $19.462 trillion, up 8.7% from 2021.

When comparing worldwide purchase volume—spending for goods and services—by product type, UnionPay debit cards had the largest market share for the 10th consecutive year. The second-largest product based on 2022 purchase volume was UnionPay credit cards, followed by Visa credit cards (which overtook Visa debit cards), Mastercard credit cards, Mastercard debit cards, American Express credit cards, JCB credit cards and Diners Club/Discover credit cards.

UnionPay cards accounted for $44 of every $100 in purchase volume handled by the global networks. This was down from $48 in 2021. Mastercard and Visa combined accounted for $50 of every $100, up from $47 in 2021. Visa cards accounted for $32 of every $100. Mastercard cards accounted for $18 of every $100.

On the Visa global network, credit cards accounted for 50.40% of its credit and debit card purchase volume, an increase of 248 bps from 2021. Credit cards accounted for 56.63% of Mastercard’s global purchase volume for all products, an increase of 104 bps. On the UnionPay global network, credit cards accounted for 49.02% of its credit and debit purchase volume, an increase of 61 bps.

When measuring only credit card purchase volume for all global networks, UnionPay held a 39.91% market share, a drop of 487 bps versus 2021. Visa credit cards held a 30.22% share, an increase of 218 bps. Mastercard’s credit card share grew 154 bps to 19.11%. American Express’s share grew 98 bps to 7.92%. JCB’s share was up 7 bps to 1.60% and Diners Club/Discover’s share was up 9 bps to 1.25%.

When measuring only debit card purchase volume, UnionPay’s market share fell 342 bps to 48.33%. Visa’s share increased 160 bps to 34.63% and Mastercard’s share grew 182 bps to 17.04%.

Cash withdrawals using debit cards plus cash advances using credit cards reached $4.471 trillion in 2022. This was 11.00% of total global network volume. In 2021, that figure was 11.64%.

Global network brand credit, debit and prepaid cards in circulation reached 16.72 billion at the end of 2022, up 4.2% from 2021. Of the global total, UnionPay cards accounted for 56.49%, down 101 bps from 2021. Visa cards held a 25.09% share, up 76 bps. Mastercard cards held a 16.23% share, up 12 bps. JCB’s share was 0.91%, up 2 bps. American Express’s share was 0.80%, up 4 bps, and Diners Club/Discover’s share was 0.48%, up 6 bps.

Visa, Mastercard, American Express and Discover credit cards issued in the US generated $5.451 trillion in purchase volume in 2022, an increase of 19.5%. US credit cards accounted for 28.01% of all global network credit card purchase volume.

Their market share grew 252 bps over 2021. Purchase volume tied to credit cards issued outside the US increased 5.1% to $14.012 trillion.

Mastercard credit card purchase volume generated by cards issued in the US grew 21.8% to $1.320 trillion. Outside the US, purchase volume on Mastercard credit cards increased 16.4% to $2.399 trillion. Visa purchase volume from credit cards issued in the US reached $2.840 trillion, an increase of 18.2%. Outside the US, credit card purchase volume tied to Visa cards grew to $3.041 trillion, an increase of 16.3%. American Express purchase volume generated by US credit cards reached $1.080 trillion, an increase of 20.9%. Amex credit cards issued outside the US increased 32.6% to $460.39 billion.

Purchase volume on Visa and Mastercard debit cards issued outside the US was $4.526 trillion, an increase of 11.3% over 2021. Purchase volume on debit cards issued in the US reached $4.109 trillion, up 5.4%.

Mastercard purchase volume tied to debit cards issued outside the US grew 21.6% to $1.728 trillion. Purchase volume on Mastercard debit cards issued in the US increased 2.6% to $1.120 trillion. Visa purchase volume tied to debit cards issued in the US grew 6.5% to $2.989 trillion. Outside the US, Visa debit card purchase volume grew 5.7% to $2.798 trillion.

Purchase transactions initiated by Visa credit cards issued in the US increased to 31.25 billion, up 14.1%. Outside the US, Visa credit card purchase transactions grew to 56.17 billion, up 13.0%. Debit card purchase transactions tied to Visa cards issued in the US were up 5.7% to 60.78 billion. Outside the US, Visa debit card purchase transactions reached 94.03 billion, up 2.9%.

Credit card purchase transactions tied to Mastercard cards issued in the US totaled 14.02 billion, an increase of 18.3%. Outside the US, Mastercard credit card purchase transactions grew to 51.37 billion, up 10.4%. Debit card purchase transactions initiated by Mastercard cards issued in the US were up 0.2% to 23.26 billion. Outside the US, Mastercard debit card purchase transactions reached 61.32 billion, up 4.7%.

It is a new age and a new king is here: Tesla  is leading the future. Yes, “For the first time ever, an all-electric vehicle — specifically the Tesla Model Y — is now the world’s bestselling car. According to analyst data from Jato Dynamics, the Tesla Model Y has surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023. That’s especially impressive given pricing for the 2023 Model Y starts at $47,490, considerably more than the 2023 Corolla ($21,550) and RAV4 ($27,575).”

This is a validation that innovation must not necessarily result in cheaper or lower cost within a product category. In other words, we are wrong when we posit that in a consumer business, that innovation must lead to a reduction in price.

The overriding theme is that disruptive innovation must come with a better price model even at a superior product performance. What Tesla has done here is clear: pricing, while important, is not the only factor to win a market. Tesla Model Y is outselling old products even though it is about twice their prices.

Rethink your #strategy and deliver products beyond Needs, Expectations, and aim at Perceptions of customers. At perceptions of customers, you create fandom, turning customers into fans. And that means, you have set a new basis of competition, totally orthogonal to what your competitors do. Being cheap cannot guarantee a market share; you must move beyond Needs to at least meet the Expectations of your customers.

The interesting thing is that all products that succeed at the level of perception are usually disruptive in their sector or industry. Google search cannot be considered to fall in the category of perception because many people already craved for better search because neither Microsoft nor Yahoo was offering a good one. So a product could be disruptive and yet not a percepting product. However, all percepting products are disruptive.

Comment on Feed

"…innovation must not necessarily result in cheaper or lower cost within a product category."

But in an African market this may not work because development as factor would cripple the effort.

Telsa buildingthe super charger network is an EV adoption kicker or enabler.

— Elvis C. Umez (@elviscumez) May 29, 2023

My Response: Absolutely, products vary. Yes,  if Elon Musk had submitted his pricing model for winning a market share, for an MBA thesis, he possibly might have received a D. It is not common to be 2X mean cost and still win market share in a consumer business where many things are against you. The non-EVs have the whole world but EVs are just a few markets with electricity. Yet, in those small markets, Tesla outsold all.

Believe it or not, President Bola Ahmed Tinubu GCFR is the current president of the federal republic of Nigeria as he was duly sworn in earlier today into that office and he will continue to be the president of Nigeria unless he is sacked by the court, he dies or he is impeached by the lawmakers. We can all wake up now, accept this as the new reality or keep living in denial.

These shenanigans going around in social media where they are declaring another person the president of the federal republic of Nigeria is a treasonable felony. When you say that another person is your president other than who has been sworn in by the Chief Justice of Nigeria it then appears that you want to form a parallel government that will run side by side with the lawfully constituted one and that amounts to the offence of treason.

Treason when loosely defined is the crime of betraying one’s country, especially by attempting to kill or overthrow the sovereign government or a duly constituted government or form a parallel government and this is treated as a serious offence.

We cannot have two presidents of the federal republic of Nigeria at the same time. Obidient should not allow their emotions and sentiments to take the better part of them or becloud their sense of reason as that will lead them to cause a serious problem for themselves.

Yes, we know that there were numerous pronounced challenges with the past presidential elections that ushered in President Bola Ahmed Tinubu, yes we have heard that there are allegations of rigging of the election and stealing of mandate but who are we to impose until the court makes pronouncement on it. If you want to act as a jury and executioner you will best get yourself arrested, detained and charged for incitement and breach of peace.

As much as I hate to say it, Peter Obi is not the president of the federal republic of Nigeria as of this day, he was not the person that was sworn in today at eagles square by the Chief Justice of Nigeria as the president of the federal republic of Nigeria, therefore, all these social media trends of “Peter Obi is our president” is treasonable.

We have laws and the constitution in place and every action and reaction must be in accordance with the constitution or we will turn this country into a banana republic.

FIRST INAUGURAL ADDRESS BY PRESIDENT BOLA AHMED TINUBU 29 MAY 2023

THE NIGERIAN IDEAL

My Fellow Citizens,

I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.

This day is bold and majestic yet bright and full of spirit, as is our precious nation.

The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.

For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.

This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

We have endured hardships that would have made other societies crumble.

To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.

Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.

For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.

Our burdens may make us bend at times, but they shall never break us.

Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.

As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.

Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.

We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.

Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

We are here to further mend and heal this nation, not tear and injure it.

In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.

They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.

They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.

Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.

We must never allow the labor of those who came before us to wither in vain but to blossom and bring forth a better reality.

Let us take the next great step in the journey they began and believed in.

Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.

My supporters, I thank you. To those who voted otherwise, I extend my hand across the political divide. I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.

May we uphold these fitting and excellent notions as the new Nigerian ideal.

My fellow compatriots,

The Nigerian ideal which I speak of is more than just an improvement in economic and other statistics. These things are important; but they can never convey the fullness of our story.

Our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another, and duly rewards our collective effort to resolve the social ills that seek to divide us.

Our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding. Let us develop a shared sense of fairness and equity.

The South must not only seek good for itself but must understand that its interests are served when good comes to the North. The North must see the South likewise.

Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people. As your president, I shall serve with prejudice toward none but compassion and amity towards all.

In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal:

The principles that will guide our administration are simple:

1. Nigeria will be impartially governed according to the constitution and the rule of law.

2. We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion.

3. We shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.

4. In our administration, Women and youth will feature prominently.

5. Our government will continue to take proactive steps such as championing a credit culture to discourage corruption while strengthening the effectiveness and efficiency of the various anti-corruption agencies.

SECURITY

Security shall be the top priority of our administration because neither prosperity nor justice can prevail amidst insecurity and violence.

To effectively tackle this menace, we shall reform both our security DOCTRINE and its ARCHITECTURE.

We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower.

THE ECONOMY

On the economy, we target a higher GDP growth and to significantly reduce unemployment.

We intend to accomplish this by taking the following steps:

First, budgetary reform stimulating the economy without engendering inflation will be instituted.

Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.

I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.

We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.

JOBS

My administration must create meaningful opportunities for our youth. We shall honour our campaign commitment of one million new jobs in the digital economy.

Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable.

AGRICULTURE

Rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products. A nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken.

Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing. The livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.

Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.

INFRASTRUCTURE

We shall continue the efforts of the Buhari administration on infrastructure. Progress toward national networks of roads, rail and ports shall get priority attention.

FUEL SUBSIDY

We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.

MONETARY POLICY

Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.

FOREIGN POLICY

Given the world in which we reside, please permit a few comments regarding foreign policy.

The crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern.

As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.

As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.

CONCLUSION

This is the proudest day of my life. But this day does not belong to me. It belongs to you, the people of Nigeria.

On this day, Nigeria affirms its rightful place among the world’s great democracies. There, Nigeria shall reside forever.

The course of our past and the promise of the future have brought us to this exceptional moment.

In this spirit, I ask you to join me in making Nigeria a more perfect nation and democracy such that the Nigerian ideal becomes and forever remains the Nigerian reality.

With full confidence in our ability, I declare that these things are within our proximate reach because my name is Bola Ahmed Tinubu, and I am the President of the Federal Republic of Nigeria.

May God bless you and May He bless our beloved land.

Company Registrars are corporate entities that are in the business of maintaining the record of security holders for the outstanding securities of a listed company.

This article will be focused on outlining the requirements for the registration of registrars which is regulated by the Securities and Exchange Commission (SEC) and which is grouped into :-

– Payment Requirements.

– Documentary Requirements.

– Sponsored Individual Requirements.

– Company Requirements.

Payment Requirements

– A filing/application fee of 50 Thousand Naira.

– A processing fee of 200 Thousand Naira.

– A registration fee of 500 Thousand Naira.

– A sponsored individual fee of 50 Thousand Naira per individual.

– A minimum paid-up capital of 150 Million Naira.

– A current fidelity insurance bond covering at least 20% of the minimum paid-up capital as stipulated by SEC rules and regulations.

Documentary Requirements

– Form SEC 4 – For the company.

– Forms SEC 2 & 2D – Sponsored Individuals & Compliance officer.

– Form SEC 2 & 2D – Directors of the company (to be completed in duplicates).

Sponsored Individual/Director Requirements

– A minimum of 3 sponsored individuals, one of whom shall be a compliance officer.

– The sponsored individuals must have among others a legal practitioner with a minimum of 5 years post-call experience, a first degree or its equivalent with a minimum of 7 years relevant working experience in a registrar’s establishment registered by SEC, a school certificate holder with a minimum of 15 years working experience in a registrar’s establishment duly recognized by SEC.

– The managing director of the company to be among the sponsored individuals.

– Full postal addresses of immediate and previous employers, bankers (with current account number) & nominated referees of sponsored individuals.

– Detailed CVs of sponsored individuals and directors which should include details of activities and awards from secondary school to date with details (all gaps in employment and educational history should be explained). 

– Copies of credentials of sponsored individuals and including secondary school & NYSC discharge certificates, with originals required for sighting purposes by SEC.

– Evidence of having the minimum post-graduation experience to perform the function as stipulated by SEC rules and regulations. 

– Police clearance reports for sponsored individuals. Each sponsored individual is to report at the SEC Head office in Abuja or the Lagos zonal office with 2 recent passport photographs to commence the process.

– Copies of valid identification means.

Company Requirements

1. A profile of the company should include among other details the brief history of the company, organizational & shareholding structure, principal officers as well as details of past and current activities.

2. The names and addresses of the company’s subsidiaries/associated companies, type of business, and percentage holding.

3. Evidence of payment of shares allotted to the shareholders.

4. Information on facilities including fire proof cabinets, filing cabinets, registers, information systems and other back-up facilities.

5. Copies of information relating to control measures.

6. Operational manual & organizational chart of company.

7. Business plan.

8. Bank statement of accounts operated by the company for the last 6 months.

9. Relevant Corporate Affairs Commission (CAC) documents.

10. Latest audited accounts or audited statement of affairs of the company.

11. A sworn notarized undertaking to keep proper records and render returns as may be specified by SEC from time to time signed by a director or the company secretary.

12. A sworn notarized undertaking by a director of the company or its company secretary to abide by SEC rules and regulations as well as the Investment and Securities Act (ISA).