May 30 (Lagos) - Multinational payment technology and credit card company Visa, Nigeria now has more than 5 million visa card holders. The company also said that it has developed its operations by 70% in the country.

According to the Visa country manager Ade Ashaye, the company grew saw a 75% increase in use of visa cards at point of sale terminals in Nigeria.

According to analyst at Easykobo, this shows that debit/credit card penetration in Nigeria is still very low and there is big room for growth not only for Visa, but also Mastercard and Interswitch. Most Nigerias still do not trust internet banking and there are issues to be addressed by the industry to boost even more usage of debit/credit cards.