16 May Nigerian Online Payment Methods - Debit cards, Credit cards and Paga

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The Nigerian online payment economy for multinational eCommerce companies expanding to the region includes predominantly Scheme debit cards, some local brands such as Verve debit card and mobile payment method Paga.

Issuance of cards available in circulation for payment in Nigeria is up to 80m. Most of these are pin-based cards and have a relatively high level of security.

Because of the relatively good card penetration, mobile money has not been a big as in Kenya which pioneered and championed mobile money through the early launch and adoption of M-Pesa by around 60% of the population, many of whom use it daily.

There is still a high level of ATM penetration and use of cash in Nigeria and eCommerce used it successfully for a while, but have had to revert to card and mobile payment methods for online payment as a result of the security risks and some nasty incidents.

Through an integration to African Payment Solutions, eCommerce companies can get good reach when it comes to online payment and acceptance of credit and debit cards in the region. To achieve decent conversion rates, Nigerian cards need to be settled locally for online payment because international banks mostly block cards from Nigeria.

Of the 170m+ population, 80% have a mobile and credit card penetration is low. Paga has achieved relatively good market penetration as a result of significant international funding.

Multinational eCommerce companies would do well to start with debit and credit card settled locally for online payment in Nigeria, and other payment methods can be added over time based on scale and demand.

Contact African Payment Solutions if you are a multinational eCommerce company and are expanding to Africa and need online payment in Nigeria

Our thanks for inspiration to http://qz.com/520115/nigerian-mobile-money-leader-paga-is-doubling-down-on-building-a-payments-giant/