01 Jun eCommerce and Online Payment in Nigeria is Advancing Rapidly with the Support of Government and the Central Bank of Nigeria.

In Nigeria, global cards like Visa, MasterCard and China UnionPay are widely issued and accepted for online payment as are local cards such as Verve and eTranzact.  Mobile payment methods proliferate in Nigeria and are also widely accepted like Paga, MTN Mobile money, PocketMoni

All Nigerians now have to register for what is called a BVN (Bank Verification Number) through providing their biometrics (including fingerprinting), and a PIN.  This BVN is with a central registry and can be used for verification at all Nigerian banks, for all transactions.  

Card transaction failure rates have historically reached levels of 12% and they say that the bank account/BVN failure rate is less than 1%.   This has really minimised risk of Nigerian transactions.  

Because card is relatively well established in Nigeria the opportunity for mobile payment to dominate is a little different to Kenya where M-Pesa became the market leader and de facto form of payment used by African Payment Solutions merchants.

Paga has had significant investment which has fast tracked its market presence and made it a frontrunner when it comes to mobile payments in Nigeria.  According to recent estimates, Nigerians are processing more than 3m mobile transactions a month to a value of over N50bn.

Mobile phone penetration in Nigeria according to various stats is around 100% and smartphone penetration is about 30% and the biggest mobile market in Africa with over 150m subscribers.     Nigerian consumers are doing approximately 14m web transactions a year and the value of mobile transactions is $2.8bn

Contact African Payment Solutions now if you are a multinational eCommerce company looking to get paid by your consumers in Nigeria, Kenya and South Africa.



Our thanks for inspiration to http://blogs.blouinnews.com/blouinbeattechnology/2015/10/15/nigerias-developing-e-pay-economy/