29 Aug NIGERIAN PAYMENT GATEWAY INFO: 2 ECOMMERCE PAYMENT, CURRENCY, FRAUD AND 3DSECURE IN AFRICA

Fraud with local Nigerian eCommerce payments is really low as a result of all cards requiring an OTP.  According to banks, the main fraud is occurring with cloning of cards, and prior to the implementation of full 3D, there was a lot of fraud on unenrolled cards from other regions like the USA.

The central repository NIBSS manages a registry of what is called a BVN (Bank Verification Number) for all Nigerians who have to have one in order to get a bank account.  Any misbehaving citizens are simply switched off from all bankability when their BVN is revoked.  

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African Payment Solutions eCommerce payment can be accepted in USD or NGN.  The USD can be kept in USD for repatriation so that there is no dilution as a result of forex conversion.  

eCommerce payment and acquiring in NGN (Naira) will need to be converted to the currency of the merchant's final jurisdiction and destination which can result in dilution as a result of conversion.  Depending on the availability of forex, conversion may need to take place at the “street rate” which can be a lot less competitive than the prevailing rate.

If you are a multinational eCommerce company looking to expand to Africa for your eCommerce payments then contact African Payment Solutions now