31 Aug NIGERIAN PAYMENT GATEWAY INFO: 4 PRIMARY PAYMENT METHODS FOR ECOMMERCE PAYMENT IN NIGERIA

The primary Nigerian payment methods are Visa, MasterCard and Verve.  Mobile payment is still relatively immature.  There may be the same situation as South Africa where banks with cards have made it easy enough for financial inclusion and mobile payment operators will find it hard to penetrate the market significantly.  M-Pesa in Kenya achieved good traction early, with development capital and before the banks woke up.  This appears unlikely to happen in Nigeria.

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There are no caps for payment with USD cards and the money can be repatriated easier.  The banks are generally not that keen on Adult, Gaming and NGO acquiring which are considered high risk.  In some cases Dynamic Billing Descriptors are supported.

The Nigerian economy is showing signs of improvement Q2/2017 saw a significant increase in capital imported to the value of almost $2bn, the largest portion of which was “Portfolio Investment” which exhibits renewed confidence in the region and economy.


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