21 Sep Nigerian Online Payment Methods and Web Transactions Experiencing Good Growth

Posted at 08:34h

Nigeria is looking good to be out of recession in the second half of 2017 although this makes absolutely no difference to cross border eCommerce which is experiencing good growth as a result of a number of unrelated complementary economic drivers like bandwidth, financial inclusion, ability to pay, smartphone penetration, propensity to shop online

In the first half of 2017, Nigerian mobile payment volumes increased more than 80% to over $1.3bn, and Web transactions grew by 50% to almost $200m.  

NIBSS Instant Payment (NIP) was overwhelmingly Nigeria’s most popular ePayment method in the first half of 2017, up more than 50% on 2016.   NIP is an instant bank account to bank account credit transfer.

ePayment channels are growing at a rapid pace in Nigeria as the economy moves from cash to bank and card transactions.  Total ePayment activity of $100bn was up 50% on the previous year.

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

Our thanks for inspiration to: http://www.businessdayonline.com/nip-accounts-73-gains-e-payment-transactions/