10 Oct eCommerce and Mobile Commerce Payments in Nigeria now Include Bank Transfer

Posted at 10:04h

Solving financial and payment problems for Nigerians is the order of the day right now.  The government is making a move from cash to digital and online ePayment.  Economic enablement of the 180m+ Nigerian population is top of the agenda.  

With oil taking a back seat, and trading, eCommerce and digital empowerment is catalysing this massive and biggest African economy.  Financial inclusion means bringing the broader Nigerian population into the economy.  Rural areas are already well connected with mobile phone penetration one of the highest on the continent.

NIBSS is pushing bank transfer and achieving great growth rates, making it an attractive payment method for eCommerce companies selling to Nigerian consumers.  Low risk and high conversion rates.

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CBN (Central Bank of Nigeria) is reporting more that half a billion Naira in monthly mobile money transactions and they have now stopped regulating merchant service charges on local cards which bodes well for a free and competitive digital economy.  

Digital business and eCommerce platforms like Uber and AirBnb and Kickstarter are making inroads into the market.  Smartphone and Android penetration is increasing connectivity and expanding the range of possibilities to trade via mobile phone.  Mobile phones are already the de facto way of searching and buying products and services online in Nigeria.

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

 

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Our thanks for inspiration to http://www.businessdayonline.com/5-investments-digital-space-will-yield-billions-2017/