28 Aug African Payment Solutions: Nigerian eCommerce And Payments Update 2019

In the AppAnnie ten most popular apps in Nigeria are Opera Mini, Facebook, Jumia and Facebook Messenger. Large local eCommerce players are Jumia, Mall for Africa and Konga. These are kind of eCommerce superplatforms that list products from other suppliers and merchants taking a commission on sales.  

Nigeria is the largest economy in Africa.  According to Euromonitor, Africa's growth in internet users between 2017 and 2030 could more than double.   In Nigeria, more than 50% of internet users shop online. According to Trendwatching, Nigeria is one of seven African countries that will soon make up half of Africa's population, and 43% of middle or upper class consumers.

In Nigeria, 8 cities have populations of over a million people in each, and according to Brookings, this will lead to greater purchasing power of these classes who are likely to increase their spending on luxury goods.  This presents an opportunity for international brand retailers to turn to the Nigerian market. 

Nigeria, South Africa and Kenya according to Brookings are the three hubs from which eCommerce companies can branch out to the rest of Africa. 

The most popular forms of payment for eCommerce in Nigeria are Mastercard, Visa and Verve cards (USD and Naira), and increasingly bank debit.  Mobile Money use is a growing, but not yet significant form of eCommerce payment. Nigeria is still very much a cash economy. Most middle to upper class consumers who are the main eCommerce target market for now have card.  

If you are a multinational eCommerce company looking to expand to Africa for your online payments through a single integration for card, and for mobile monies, then contact African Payment Solutions now

_{Thank you to UNCTAD for their market research and stats}

 

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