With online retailers Jumia and Konga making
considerable inroads in Africa’s largest economy
and with the exponential growth of other online
transactions, PayPal has revealed that Nigeria has
already grown to become its second largest
market in Africa after South Africa, less than one
year after it was launched in Nigeria.
Making this known, Malvina Goldfield, PayPal Head
of Business Development, sub-Saharan Africa,
expressed satisfaction with PayPal’s acceptance in
the country since its launch last year.
“We are very happy to see that PayPal has been
widely welcomed by Nigerians since the launch of
the service in the country last year,” Goldfeld said.
“Over time we plan to expand our service offering
in Nigeria to include services that will LEAD to
better experiences in online and mobile payment
methods in Nigeria,” he added.
While PayPal customers in Nigeria can open an
account and send money internationally for free,
the company is yet to open up its payment
gateway to merchants who want to receive
money, a decision so many people are not happy
with.
On this, Goldfield said: “Nigeria is a very interesting
market and over time we may expand our
presence, but for now we are satisfied to help
Nigerians register for free for a PayPal account and
make payments on overseas websites.”
PayPal is an international digital wallet based e-
commerce business allowing payments and
money transfers to be made through the Internet.
PayPal signed up tens of thousand of Nigerians in
its first week of operating in Africa's biggest
economy, with consumers already purchasing
items from Britain, China and the United States via
its online platform, a company official said.
E-commerce remains in its infancy in most of Africa
but is growing exponentially with the advent of
online retailers such as Jumia, partly owned by
South African phone operator MTN, and a growing
middle class with money to spend.
Before the launch of PayPal, which is the payment
unit for online auctioneer eBay Inc., Nigerians
could not buy goods directly from foreign
merchants.
PayPal entered Nigeria and 10 other nations last
year, providing online payment alternatives for
consumers via mobile phones or personal
computers in markets often blighted by financial
fraud. The new markets bring the number of
countries PayPal serves to 203.

bigtt76:
I tot they were scared of Naija na? Dem for remain there na. Beats me how they could ignore a country with 160 million people and they expect to be number one in their game?

Aspireahead:

i wonder.... But their limited offer is insulting...atleast, that is what i tink.

bigtt76:
Very true! I've not bothered opening one account or updating my previously opened ones ...I care less afterall with my Naija issued Master Card Naira I can transact on many foreign sites including almighty Apple.com sef I cannot remember when I was rejected last on any foreign shopping site

Aspireahead:

which of the bank do u use? I use acess visa card but they still have limitations as some merchants dont accept it.