If you do not know or have used an electronic wallet or eWallet before, it is time to start approaching this technology, since more and more businesses in Nigeria (physical and online) accept payments through this medium. Of course, before using them it is important to know what they are, what benefits and what risks they imply.

By 2018, more than 10 million Nigerians used electronic banking, according to comScore data. Being part of the virtual financial system is a first step, although the internet offers many more facilities to manage your finances. Just like credit or debit cards, electronic wallets are a means that offers you control over income, expenses and offers levels of security and comfort that are gaining more and more trust among users.

What are eWallets?

An eWallet or electronic wallet is just that: a means that manages your money. Just like in a physical wallet, here you also keep money and cards. There are some electronic wallets specialized in cryptocurrencies or tokens, others manage credit or debit cards. Some work on mobile operating systems and others on computers, either desktop or laptop, even for cryptocurrency owners there is the possibility of printing their values to keep them away from the virtual world.

How safe are they?

There are different types of eWallet because each one handles different security protocols. The same thing happens with physical money, you can take it to the bank, keep it in a piggy bank or under the mattress. Electronic wallets also have different mechanisms: some save your information in the cloud so that it is available at any time from anywhere, others store your data on the device where you installed it or in a removable memory, some others print the security codes to that only you keep that information.

It is important that you decide what type of securities you will manage with the electronic wallet. There are some very specific ones that only work with bank accounts or a cryptocurrency. There are also those that manage different types of account and currency; If you want to register your payroll and credit card that are in different banks or you are looking for one that makes payments in cryptocurrencies or makes conversions between different currencies, these will be more useful.

Skrill Nigeria: The most popular eWallet in Nigeria

Skrill Nigeria is the most popular eWallet application in Nigeria. In general, there are two types of accounts you can open in Nigeria, as follows:

1. Personal account: This account is opened in your name (individual). If you have a low transaction frequency this is what is more recommended. With this account you can transfer money to anyone in the world and receive money from anyone in the world. Are you a freelancer? If so, then this is the best option!

2. Business account: This is registered under the company name but you can still use it as an individual. This account is recommended for you and anyone who has a large transaction frequency.

To open a business account you need to include these documents:

- Scanned copy of your ID or driving license or passport. The goal is to make sure you are bona fide citizenship.
- A copy of your utility bill which proves that you have occupied the (registered) location for at least the last 3 months.
To note, e-commerce has been growing rapidly in Nigeria, demanding a more practical payment method, which eWallets can represent. Skrill Nigeria is one of the few good options for using eWallets in Nigeria. Hopefully this post can be useful.

Please can you send your Whatsapp number to me, I need some clarification on this skrill. Thanks, I'm grateful