Nigerians buy online, strong growth for PayPal

One year after the introduction of PayPal online payment service, Nigeria has already grown to become its second largest market in Africa after South Africa. Middle-class and wealthy Nigerians are using PayPal to pay for goods they purchase online from US and European online stores.

PayPal is an international digital wallet based e-commerce business allowing payments and money transfers to be made through the Internet.

Until now, the service offered in Nigeria is limited to payment for goods purchased elsewhere. Business Times Africa reports that 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.

Nevertheless, PayPal signed up tens of thousands 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.

E-commerce is growing exponentially in Nigeria with the advent of online retailers such as Jumia and Konga, and a growing middle class with money to spend. Before the launch of PayPal Nigerians could not buy goods directly from foreign merchants.
 
Further reading on businesstimesafrica.net

< Previous Next >

Related articles