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NIGERIA

Grow your business in the greatest hub for e-commerce opportunities in Africa

More and more Nigerians are embracing e-commerce on a daily basis, paving the way for massive potential. 

Nigeria is the largest economy and population in Africa and according to the Economist Intelligence Unit (EIU) it is considered a land of unlimited e-commerce potential. Through 2019, e-commerce market turnover is expected to experience an annual growth of 25%. This tremendous growth doesn't come as a surprise given the rapid penetration of smartphones and internet usage in Nigeria. Nearly a third of Nigerians have access to the internet, of which 89% are potential online shoppers, opening huge possibilities in the e-commerce market. 

Furthermore, the 'Cash-less Nigeria Project’ initiated by the Central Bank of Nigeria (CBN) aims to enhance financial inclusion, reduce cash-related dangers and encourage electronic payments to ultimately reduce the circulation of cash by 2020. The eventual goal of the initiative is to place amongst the top 20 economies worldwide.

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Although e-commerce is gaining awareness, cash prevails as a highly dominant payment method, with 95% of online shoppers preferring cash on delivery. The "cash-less" Nigeria project has greatly enforced a large uptake of e-payment solutions.

Bank transfers, also known locally as Electronic Funds Transfers (EFT), are increasingly attaining popularity. The concept of EFT is a "revolutionary" e-payment method, new to the whole of Africa that ensures instant payment settlement. PayU supports eight local banks in order for merchants to be able to offer their customers the option to pay using EFT. 

PayU Receive, PayU's invoicing system in Nigeria, which is PCI DSS v3.2 compliant, permits the merchant to send the invoice via email or SMS, attaching the payment link to be completed with a card. Additionally, considering a highly mobile-centric population, a rise in mobile wallets is enabling widespread online and offline transactions. 

As Africa's largest population and most flourishing economy, Nigeria hosts the largest and most promising e-commerce market on the continent. PayU's globally recognized footprint establishes a sturdy ground in a highly emerging market like Nigeria, which is set for immense success considering its invincibly rapid growth.

A local entity is not always required, talk to us to find out more.

Payment Methods Available in Nigeria With PayU

Credit and Debit Cards 

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Verve

Electronic Funds Transfer (EFT)

Zenith Bank
Union Bank
FCMB
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Access Bank
Fidelity Bank
Unity Bank
Diamond Bank