Nigeria: Paypal's 2nd biggest market

In Less Than a Year, Nigeria Now PayPal’s Number
Two Market in Africa

By Obinna Chima
Posted by admin on 11th March, 2015

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.

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