05 Sep Consumer Led eCommerce Expansion In Nigeria With Online Payment Made Easy - Credit Card, Debit Card, Verve

Nigeria with 180m people is the biggest consumer economy in Africa and thanks largely to Naspers has become an eCommerce powerhouse.  There are eCommerce unicorns backed by global investment companies like Goldman Sachs and wealthy private families.  These are long term investors who see the value in the Nigerian digital economy into the future.  

Growth in Nigerian GDP is expected to be around 5%, and the digital sector is guaranteed to grow at a much faster pace.  This bodes well for eCommerce and the consumer explosion.  eCommerce upstarts Jumia and Konga for example have paved the way for international eCommerce companies to enter the fray.

Payments have been made easier through a single integration to African Payment Solutions for the Nigerian key payment methods - credit card, debit card and Verve.  A new one that is taking off is the NIBSS bank transfer which is the ability to debit a customer at the checkout with customer authentication.  

More than 40% of Nigerians are now internet connected, mostly via mobile.  Apps are not as popular as browsing as a result of the pay-as-you-go (reasonably priced) mobile internet connectivity and limited wifi.  Nigerians are inherently entrepreneurial and tuk-tuks and other delivery mechanisms have made eCommerce product delivery possible despite the poor road infrastructure.  

Easier payment through African Payment Solutions, and the warehousing of eCommerce goods becoming a reality is making things easy for this burgeoning consumer market.  

With eCommerce being more than 5 years old in Nigeria, things are starting to move rapidly.   African Payment Solutions has seen the payments rails becoming more reliable, locals understanding eCommerce, and everyone is jumping on the bandwagon.  

For assuring reliable eCommerce, online payment is a critical element for success.  Careful, some good looking payment capability can sometimes be rough and tough under the hood.  

If you are a multinational eCommerce company looking to expand to Africa for your eCommerce payments then contact African Payment Solutions now


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Our thanks for inspiration to http://brandtimes.com.ng/2017/02/11/why-nigerias-ecommerce-industry-continues-to-attract-investment/