PayPal in Nigeria: 5 opportunities it will create

For years, PayPal, the world’s most popular online money transfer platform, denied Nigerians access to its services. This refusal was not arbitrary as it was due to the fraudulent activities of some Nigerian scammers who took pleasure in scamming buyers on EBay, the parent company of PayPals.

However, fast-forwarding to Tuesday, June 17, 2014, PayPal has delivered on its two-week promise to allow Nigerians to start using its services. But this permission was not absolute – Nigerian users can only make purchases and send funds to PayPal users in other countries, but cannot receive or withdraw funds through the service.

Why PayPal proposed this limitation is best known to the company itself. While some cite Nigerians’ notoriety for online scams as the most likely reason for the restriction, this may not be the case given that users in most other African countries are also not allowed to receive and withdraw funds. Only PayPal can answer the question of whether or when the restriction will be lifted.

Enough about limitation. Now, despite the limitation, the arrival of PayPal in Nigeria will create many opportunities for Nigerian Internet users. Here are five of those possibilities:

PayPal in Nigeria: 5 opportunities it will create

1. Worry about free online shopping

With the arrival of PayPal in Nigeria, Nigerians will now be able to make online purchases that they previously could not make. In addition to now being able to make payments directly to your room, you will immediately receive the funds remitted to the merchant and you will be charged very low transaction fees. None of the previous payment solutions available to Nigerians offer all these benefits like PayPal.

Additionally, Nigerians can now purchase high quality products and services from many online marketplaces such as Fiverr which only accept PayPal. as a means of payment. This means that you no longer have to settle for inferior or less preferred products and services.

2. Easy overseas money transfers

Previously, Nigerians sent money overseas using international money transfer services such as Western Union and Moneygram. But using these services comes with stress and protocol, like having to go to a bank and fill out a form before you can send money. Even if you’re one of the few who doesn’t find it all stressful, you’ll surely find PayPal a much easier alternative.

Another problem with traditional money transfer services is the huge transaction fees. Imagine paying $25 to transfer around $350 (it’s about 7% ). If you think that’s fair enough, try comparing it to PayPal 2.5% plus $0.30 and you’ll see the difference.

3. More Nigerians can now do business online

Even though many thousands of Nigerians know that the internet is full of money-making opportunities, most of them have not been able to start their online business or become successful due to payment issues.

Some people needed to buy a custom script and upload it, but they can’t because they don’t have a PayPal account. Some needed to purchase certain software packages to help them start their online business but they needed a PayPal account to do so.Some needed to purchase blog themes but couldn’t because they didn’t didn’t have a PayPal account. Others were expected to start importing small-scale items from other countries to sell here in Nigeria, but were unable to do so as they did not have a PayPal account. Now, all of that is history.

4. Nigeria’s name will be erased from internet black books

video

On the internet, the name Nigeria is considered synonymous with scams due to the various unethical practices that Nigerians engage in online. One of these methods is the attempt to use alternative methods of payment for goods and services in general due to the absence of PayPal. But now this is going to stop and the Nigerian can now start legitimate online transactions. Over time, the country name will be removed from online black books.

5. More Nigerians are learning about PayPal and online business

Prior to this, Nigerians had mixed thoughts on PayPal. Some people think having a PayPal account is a luxury. Some thought that the PayPal account spontaneously transfers money to your bank account without you having to do anything. Some have felt that you must have a PayPal account before you can start an online business. And some even thought that an online business was all about having a PayPal account. Now, with the arrival of PayPal in Nigeria, people will have a good perception of PayPal and online business.

You can bookmark this page