Lagos, Nigeria – Nov 17th, 2020 – Paymentwall expands its payment coverage in Nigeria to offer mobile money payments with Paga, Tingg, and instant EFTs with mobile banking of all major banks in the country, including Zenith Bank, Guaranty Trust Bank, First Bank of Nigeria, Ecobank Nigeria, Access Bank, United Bank for Africa, Diamond Bank, Union Bank of Nigeria, and Fidelity Bank.
“Paymentwall bridges the gap between Nigeria and the rest of the world by enabling all-in-one connection to local payment methods for merchants in 200 markets worldwide,” said Valter Martins, Head of Global Partnerships at Paymentwall. “The future of Nigeria is digital, with mobile money and mobile banking seeing exponential year-to-year growth in the region and massive mobile adoption. This change is happening before our very eyes and is having a profound impact on payment behavior in Nigeria.”
The mobile economy is driving the forefront of change in the e-commerce space. Nowhere is this more evident than in Nigeria, the largest country in Africa, with over 200 million citizens. Nigeria has the biggest economy in Africa and one of the fastest-growing online economies with business to consumer eCommerce market exceeding $15.4 billion. Nigeria’s online shopping industry is forecasted to expand at an impressive compound annual growth rate of 20%, driven by increasing internet and mobile penetration rates.
Mobile money is a gateway to the Nigerian digital market. Low bank account penetration of 32% and high mobile acceptance of 87% led to the massive adoption of mobile money in Nigeria. People use mobile phones as a digital wallet held by their mobile network operator, where transactions are authorized and recorded in real-time using SMS. The second most popular payment method in the African region is an instant EFT with mobile banking, where customers transfer funds directly from their bank account.
Payment-focused solutions have surged over the past two years, spurred, in part, by the central bank’s financial inclusion drive and favorable regulatory policies, including revised Know your Customer (KYC) requirements for lower-tier accounts and incentives to accelerate the development of agent networks across the country. Paga, Tingg, and other mobile money services will continue to challenge mobile banking applications and bank unstructured supplementary service data (USSD) channels for send-and-receive transactions and bill payments.
Paymentwall is also hiring in Nigeria and looking for globally-minded and ambitious team members who want to be part of a unique company culture that embraces different markets and unites them in one.
To start accepting payments in Nigeria, create an account now at www.paymentwall.com or send us a message at bizdev@paymentwall.com.