PayU has rolled out strategies to connect businesses to Nigeria’s online payment market, currently estimated at N200 billion.
Annual online payments in Nigeria are estimated to surpass N200 billion, up from N167 billion in 2016.
Juliet Nwanguma, Country Manager of PayU Nigeria, says, “In order to pursue PayU’s aggressive expansion in the online payment market in Nigeria, we have identified businesses that can benefit from our global expertise across 16 markets where we offer over 250 payment options.”
With over 2.3 billion users world-wide, PayU is confident it can help businesses grow their market share and help them to achieve their business objectives.
Data recently released by the Nigeria Interbank Settlement System (NIBSS) showed that 5.5 million transactions worth N46.7 billion were generated through online sales in the first quarter of 2017. This is an increase in the quarterly average of 3.5 million transactions worth N33 billion in 2016. This 58% growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians.
The double-digit growth, according to Nwanguma, is far below the potential of the market for online payments in Nigeria.
Nwanguma noted that in a country of over 180 million people, consisting of 61 million active bank customers and where e-payment transactions are worth N56 trillion in a year, the potential for online payments in Nigeria is huge and waiting to be tapped.
She disclosed that the mission of PayU is to leverage on Nigeria’s 97 million active Internet users to popularise and increase online payments in Nigeria.
“At PayU, we believe that with the deployment of appropriate strategies and products which are designed to encourage more businesses to adopt online payment, the market in Nigeria can record triple digit growth in both volume and value of online payments. This is the driving philosophy of PayU’s operations in Nigeria,” she said.
“PayU has succeeded in successfully assisting small, medium and large organisations with their online payments. In particular, the robust and flexible features of PayU Plus and PayU Enterprise have assisted merchants to grow and expand their online payment business.”
The increased preference for online payments among Nigerians offers new opportunity for businesses to increase patronage and grow revenue.