According to Ercin Escin, the interim managing director and CEO at Jumia Africa, Nigeria’s eCommerce market is being held back by the currency’s small banknote denominations. Escin, recently spoke at Jumia’s eCommerce conference, reported Human IPO.
Ecsin stated that customers were exchanging too many bank notes each time they paid on delivery for online sales.
“Nigeria’s highest currency is the NGN1,000 note (US$6.20). To buy products such as iPhones, a customer would need about 100 of such just for an iPhone. This is quite large compared to other countries where fewer denominations are needed,” he said.
Escin also noted that eCommerce in Nigeria suffered from limited delivery access and a lack of consumer trust in the online market.
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