Payment Methods

PayU Seeks To Boost Nigerian Online Payment Market Beyond N200 Billion

Having the ability to exchange money on the internet has reached nearly every corner of the globe.

In Q1 alone, Nigeria saw 5.5 million transactions totaling N46.7 billion up from 3.5 million transactions equaling N33 billion, according to the Nigeria Interbank Settlement System.

As such, it should come as no surprise that online payment company PayU just announced that it is looking to expand its services into the Nigerian market. With online payments reaching N167 billion last year, PayU is hoping that its move into the area will help push that number over N200 billion in 2017. To do this, PayU will need to mobilize Nigeria’s 97 million active internet users to help move the online payments ball.

Country Manager of PayU Nigeria, Juliet Nwanguma, commented on how it plans to implement its offering. She said, “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.”

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