PayPal, which was established in 1998 as Confinity, is the world’s most popular payment system, and it is now accessible to Nigerians. It is available in 23 currencies in over 200 countries and territories around the world.
What is PayPal?
PayPal is an American financial institution with offices in the United States and other countries that provides an online wallet service. Other countries where the company is registered include Canada, Luxembourg, Singapore, Spain, and the United Kingdom.
It caters to a global market and is by far the most popular online wallet service. In the year 2014, the service expanded to hundreds of nations. Since July 2014, it has been legally available to Nigerians. Previously, only Nigerians who lived in one of the sponsored countries may open and run an account.
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What is the procedure for opening a PayPal account in Nigeria?
It is easy and straightforward to open a bank account in Nigeria. All you have to do is go to their official website.
Requirements for Opening an Account in Nigeria
A valid email address is needed. This is the most crucial criterion. PayPal would send a message to the email address to check it. You’ll need to validate the email address’s presence by following the directions in the message.
A Visa or Mastercard that is connected to a bank account in Nigeria is also required. This may be a credit or debit card. This is necessary for your PayPal account to be checked. The service would subtract a small sum from the card, and the account would be checked entirely until you approved the transaction.
The Verve card from Interswitch is no longer compatible with the service as of December 2018.
Can I receive funds with PayPal in Nigeria?
Yes and No.
Personal accounts are currently unable to obtain money in Nigeria. Individual Accounts are the only ones that can be opened and used to transfer money online. You can also use Paypal to pay for products at millions of retailers all over the world.
Any payment you make will be deducted from the account’s associated debit or credit card. Currently, all transactions are denominated in US dollars (USD). The Nigerian naira, the country’s official currency, is reportedly unsupported.
E-commerce merchants in Nigeria can now open Business Accounts as of December 2018. You can only collect money from another user via a website cart, not directly from them.
How do I Receive funds from PayPal in Nigeria?
You need money because you have products or services to offer to the general public. If you want to do serious business online, you’ll need a website. To receive money through PayPal in Nigeria, you’ll need a website. If you try to transfer money to a Nigerian PayPal Business account directly, you’ll get the error shown in the screenshot.
Purchasing Web Hosting from Web4Africa is one alternative. You can add all of the e-commerce shopping carts open from the hosting control panel. AbanteCart, PrestaShop, OpenCart, CubeCart, osCommerce, Open eShop, Zen Cart, Loaded Commerce, Magento, X-Cart, Avactis, Quick Cart, Invoice Ninja, SimpleInvoices, and other platforms are among them. Their strengths and features differ. Almost all of them accept PayPal. The detailed instructions for integrating your account with your shopping cart will vary by device and are outside the reach of this article. For a more complex setup and management guide, you can consult the support channels of whichever software you want to install.
Where can I use it in Nigeria?
Web4Africa is a leading Www Hosting and Domain Registrar in Africa. PayPal is accepted for Domain Registration, Web Hosting, Virtual Servers, Dedicated Servers, and all other company services.
PayPal is accepted by millions of other merchants around the world. There are some of them:
- airlines like Kenya Airways, Ethiopia Airways, SouthWest, South African Airlines;
- music streaming services like Spotify;
- video streaming services like Hulu, Roku;
- online gaming platforms like Sony PlayStation Network, Steam;
- global shopping platforms like eBay, Best Buy;
Limitations of PayPal in Nigeria
PayPal is a US-based company. Residents of the United States have the most incredible experience with this payment scheme. No other country has the range and variety of features that the United States does. Nigeria seems to be on the other end of the continuum. As a result, I’ll describe the features available in the United States that aren’t available in Nigeria to demonstrate the limitations faced by Nigerian users.
- PayPal Credit: Users in the United States can use a digital credit line to make transactions online that exceed $99 and payback in installments, subject to credit approval.
- Card issuance: Residents of the United States will get a Cashback Mastercard (2 percent cashback anywhere the card is accepted), and Extras Mastercard (cardholders can collect points for any purchase), a Cash Mastercard (a debit/ATM card connected directly to the PayPal wallet), and a PrePaid Mastercard (for transferring money from the wallet to the card).
- Near Instant Bank withdrawal: This new feature allows users in the United States to withdraw money almost instantly to their qualifying debit card or bank account for a fee. Daily withdrawals are free and represent the following business day.
- Fees: Accepting payments through this site has some of the lowest transaction rates for merchants in the United States. Within the United States, sales can be as low as 2.9 percent plus $0.30 per transaction.
- PayPal Here card reader: Merchants in the United States often have a card reader’s option, which helps them accept payments from major card schemes physically.
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