Nigeria:E-Commerce Gets Boost as FirstBank Partners PayPal

JULY 23,2014.

THISDAY.

FirstBank of Nigeria Limited has gone into partnership with PayPal, an international e-commerce payment and money transfer platform to boost online transactions.

PayPal which is an easy and fast way to make online purchases in over 203 markets worldwide announced its partnership with FirstBank yesterday in Lagos.

Speaking at an event to announce the partnership, the Regional Director for sub-Saharan Africa, PayPal, Mr. Efi Dahan, said the move would positively impact e-commerce in the country.

“When I joined PayPal three years ago I recognised that this (Nigeria) was the market to tap in and did all the investments and preparation to venture into this market, knowing the potential in e-commerce in the country,” he added.

Speaking further about his firm, he said it recorded a total payment volume of over $180 billion last year, adding that 25 percent of its businesses is in cross boarder trade.

Dahan added: “We processed over nine million transactions daily and in 2013 we controlled over 20 per cent of e-commerce market worldwide.”

Explaining how this would ease online shopping, he said it would remove restrictions on Nigerian cards purchases online in certain countries.

He further stated that the partnership would build e-commerce in the country.

Speaking on the partnership, The Group Managing Director/Chief Executive Officer, First Bank of Nigeria Limited, Mr. Bisi Onasanya, said the platform would provide seamless e-commerce payment platform not only for FirstBank customers but for Nigerians. He added that it would also be a barrier breaker.

The FirstBank boss noted that over the years, payment cards issued by Nigerian banks have been challenged especially by international online payment service providers.

He also said that the FirstBank active card users account for about 40 percent of card users in Nigeria, with over 6.46 million cards in operation.

“This partnership would create the pace of ecommerce and payment habit in Nigeria and would collapse the existing breach between Nigeria and the rest of the world. We are consummating this significant partnership in a historic year when FirstBank is celebrating 120 years of doing business in Nigeria," he said.

He added: “At FirstBank we are driven by the quest to provide the best financial services possible to our teeming customers. I am optimistic that this venture with Paypal will make far-reaching impact on the lives of our invaluable customers in particular and the entire people of Nigeria in general.”