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How to send money through Paypal in Nigeria

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Paypal

Sending money through Paypal is just one of those by which you can send money online in Nigeria. People send money online in Nigeria through Paypal for various reasons; it could be that you want to send money to your friends, family or merchants.

Gone are those days when you have to be present in person before you make payment, these days, Paypal and other payment platforms has made it easier to send or receive money in Nigeria.

Paypal don’t charge yo if you sending through its app, but it charges the merchant a certain percentage.

To send money through Paypal mobile app in Nigeria, simply follow the following steps:

Step 1: Open the Paypal mobile app and log in

Note: If you are a new Paypal user, you will need to first create an account and add payment before you will be able to and money through Paypal.

Step 2: On the app homepage, tap “send’, it can be found at te toolbar at the bottom of the screen

Step 3: Next step is to type in the email or phone number of the person you want to send the money to

Step 4: You can then type in the amount of money you want to send. Tap the drop down button to choose the currency you want to send the money in.

Step 5: Select your payment type. You have two options; “Friends and Family” which is to send money to a known person to you, and “Goods and Services” if you want to pay a merchant.

Step 6: Tap “Next” for confirmation of the amount you want to send.

Step 7: Select your payment method. You should note that when you make payment from your linked bank account or through you Paypal account balance, he transaction fee will be free.

However, when you make payment using credit or debit card, you will be charged a small transaction fee which will appear on the payment page.

Step 8: You can review all your payment details to ensure that all inputted information are correct.

Step 9: Once you have confirmed that the information you entered are correct, you can then tap “Send now” to finish the process. You money will be sent immediately.

How to send money on Paypal using the web browser in Nigeria

If you decide you want to send money through Paypal using web browser in Nigeria, here are the steps you should follow:

Step 1: Input the Paypal URL address into your browser,Paypal.com

Step 2: Once it loads the page, click on “Log In” close to the top-right corner of the page and sign in to your account.

If you are a new Paypal user, you need to first create an account and a payment method before you can be allowed to make payment through Paypal.

Step 3: You will be provided with two payment options. If you are making payment to a merchant, click on ‘Pay for goods and services’, but if you are sending money to someone that you know, click on ‘Send to friends’.

Step 4: You can then review all the details you have inputted to ensure that they are all correct. Once you have confirmed, click ‘Send Payment Now’. If the transaction is successful , you will receive and email from Paypal notifying you about the successful transaction and the receiver will also be notified through email immediately.

If the receiver doesn’t have an account with Paypal, they will be requested to create one.

And that’s how to send money through Paypal in Nigeria.

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Fintech

Top 8 fintech companies in Nigeria

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Fintech took the lead in the 2020 funding with more startups securing funding than any other sector In all, 99 fintech startups raised investment over the course of the year, representing 24.9 percent of the overall total.

Fintech industry in Nigeria has witnessed tremendous growth over the years. Although it’s emerging yet one can’t deny the fact that it is a fast-moving sector. A lot of foreign investors have also shown interest in the sector by investing massively.

Below, we look at the list of the top 8 fintech companies in Nigeria in no particular order:

1. Paystack

Paystack, founded in 2015 by Ezra Olubi and Shola Akinlade, is an online payment solution that provides a quick way to integrate payments services into an online or offline transaction by way of an API, serving Nigeria and some other Africa countries. Paystack has played a critical role not just in Nigeria’s fintech sector but also in Africa and their customers include small businesses, larger corporates, fintech, and educational institutions. It made a  big announcement last year October when it announced that it has been acquired by Stripe the same company that led its Series A funding at a whopping amount of $200M making it the biggest startup acquisition to date to have ever come out of Nigeria.

2. Flutterwave

Olugbenga Agboola and Iyinoluwa Aboyeji co-founded Flutterwave in 2018. The headquarter is based in San Francisco with offices in Lagos. Flutterwave provides a payment infrastructure for global merchants and payment service providers

Flutterwave helps businesses build customizable payments applications through its APIs. Flutterwave says more than 290,000 businesses use its platform to carry out payments.

3. Paga

Paga was Founded in 2012 by Tayo Oviosu and Jay Alibaba, and is a leading payment and mobile money business and it allows people to receive international money transfers directly on their mobile devices through the use of Paga mobile money wallet. Paga currently has 17,379,708 customers and 27,623 agents.

4. Interswitch

Interswitch is an integrated payment and transaction processing company headquartered in Lagos. Interswitch was founded in 2002 by Mitchell Elegbe.

In 2019, Interswitch confirmed that it has reached unicorn status after Visa acquired a minority of the firm’s stake making the company one of the most valuable African fintech businesses with a valuation of $1 billion

Interswitch also offers a number of personal and business finance products such as its Verve payment cards and Quickteller payment app when it launched in February 2021.

5. Paylater (Carbon)

Paylater was founded by Chijioke Dozie, Ngozi Dozie, and launched in March 2016  when it first introduced instant loans without criteria. Four years later, it rebranded as Carbon. Carbon operates a loan app that gives short loans through its mobile app, making the process paperless and quick.

One Finance (OneFi) which is the company’s parent company secured a $5 million debt facility from Lendable in March 2019. A month after, the company transitioned to a fully-fledged digital financial services platform that now offers bill payments, fund transfers, and savings products, in addition to loans. The company’s co-founder and CEO, Chijioke Dozie, described the decision to transit as deliberate.

6. Kuda Bank

Kuda Bank was founded by Babs Ogundeyi and Mustapha Musty in 2016 and it started out as Kudimoney (“the bank of the free”). In June 2019, it rebranded as Kuda and received a banking license from the Central Bank of Nigeria (CBN) to launch a full-service digital bank.

The founder Babs said in 2019 Kuda is the first digital-only bank in Nigeria with a standalone license and that it is not a mobile wallet or simply a mobile app piggybacking on an existing bank.

In March 2021, the fintech startup secured a US$25 million Series A funding round led by New York-based venture capital firm Valar Ventures.

 

7. PiggyVest

PiggyVest, formerly known as a piggybank.ng is the largest online savings and investing platform in Nigeria. They rebranded to become PiggyVest in 2019 and also began to offer investment opportunities to users besides savings.

8. Cowrywise

Cowrywise was founded in the year 2017 by Edward Popoola and Razaq Ahmed. It is quite similar Piggyvest in operation and it is used for saving and investing. In January 2021, the fintech startup raised $3 million in pre-Series A funding round led by Quona capital. The app boasts of having 220,000 registered users and with the aim to have 10 million registered users by 2025.

 

 

 

 

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Fintech

CBN partners global fintech for its digital currency

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The Central Bank of Nigeria, CBN, has announced an international fintech startup, Bitt Inc. as the Technical Partner for its digital currency. named eNaira, which is billed for unveiling October 1, this year.

Godwin Emefiele, CBN governor, disclosed the development in Abuja on Monday.
The governor listed the benefits of the Central Bank Digital Currency (CBDC) which include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions.

CBN selected Bitt Inc among other highly competitive bidders, based on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.

In its decision for selecting Bitt Inc, the CBN’s spokesperson, Osita Nwanisobi, said in a statement that it relied on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries.
Nwanisobi also said the decision of the CBN has now become a global trend with over 85 percent of Central Banks are currently exploring the adaptation of digital currencies in their countries.

The apex bank stated that Bitt Inc. was instrumental in the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.

The apex bank had on July 22 during a private webinar with stakeholders outlined a digital currency initiative.
If the pilot scheme is eventually launched, Nigeria will join other countries across the globe and Africa racing to develop its CBDC.

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Cryptocurrency

India’s Central Bank Set to Launch Digital Currency by December

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The Reserve Bank of India could  launch its first digital currency pilot programs by December.

The development was disclosed to CNBC by India’s Central Bank governor, Shaktikanta Das.

According to him, he said, “We are being extremely careful about it because it’s completely a new product, not just for RBI, but globally,”

He said further “I think by the end of the year, we should be able to — we would be in a position, perhaps — to start our first trials,”
T Rabi Shankar which is his deputy had earlier announced in July that the apex bank was working toward a “phased implemental strategy” for a digital currency.

According to the governor, the RBI is planning to explore many aspects of a digital currency, which includes its security, influence on India’s financial industry, and how it would affect monetary policy and cash in circulation.

Das went on to say that the central bank is weighing the pros and cons of using a centralized ledger for digital money against using so-called distributed ledger technology (DLT).

A distributed ledger technology (DLT) is a digital database that allows a good number of users to access, share, and record transactions at the same time. The database is owned and managed by a single entity, and in this case, the central bank — in a centralized ledger.

Central bank digital currencies or CBDCs are essentially the online versions of their respective fiat currencies. That would be known as the digital rupee in India’s scenario.

Some central banks including those in Nigeria, China, Europe, and the U.K. are all exploring digital currencies that would be issued by them, either to commercial lenders or to the general public.

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