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Online financial transactions in nigeria


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As Nigeria integrates cyber banking transaction arrangement into its banking institution, a footfall which is accepted to abate the breeze of concrete banknote circulating in the economy, she has as well connected to animate and advance electronic-based affairs (ecommerce/e business). This is in a bid to modernize the transaction arrangement and drive abiding development in band with the Federal Government’s eyes

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Online financial transactions in nigeria

  1. 1. Raising the acquaintance and compassionate about theallowances and accomplishing of e-commerce in anyaccustomed abridgement however, is a primaryassignment of every nation, abnormally a developingcountry like Nigeria.E-commerce, which is an cyber banking way ofaccomplishing business, is a complete admission ofhumans application the internet for their above needsand absorption such as paying bills, arcadeonline, applying for vacancies, registering for exams etc.As a result, it tends to addition business activities andactualize doubly application opportunities.
  2. 2.  E-commerce puts abnormally the baby and average enterprises (SMEs) in the front-line, authoritative them become added aggressive in the market. As the action grows, new markets are accessed and abounding new application opportunities are created. Within the endure two years, assorted clandestine and accessible (government) platforms accept connected to rollout out in Nigeria. The cast of, Konga,, , to name but a few accept abounding the internet space, authoritative it easier for online shoppers.
  3. 3.  With the arising advance in e-commerce, Nigeria is approaching an admission in bread-and-butter growth, a above amateur in the e-commerce industry, and a co-founder of, one of the arch online-retailers in Nigeria, Mr. Tunde Kehinde, has said. As a co-founder of Jumia Nigeria, Kehinde who referred to ecommerce as the action of affairs and affairs of articles or casework on the internet, declared that the internet has no agnosticism appear to break with its amazing possibilities.
  4. 4.  According to Kehinde, Nigeria recorded an estimated 25 per cent advance in online arcade with revenues admired at N62.4 actor in 2011, which is N12.5 billion admission from 2010 as appear by Euromonitor international, a all-around bazaar analysis organization. Stating that with over 160 actor people, Nigeria stands a abundant adventitious to become the next e- commerce hub of Africa, he said: Online arcade has afflicted the way barter and retailers think. Barter are consistently gluttonous to calmly boutique endlessly while retailers are consistently gluttonous new paths to growth. A countrys affairs for online retail success are carefully accompanying to how abounding humans use the Internet and how abounding are adequate purchasing articles online in agreement of aegis and chump satisfaction.
  5. 5.  According to addition co-founder of Jumia Nigeria, Mr. Raphael Afaedor, e-commerce could accommodate several nations into the all-around market, which in about- face improves and strengthens the bread-and-butter abundance of these nations. Afaedor as an able in the e-commerce industry accent some basal factors, which he termed obstacles to the advance of e-commerce in Nigeria. According to him, abridgement of basal basement like abiding ability supply, acceptable anchorage as able-bodied as bound admission to telecommunication basement and top amount of Internet, could arrest the advance of e-commerce in Nigeria.
  6. 6.  In the breadth of poor infrastructure, he said the affair revolved primarily about power, accessible abstruse ability and poor allotment for startups. He said: “The ability bearings in the country has remained actual poor, there is the affair of bound admission to telecommunication basement and top amount of Internet and the anchorage are not absurd either.”
  7. 7.  Being an online retail company, it is of absolute accent to accumulate our ability anatomy up and active all day, seven canicule a week; so one can admiration its banking implications on the business and how we administer to break aggressive with our pricing. It’s simple. As a aggregation apprenticed by targets and chump satisfaction, we accept congenital a cobweb arrangement of top bounded and all- embracing brands with a mission to bringing best superior articles to our barter at the best amount deals anywhere in the country, this in about-face has helped us see a abiding admission in our chump base, giving us the accommodation to administer this challenge.
  8. 8.  According to him, absolute in an ambiance with charge for added broad-mindedness as to the business of e- commerce, not apathy the annoyance of cyber-crime associated with our society, Jumia Nigeria consistently seeks to brainwash individuals about e-commerce; through its operations. We try to accretion the assurance of our barter and affairs alike, also, consistently searching for channels to ability our barter to appearance them we affliction about bringing solutions to what should absolutely be a adequate experience.
  9. 9.  Afaedor declared that with e-commerce, the abstraction of humans affairs appurtenances and casework that could not see and blow physically was not the blazon of accident a lot of humans ability wish to yield because they are not assured whether online merchants are assurance aces abundant to bear articles and casework as promised.