Now you can conveniently make and receive money from any part of the world with these mobile payment options in Nigeria.
It is estimated that by 2022, the transaction value of mobile payment apps will reach nearly $14 trillion.
The study shows that about 50% of young people between age 18-34 with a smartphone have a mobile wallet while 44% of those within the age bracket 35-44 also have one, with less than a quarter uninterested by the app.
Surprisingly, about 30% of those within ages 55-64 said they have a mobile wallet, while another 27% admitted that they are attracted by the prospect of using one,
This shows that more people, across ages, are relying on convenient ways to make payment to complete their transactions.
Of course, this means that mobile payment is no longer an option for businesses in Nigeria, especially in the light of the CBN’s drive for a cashless economy.
In this post today, I will walk you through mobile payment options you should consider for your business.
But first, …
Why does your business need mobile payment?
According to Business Insider, the use of mobile payment will continue to increase and by 2020, it is expected to reach $503 billion.
The same study predicted that by 2025, 75% of all financial transaction will be done without cash.
This means that only 3-4 people out of 10 will be willing to pay with cash, while the rest will seek a more convenient way to pay.
If the numbers didn’t convince you, here are other reasons you should integrate one today.
- Mobile payment is the most convenient option for customers and can be completed a lot quicker.
- Receiving payments from mobile payment is safer and more secure than handling lots of cash.
- It makes bookkeeping easier and of course, reduces the need for account officers.
- It reduces wait time by making it possible for customers to pay at any time.
The future of payment is going to be mobile and it won’t hurt if you get ready today. Thankfully, I have compiled a few options to get you started immediately.
5 Mobile Payment Options in Nigeria for Small Business Owners
There are plenty of mobile options to consider for your business in Nigeria, but in this post, I will walk you through the top 5 options, of course, they are not in any particular order.
If you find it useful, kindly share to your friend and I will be so grateful.
So, let’s get started.
Paystack helps businesses in Africa to get paid by anyone, anywhere in the world and today, over 25,000 merchants use it.
It allows them to easily prepare payment invoices which can be emailed to the customers. The customers can pay with a debit or credit cards and this attracts a 1.5% plus N100 processing fees.
The later are waived for transactions valued below N2500.
Payments using international cards attract processing fees of 3.9% and N100.
Another great feature of this platform is the payment page. It allows merchants to create a simple payment form to collect either one-time or recurring payments for products without the need to prepare and send invoices or write codes.
The platform is easy to use and users can payout directly from their dashboards to any bank account in the country.
This is the number one payment gateway of the government and it is also a popular choice among private businesses and even individuals.
It is adopted by the CBN for the payment and collections of funds on behalf of the Federal Government and currently, all the money deposit banks and over 500 microfinance banks use it.
The platform makes it possible for merchants to receive a payment on their websites, make payment from any of their accounts in any bank, automate their payroll within 48 hours of activation and thankfully, the activation fee is zero Naira.
Remita provides a wide range of payment channels for customers.
They can make payment using the Remita app, the merchants’ websites, internet banking, mobile wallet, remita.net, debit cards, POS or any bank branch in Nigeria.
One amazing thing is whichever channel they chose to pay with, the merchants are able to monitor and track payment from anywhere in the world.
This is a product of Flutterwave which makes it easy for businesses to accept payment from customers anywhere in the world.
Today, the platform supports over 150 currencies and multiple payment methods like cards payments from customers in 154 countries, bank payment from customers in the US, Nigeria and South Africa and money wallet payments.
Local payments attract 1.4% processing fees while international payments are charged 3.5%.
Rave also allows billers to receive payments in physical places like their stores, events or anywhere either in cash or other channels that are convenient to the customers.
VoguePay is designed to allow people to securely receive and send payments to people globally, in any currency.
It accepts payments through card transaction, wallet transfers, mobile payment, subscription billing to Bitcoin payment or bank transfers, even if the payer doesn’t have a VoguePay account.
It charges 1.5% processing fees for Naira card transaction below N2,500 and an additional N30 for transactions above N2,500.
For international payments, it charges 3.8% plus 0.5% of currency transaction for Non-Naira international transactions.
You can either use the API or any of the over 20 free VoguePay WordPress plugins to integrate the gateway on your website.
This is the oldest in the game and one of the most widely used.
It is the first e-payment processing platform in Nigeria and it is currently operational in Ghana, Cote d’Ivoire, Kenya, South Africa, UK and used by over 7,000 businesses worldwide.
The company offers a variety of products which includes PayOutlet, BankIT, WebConnect, PocketMoni and couples of others still under development.
Since 2003, it has received several awards as a payment enabler and multi-channel electronic transaction switching platform.
One amazing feature I love about the platform is the freedom it gives merchants to customize their dashboards.
Mobile payments have been growing steadily over the years and this is projected to even grow further.
Data from the National Bureau of Statistics show that in the second quarter of last year, mobile payment volume of 20.7 million valued at 410.5 billion was transacted.
In the first quarter of 2019, over 555 million e-payment transactions valued at N34.02 trillion were recorded in selected banks across the country.
This shows that mobile payment integration is no longer an option.
If you don’t have this already set up, this post has compiled 5 options to get you started immediately.
You can combine several of them to build an effective mobile payment strategy.
Of course, before that, don’t forget to share this and you might also want to check out our article on how to monetize your website.
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