Economy
How to Choose an Online Payment Solution as a Nigerian Business
The last decade has seen the profuse digitization of the African business ecosystem.
Digital adoption is even more aggressive in Nigeria as more customers prefer the convenience of transacting business from the comfort of their homes (and smart devices), paying online.
From shopping for clothing to groceries to even betting, very few savours the traditional rigours of queuing up at a physical store, knowing it could all be conducted online.
What does this mean for Nigerian businesses? You would be financially handicapped if you don’t jump on the cashless bandwagon and integrate online payment solutions into your services.
The next question you would want to ask is what parameters you should consider when selecting a payment gateway.
What are the most critical considerations when picking a payment gateway?
We are talking about money here, aren’t we?
If yes, there is no way we can overemphasize the need for diligence when selecting a payment gateway.
Don’t forget that your customer’s payment experience significantly determines if they would do business with you – or even come back after the first transaction.
Below are the core parameters your chosen payment gateway must possess.
Versatility
If the customer is king, then you must give your buyers all the royalty they deserve by integrating payment gateways that work with a broad spectrum of payment methods.
The contemporary Nigerian has debit cards, with the younger fraction fast adopting more digital wallets.
Choose a payment gateway that is minimally discriminatory and works with a vast number of payment methods Nigerian banks offer their customers.
Security
Some decades ago, hacking was more of an American and European malady. The average African internet user didn’t have to worry about his online security.
Much has changed now, as cyber vandals furiously cast their nets online for Nigerian victims. You don’t want to expose your customers to cyber vulnerabilities when they make payments on your website.
This is why you need a payment processor that prioritizes security. Today, the best payment gateways are decked with cutting-edge encryption to make life extremely miserable for hackers.
Formidable apparatus is now being set up in Nigeria, as seen in domestic cybersecurity compliance protocols. Ensure your chosen solution religiously adheres to guidelines prescribed by the office of the NSA.
Speed
It was back in the days of our elders that slow and steady won the race. In a 21st-century Nigerian business landscape, customers want it fast and furious – and rightly so.
Few things can be as appalling to your customers as their online payment taking too long to process on your website.
Choose a payment gateway that boasts top-notch transaction execution speed. And as further icing on the cake, it would help to choose a gateway that will not charge your customers an arm and leg in transaction fees.
No one enjoys paying alarming fees for buying things from you. They will likely not come again if it happens.
Mobile compatibility
You would be mistaken to underestimate the fanaticism of Nigerian youth with mobile devices. The frenetic rave about the latest iPhone phones should adequately educate you on how much your customers love smartphones.
The chances are high that the majority of your Nigerian customers transacting online payments on your website are doing so via their mobile devices.
Therefore, when choosing a payment gateway, choose one that is sufficiently optimized for mobile users.
The payment processor should be fast, fluid, and responsive when customers deploy it on their smartphones.
That said, we have proudly observed the permeation of the Nigerian online space with native fintech solutions. Indigenous payment solutions like Paystack, Flutterwave, and PayU are extensively streamlined to the unique characteristics of the Nigerian business environment.
More than being easy and cheap to install, these payment methods are scalable. This means you pay only for what you use and can ramp things up flexibly as you grow.
It is also interesting to note that the likes of Flutterwave work with more currencies aside from the naira. This opens you to prosecuting international transactions without breaking a sweat.
Not bad, is it?
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira recorded a 0.38 per cent or N5.86 depreciation on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 13 to close at N1,548.89/$1, in contrast to the preceding session’s N1,543.03/$1.
The local currency weakened further in the official market yesterday as the deadline to cut off Bureaux De Change (BDC) operators from the Electronic Foreign Exchange Matching System (EFEMS) built to enhance transparency in the FX system looms.
Recall that the Central Bank of Nigeria (CBN) in December opened a 42-day window to allow BDCs to buy FX worth $25,000 per week from the spot market.
However, the domestic currency appreciated against the Pound Sterling in the official market on Monday by N11.87 to trade at N1,877.43/£1 compared with last Friday’s N1,889.29/£1 and against the Euro, it improved its value by N4.94 to close at N1,578.87/€1, in contrast to the previous trading day’s N1,583.81/€1.
A look at the parallel market indicated that the Nigerian Naira slumped against the greenback yesterday by N5 to sell at N1,655/$1 compared with the preceding session’s N1,650/$1.
In the cryptocurrency market, large positive outcomes came even as risk assets weighed the possibility of US Federal Reserve rate cuts in the wake of Friday’s hotter-than-expected US jobs report.
The biggest gainer was recorded by Dogecoin (DOGE) as it rose by 3.9 per cent to sell at $0.3422, Bitcoin (BTC) grew by 0.9 per cent to trade at $94,843.98, Binance Coin (BNB) appreciated by 0.8 per cent to sell for $687.84, and Solana (SOL) recorded a 0.8 per cent growth to quote at $185.24.
Further, Ripple (XRP) increased its value by 0.7 per cent to close at $2.53, and Cardano jumped by 0.3 per cent to settle at $0.9469.
On the flip side, Ethereum (ETH) depreciated by 1.9 per cent to finish at $3,159.52, and Litecoin (LTC) went down by 0.9 per cent to close at $98.68, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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