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 Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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