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Tuesday, June 06, 2017

PayU intensifies strategies to connect Nigeria’s online market

The online shopping and merchant secure platform, PayU, has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market, reports ITRealms.

Annual online payments in Nigeria, ITRealms gathered, is estimated to surpass N200 billion this year from N167 billion in 2016.

Giving these insight in Lagos, Country Manager of PayU Nigeria, Ms Juliet Nwanguma, told ITRealms that in order to pursue PayU’s aggressive expansion in the online payment market in Nigeria, “we have identified businesses that can benefit from our  global expertise across 16 markets where we offer over 250 payment options.”

She also said that with over 2.3 billion users world-wide, PayU is confident it could help businesses grow their market share and help them to achieve their business objectives.

ITRealms reports that data recently released by the Nigeria Interbank Settlement System (NIBSS) showed that 5.5 million transactions worth N46.7 billion were generated through online sales in the first quarter of 2017.


“This is an increase in the quarterly average of 3.5 million transactions worth N33 billion in 2016. This 58 per cent growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians,” Nwanguma declared.

Chuks Egbune/GEE
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