New Music & Videos

Leave a comment or join!

If you would like to comment on this story, please feel free to do so above.

If you liked this story, sign up for free

Like our Facebook Page

Want to become a Featured Artist? Then click here to Purchase Now

Tuesday, June 6, 2017

Nigeria Hits Big Market Numbers

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% growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians.

PayU  has announced strategies to intensify efforts to connect businesses to Nigeria’s N200 billion online payment market. According to available records, annual online payments in Nigeria is estimated to surpass N200 billion this year from N167 billion in 2016.

Nwanguma noted that in a country of over 180 million people, consisting of 61 million active bank customers and where e-payment transactions are worth N56 trillion in a year, the potential for online payments in Nigeria is huge and waiting to be tapped.

No comments:

Follow