PayPal Ranks Nigeria 3rd in Mobile Shopping

PayPal Holdings

PayPal Holding, Inc. ranked the most populous black nation and the largest African economy Nigeria as the 3rd highest mobile shopper worldwide.

The online payment giant is the most popular medium among Nigerian cross-border shoppers, and estimated 55 percent of all oversea online purchases in the past 12 months were done via PayPal.

Nigerian mobile shoppers reportedly spent N128.1 billion ($610 million) in 2015 using PayPal, and on target for N172 billion ($819 million) this year.

The General Manager of PayPal Africa and Israel, Efi Dahan, said Nigerian online shoppers have realized the world is their shopping mall and as such shop wherever and whenever using their mobile devices.

It should be recalled that Facebook Inc. in February also affirmed Nigeria as its biggest market in Africa, with 97 percent of its 16 million Nigerian users accessing the platform through their mobile devices.

“Nigerians are generally sophisticated mobile users and this sophistication is aiding small businesses,” said Nunu Ntshingila, head of Africa for Facebook.

While China still remains the global leader of mobile shopping nations, with 86 percent of all its online shoppers using smartphone. Nigeria’s 72 percent is third after India’s 82 percent.

Since PayPal commenced business in Nigeria, Nigerians are no longer limited to what they can purchase locally, but they now search the globe for better deals.

The current mobile trend is predicted to continue to pave the way for entrepreneurs and boost their global business reach.

PayPal (PYPL) shares rose 3 percent on Wednesday amid takeover speculation.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

1 Comment on "PayPal Ranks Nigeria 3rd in Mobile Shopping"

  1. Very informative article about PayPal. I just read that PayPal will shortly stop serving Turkey due to regulatory restrictions.

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