Nigeria: The rise of online payment businesses.

Business is conducted in an easy means as mobile payment is being embraced by the Nigerian populace thereby driving a cashless attitude among consumers and business people.

There is still a concern for online security of data of consumers’ records such as identity theft and money laundering as more people in Nigeria conduct their financial affairs online effortlessly with little or no visitation of the physical bank for transactions.

There are new entrants in the financial sector known as online banks giving the traditional commercial banks a tough time to capture the market as there is now a rise in consumer banking attitude with the influx of online shopping organizations and social media buying trends of consumers and gaming interests.

Though the commercial banks provide online payment capabilities for their customers there is a peg on how much a customer can perform online transactions on a daily basis due to regulations from the banking governing body of Nigeria, Central Bank of Nigeria (CBN).

The gaming industry has also shown a promise of generating huge returns for investors and consumers as the sporting interests of Nigerians has skyrocketed as many Nigerians consider sports as a means of earning money on a weekly basis by engaging in different sporting activities around the globe via online means.

The numerous payment platforms have made it possible for many sports enthusiasts in Nigeria to be able to stake as low as less than $1 in the hopes of gaining some form of returns after a certain game in the global sporting industry.

Nigeria has in recent times experienced an increase in online payment platforms that allows the inflow of foreign funds from different parts of the globe to Nigeria making financial contributions easy for Nigerians abroad to their loved ones.

Technology has made it easy for the everyday person in Nigeria to conduct business seamlessly online but a major concern on such transactions is still online security.

A crop of Nigerian technologists is rising to solve the threat of online transactions.