Answer: For full account functionality, most Nigerian banks don’t use Paypal, however, there are some that issue Visa and Mastercard credit/debit cards. These cards can be linked to a Nigerian PayPal account for making online payments. Some of such banks include; UBA, FCMB, Fidelity, First Bank, and Union Bank.
In the course of this article, we will cover “which banks in Nigeria use PayPal”. Without further ado, let us delve in.
Understanding PayPal And Nigerian Banks
On planet Earth, PayPal is a popular payment gateway that allows users to send and receive money. However, the use of the PayPal platform varies depending on the country. In Nigeria for instance, there is a limited scope for its financial operations.
Here is a detailed breakdown of what you can achieve with PayPal in Nigeria:
- Make online payments: A Nigerian can link their Mastercard or Visa card, and make use of it for online purchases, at merchants that accept PayPal.
- Receive payments: At the time of writing this article, PayPal does not allow Nigerians to receive money internationally. It is important to note that this might change, but there is no official confirmation from PayPal.
Linking Your Nigerian Bank Card to PayPal
There are a couple of Nigerian banks whose debit or master cards can be used to link to PayPal for account verification. Here are some confirmed Nigerian banks that use PayPal;
- First Bank
- FCMB (First City Monument Bank)
- Union Bank
- UBA (United Bank for Africa)
Important Note: This list of Nigerian banks is not exhaustive, kindly check with your bank to confirm if their cards are compatible with PayPal.
Steps to Link Nigerian Card To Your PayPal Account:
- Create a PayPal account (if you haven’t already).
- Head to the Wallet section.
- Click on “Link a bank account or card.”
- Choose”Credit Card” and enter your Nigerian Visa/Mastercard details.
- You will receive a debit charge. The SMS associated with the debit will contain a code that you will resend to PayPal for verification purposes.
After the linking has been successful, you can use the PayPal account at online stores that accept it.
Are There Alternatives To PayPal In Nigeria:
If your bank does not use PayPal, then you can try out other alternatives. Here is a breakdown of alternatives to PayPal worth trying out:
Skrill
Skrill is a payment gateway that can be used as an alternative to PayPal. The verification process for Skrill accounts are pretty much like that of PayPal, plus they are straightforward.
Payoneer
Payoneer has vast inclusivity with a lot of banks and works well with even Micro Finance Banks in Nigeria. This can be seen in their relationship with Kuda Bank. You can use Payoneer as an alternative to PayPal.
PayStack
PayStack is a regional payment gateway that can be used as an alternative to PayPal. You can use the PayStack API, to integrate payment solutions, on your brand’s apps, or website.
Choosing the Right Option for You
The best solution for online payments depends on your financial needs. To make the right choice, here are some things worth considering;
- Transaction type: Are you making online purchases or receiving payments?
- Transaction volume: How often will you be using the service?
- Transaction value: Are you dealing with large or small transactions?
- Security: Choose a reputable platform with robust security measures.
Conclusion
While full functionality isn’t available yet, you can leverage Nigerian-issued Visa/Mastercard credit/debit cards to make online payments using PayPal. Feel free to check out alternative solutions like regional payment gateways and money transfer services for receiving funds.
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