Nigeria’s economy is making a push toward cashless payment as digital payment and electronic banking are being implemented in phases across most states of the federation.  At present, many transactions can be conducted electronically using several of the emerging digital financial services platforms.

Cross-Border eCommerce/B2B eCommerce/Online Payment

The successful adoption of electronic payments in Nigeria is encouraging the entrance of payment service providers which see Nigeria as a promising market.  Debit cards from many local banks such as Citibank, Zenith, UBA, and Fidelity, are now used by Nigerian travelers to make payment in countries such as the United Kingdom, Germany, South Africa, and the United States. The demand for electronic transactions has attracted payment facilitators from Europe and Asia who are investing in Nigerian electronic infrastructure projects.  Online commerce and financial technology in Nigeria is strengthened by fast growing youth population, expanding consumer power, and increased smartphone penetration. The current e-commerce spending in Nigeria is estimated at $12 billion, and is projected to reach $75 billion in revenues per annum by 2025.

eCommerce Intellectual Property Rights

In 2015, GON signed the Cybercrime Bill into law to prohibit and prevent fraud in e-commerce.  The purpose of the Cybercrimes Act of 2015 extends beyond prohibiting, preventing, and criminalizing online fraud, but also prescribes punishments and sets the institutional framework for enforcement.  The goal is to protect e-business transactions, company copyrights, domain names and other electronic signatures in relation to electronic transactions in Nigeria. However, these challenges still exist as internet fraud is still highly prevalent in Nigeria.

Digital Marketing & Popular E-Commerce Sites

Africa Internet Group owns online retailer Jumia and 9 other e-ventures.  Its best-known venture is online retailer Jumia, one of Africa’s better funded startups.  Since its inception in Lagos in 2012, Jumia now operates in several other African countries selling consider goods. In April 2019, Jumia listed on the New York Stock Exchange (NYSE). Konga (https://www.konga.com/), a competitor to Jumia, was set up in 2012 selling a wide range of products from home appliances to groceries. It merged with Yudala in May 2018 but continued to operate under the Konga brand name. In December 2016, Yakata, another competitor, reached over 155,000 orders, valued at nearly $11 million for the month alone.