E-Business
Why eCommerce Remains Largely Traditional in Nigeria

Despite the growing appeal of e-commerce, available data shows that the shopping behavior of majority of Nigerians is still largely traditional – with many preferring to see, touch or experience the product in action before making the buying decision.
In this piece, Yudala – Nigeria’s leading online and offline retail chain – dissects the e-commerce revolution and why most Nigerians remain slow in changing their traditional shopping habits.
E-commerce has become a thriving global industry. A recent report released by the Oxford Business Group revealed that retail sales hit a whopping $22b figure globally in 2016, with online shopping figures accounting for a major part of this outlay.
In advanced climes where access to the internet and of course, literacy levels stand at appreciable levels, e-commerce has become a lifestyle for many.
Interestingly, global retail sales, of which e-commerce makes up a major part, is projected to rise further to an estimated 27 trillion dollars by 2020.
Nigeria has also been bitten by the e-commerce bug. This has been made possible by the proliferation of online stores all competing for the attention of shoppers, many of whom are eager to jump on the ease and convenience of the e-commerce train.
Nevertheless, e-commerce is still at the rudimentary stage in Nigeria as the pace of adoption and acceptance is decidedly slow.
Despite the huge strides recorded in the Nigerian e-commerce landscape – especially with the massive awareness for globally celebrated shopping festivals such as Black Friday and Cyber Monday, among others – the average Nigerian is still an unrepentant traditional shopper.
In spite of the massive hype and growing status of e-commerce in Nigeria, you are better off convincing the average Nigerian to make the final buying decision when you can provide him or her with an opportunity to ‘experience’ the product before parting with hard-earned money.
This often involves visiting a physical or brick-and-mortar store location to interact with sales attendants and getting a chance to see a demonstration of the item before the sale is closed.
This traditional shopping behaviour goes a long way to justify the unique Yudala model of combining an online store with physical offline stores located nationwide. Cases abound of most walk-in customers actually admitting to having checked out a particular product online but still preferred to physically visit the store to see the product before purchase.
A few factors are responsible for this largely traditional approach to the e-commerce revolution in Nigeria:
Trust remains a major issue: Many Nigerians live in constant dread of online fraud and will do anything to avoid using their debit card to process payments electronically.
According to data from the Nigerian Inter-Bank Settlement System (NIBSS) the year 2014 saw 1,461 reported cases of electronic or e-fraud, with actual losses grossing N6.216 billion.
In 2015, about 946 attempted e-fraud cases were also recorded by banks, Other Financial Institutions (OFIs) and Mobile Payment Operators (MPOs), resulting in an estimated loss of N5 billion.
Recently, the Hon. Minister of Communications, Barr. Adebayo Shittu indicated that about N78 billion is lost yearly in Nigeria to all forms of cybercriminal activities. This reality has stunted the growth of e-commerce in Nigeria.
Internet access is elusive for many: It is an open secret that e-commerce is driven by access to the internet. However, internet access for many in this part of the world is an expensive venture. Worse still, the number of internet users seems to be declining.
Going by the most recent statistics released by the Nigerian Communications Commission (NCC), the number of internet subscribers in Nigeria’s telecommunications networks declined to 91, 274,446 in January 2017.
According to the figures released, internet users dropped to 91,274,446 in January as against 91,880.032 users recorded in December 2016, showing a decline of 605,586.
This is one of the major reasons why the average shopper remains seemingly stuck in his largely traditional shopping ways.
Unsavoury experiences from delivered orders: The e-commerce experience in Nigeria has been stalled by the action of some online retailers who end up disappointing the customer with the delivery of items different or inferior in quality from the one seen or ordered online.
In such a case, the customer has to bear the inconvenience of having to either navigate the thorny process of seeking a refund or waiting an extra lengthy number of days to get the right item. This is why ensuring that “What you see is what you get” remains a unique selling point in the e-commerce market.
Millions remain underserved or unreached in the hinterlands: A recent report revealed that the Nigerian e-commerce industry recorded a handsome $1.9b figure in 2016 and the figure is expected to reach an estimated $3.9b in 2020.
However, e-commerce in Nigeria remains a predominantly urban phenomenon. For many in the hinterlands and rural communities hobbled by the absence of the most basic infrastructure, e-commerce will remain an abstract concept for a long time. To reach these ones, citing a physical store not too far from their location remains the best bet.
Seeing and touching sells quicker than just seeing: Ever wondered why many shoppers with access to the internet still end up carrying out most of their e-commerce purchases in physical stores?
For many Nigerians, seeing and being able to touch the item beats just being able to see it on the screen of a mobile phone or laptop. Majority still want to see, touch, feel and/or experience a product before they part with their money.
Nothing can replace the plain old physical contact: Commerce in Nigeria originated from a traditional stand-point. Nothing feels better than haggling with a seller face-to-face and eventually securing a bargain.
The glint in the eyes of the buyer and renewed spring in the steps are a sight to behold. For now, at least, e-commerce will struggle to completely wipe away this culturally-ingrained shopping behaviour.
E-Business
Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings
The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.
The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.
Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.
She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.
Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.
The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.
Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.
According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.
The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.
Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.
In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.
He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.
The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.
E-Business
NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC
In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.
The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.
According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.
The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.
It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.
Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.
The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.
Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.
The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.
It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.
E-Business
Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

The trends reshaping the market are happening from within. Here are six worth paying close attention to.
1. Trading Has Moved to the Phone
The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.
The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.
Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.
2. Regulators Are Watching
The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.
Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.
As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.
3. Volatility Varies by Country
A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.
A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.
4. Cross-Border Payment Infrastructure Is Quietly Improving
Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.
Step by step, Africa is becoming a more financially connected continent.
5. Execution Quality Is the New Standard
Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.
For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.
6. Education as a Necessity
Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.
Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared
Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.
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