E-Financial
Nigerian Consumers Are Africa Booming e-Commerce Force- PayPal
A recent study conducted in Nigeria by Ipsos, a global market research company, on behalf of PayPal shows an expectation by Nigerian consumers to conduct more shopping online.
Out of the approximately 50 million internet users in Nigeria, 65% of users already shop online and another 24% of users expect to do so in the future.
There are several key drivers that would encourage even more ecommerce in Nigeria.
Of the online shoppers surveyed, 53% of Nigerians who have shopped online in the past said faster delivery of goods would encourage them to shop online more often, 40% indicated that safer ways to pay was a key driver, and 31% indicated lower product costs as a driver to do more shopping online.
Security Of Online Payment And Delivery Costs Are The Main Concerns
The research shows that security of online payments and delivery costs are among main concerns preventing consumers from conducting more online shopping.
From the study, 31% of those who have not shopped online give concerns about security of payments as a reason for not currently shopping online, and 27% say that the cost of delivery is a reason for not currently shopping online.
Fear over security of online payments means that cash on delivery is still the most used and preferred payment method when shopping online, with 39% of online shoppers using cash and 32% indicating it is a preferred payment method for online purchases.
“Online security matters. This is why PayPal provides a simpler, easier and more secure way to shop and pay on millions of websites around the world,” said Efi Dahan, regional director for Africa and Israel at PayPal. “The fact that PayPal does not share financial information with the seller when authorizing a transaction keeps the consumers’ financial details more secure”.
Nigerian consumers who have heard of PayPal agree PayPal is a fast (85%), convenient (83%) and safe (73%) way to pay online – to the extent that 72% of online shoppers aware of PayPal agree it is the safest online payment method.
Popularity of Mobile Online Shopping
The research shows the overwhelming usage of mobile phones to shop online.
Meanwhile, 90% of online shoppers that own a smartphone or a feature phone have used it to shop online while 51% use their device to shop online once a month or more.
Shopping on mobile browsers seems to be the most popular way to do mobile shopping with 43% of Nigerian mobile shoppers stating a preference to shop using the phone’s browser, compared to 34% who prefer to shop from an app (and 23% who have no preference).
However, some barriers remain for mobile shopping.
Security of payments was flagged as a concern to Nigerians with 30% of mobile shoppers saying security of online purchases from a mobile device is a reason for not shopping online using a mobile phone more often, while 30% also flagged concerns about internet usage costs on mobile as a barrier to mobile shopping.
Popular Categories
Nearly half (47%)of online shoppers in Nigeria purchased digital goods in the past year, followed by 39% that purchased adult clothing, footwear & accessories online, and 33% that purchased physical entertainment such as books and CDs online.
The research also found that one in every four Nigerian online shoppers purchased consumer electronics online in the past year. 40%-69% of online shoppers have indicated they expect to spend the same or more on the following categories next year: digital goods (62%), adult clothing footwear & accessories (69%), physical entertainment(60%),jewelry and watches (53%), consumer electronics (54%) and children clothing(40%).
A Regional Perspective
Nigeria is without a doubt a significant ecommerce nation leading in the amount of potential and existing online shoppers (89%), compared to South Africa (70%) and Kenya (60%).
Finally, intra-African trade is significant with 36% of Nigerian cross-border shoppers (those who have shopped online from another country) buying from elsewhere in Africa in the past 12 months.
South Africa is the main destination with 30% of Nigerian cross-border shoppers buying from the country in the past 12 months. It is followed by Kenya with 2%, Egypt with 1%, and the rest of the continent with 3%.
Founded in 1998, PayPal continue to be at the forefront of the digital payments revolution, processing almost 11.5million payments for its customers per day.
It also gives people better ways to connect to their money and to each other, helping them send money without sharing financial information with the seller and with the flexibility to pay using their PayPal account balances debit and credit cards.
With our 162million active digital wallets, PayPal has created an open and more secure payments ecosystem people and businesses choose to securely transact with each other online, in stores and on mobile devices.
Snap Shot Of The *Ipsos-PayPal Africa Insights Research conducted in Nigeria, South Africa and Kenya
Nigeria: On Behalf of PayPal, Ipsos interviewed a representative quota sample of 500 adults (aged 18 – 54) in Nigeria who have used a PC, laptop, mobile or tablet to access the internet in the past 6 months. Interviews were conducted face to face between 12 -24thNovember 2014.
South Africa: On Behalf of PayPal, Ipsos interviewed a representative quota sample of 501 adults (aged 18 – 54) in South Africa who have used a PC, laptop, mobile or tablet to access the internet in the past 6 months. Interviews were conducted by telephone between 12 -21stNovember 2014.
Kenya: On Behalf of PayPal, Ipsos interviewed a representative quota sample of 553 adults (aged 18 – 54) in Kenya who have used a PC, laptop, mobile or tablet to access the internet in the past 6 months. Interviews were conducted by telephone between 12 -24thNovember 2014.
Ecobank Nigeria Limited has fully repaid bondholders who validly tendered their notes ahead of the February 2026 maturity date.
The bank announced the successful completion of its tender offer, under which it prepaid approximately $245 million of its $300 million Eurobond, representing more than 80 per cent of the total issuance.
According to a statement, the transaction relates to the 7.125 per cent Senior Note Participation Notes due February 2026.
Ecobank Nigeria Limited said it launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond on November 27, 2025, providing them with an opportunity to redeem their holdings ahead of the original maturity date of 16 February 2026.
It stated that the early and late tender participation deadlines were 11 December 2025 and 29 December 2025, respectively.
According to the bank, holders of notes validly tendered and accepted received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025.
Following completion of the offer, the bank said the outstanding principal amount of the notes has been reduced to approximately $55.092 million.
The bank also stated that the initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited.
GTBank has reminded customers of the new stamp duty rules under the Nigeria Tax Act 2025, which take effect from January 1, 2026.
According to an email received by a GT Bank customer on Tuesday, under the new regulation, the ₦50 stamp duty on electronic transfers of ₦10,000 or more will now be paid by the sender, not the recipient.
GTBank clarified that certain transactions will remain exempt from the charge.
“Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the ₦50 stamp duty on electronic bank transfers of ₦10,000 and above is paid by the sender of the transaction and not the receiver.
“These include transfers below ₦10,000, salary payments, and transfers between a customer’s own GTBank accounts,” the message read.
The bank also noted that the stamp duty is separate from regular transfer fees and will be clearly displayed before completing any transaction, ensuring transparency for customers.
GTBank encouraged customers to review their transfers carefully and plan accordingly, as the update is part of nationwide efforts to streamline compliance with the Nigeria Tax Act 2025.
Nigeria Revenue Service (NRS) says its replacement with the defunct Federal Inland Revenue Service (FIRS) will overhaul the architecture of the country’s revenue administration.
Dr Zacch Adedeji, the executive chairman of NRS, said this in a television interview monitored from Abuja.
The News Agency of Nigeria (NAN) reports that the provision of the recently enacted tax reform laws changes the nomenclature of the country’s apex tax authority from FIRS to NRS.
According to Adedeji, NRS is not branding. It is a total institutional upgrade moving from fragmented revenue administration to a modern, digitalised, centralised and intelligence-driven system.
He said that under the new framework, multiple tax and revenue-related functions previously spread across agencies have been consolidated, with a stronger emphasis on data integration, automation, and reduced human discretion.
He dismissed allegations that the country’s newly enacted tax reform laws were altered after passage by the National Assembly.
“Only the officially gazetted Acts carry legal authority and are binding on taxpayers and administrators,” he said.
The NRS boss said that an Act of the National Assembly only became effective after Presidential assent and official gazetting, with the gazetted version constituting the authoritative text in the event of disputes.
“Revenue agencies, courts, and taxpayers are therefore guided solely by the gazetted law, not draft bills, committee reports or chamber debates.
“Neither the executive nor the revenue authority has any incentive or legal capacity to alter the law after passage,” he said.
Adedeji said that the overhaul of the NRS is also designed to support the Federal Government’s broader fiscal objectives.
According to him, Nigeria’s tax-to-GDP ratio has improved in recent years, rising to about 13.5 per cent as at October 2025.
“But it remains below the African average and well short of levels seen in peer emerging markets,” he said.
Adedeji said that the overall aim is on taxing profits and returns rather than capital or investment.
“We are not going to tax poverty; we want to tax prosperity,” he said.
NAHCO Signs New Ground Handling Deals
Firm Identifies Global Scam Activity Linked to the Release of Avatar 3
Showmax Unlocks Easier Payments for Nigerian Subscribers via Baxi
Mandatory Biometric Verification for Starlink Users in Nigeria Begins
Ecobank Offsets Repayment of $300m Eurobond Notes
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
Financial Sector Faced AI, Blockchain and Organised Crime Threats in 2025 – Report
PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips
Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers
News1 day agoCourt Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank
E-Financial1 day agoRemita Powers over ₦100 Trillion in Payments as Nigeria’s Digital Economy Expands
News2 days ago974 Nigerians Face Imminent Deportation from Canada Amid Enforcement Surge
General News2 days agoHouse of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims
E-Financial1 day agoWhy 2026 Must Be the Year Nigeria’s Economy Works for All
E-Financial1 day agoFlutterwave Acquires Nigeria’s Mono in $25m-$40m All-Stock Deal
E-Financial1 day ago2026: SEC to Review Rules to Incentivise SME Listings
General News1 day agoNigeria Targets Satellite-to-Mobile Services in Draft Spectrum Roadmap