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PayPal ‘in Nigeria to stay’ amid online payment deal with First Bank

PayPal ‘in Nigeria to stay’ amid online payment deal with First Bank

“We are here to stay”, PayPal has told Nigerians amid the eventual local market entry of the online payment giant, which has inked a major deal with First Bank, one of the leading banks in the country.

Those were the words of Efi Dahan, PayPal’s Regional Director for Africa and Israel, who said that the alliance with the leading Nigerian bank will promote e-commerce in the country.

On his part, Bisi Onasanya, Managing Director of First Bank, assured attendees at the formal announcement of the partnership with PayPal at the Eko Hotel and Suites in Lagos that their joining forces will definitely transform the face of online payments in Nigeria.

According to him, First Bank in happy to have taken the lead in closing a deal with PayPal and Onsanaya says he can bet that other players in the sector will soon replicate.

The emerging e-commerce market opportunities in Nigeria has come under interest from major global players who have lately being exploring market stakes.

Eko Hotel and Suites, venue of the event gathered industry stakeholders and customers of the bank to witness the symbolic signing of the contract documents by the two parties.

According to the two companies, their focus is to accelerate e-commerce evolution in Nigeria and also enhance service solutions for SME, e-business, mobile banking and online banking customers.

Under the partnership, FirstBank customers can now register for a PayPal account from their FirstOnline, Internet-banking account. By linking FirstBank-issued debit, prepaid or credit cards to their new PayPal account, FirstBank customers can shop and pay on millions of websites around the world from their PCs, tablets or smartphones, without having to share their financial information with the seller.the companies said.

‘’I am happy to also note that we are consummating this significant partnership in a historic year when FirstBank is celebrating 120 years of doing business in Nigeria. Ours has been a continuously exciting journey highlighted by a remarkable and enduring legacy of unparalleled development and sustainability. We are indeed proud to have built a heritage brand easily recognisable for its dependability, dynamism, stability, longevity and innovation”, Onasanya said.

The First Bank MD is optimistic that the partnership with PayPal will help to drive the cashless policy by the apex bank of Nigeria which went live nation wide since the beginning of this month

”We are glad to provide e-commerce transaction options for our customers and the generality of Nigerians, as we are committed to seeking innovative ways of driving the cashless policy spearheaded by the Central Bank of Nigeria”, he added.

Also commenting on the partnership, Dahan, PayPal’s Regional Director for Africa and Israel said that ”this exclusive partnership with FirstBank is a major milestone in PayPal’s Africa growth story and we hope to make more announcements together in the future as our partnership develops.”

According to him, “we are delighted to be able to bring PayPal to all our customers in Nigeria in a partnership that is consistent with our drive to support the push towards a cashless society in Nigeria and lead innovation in development of secure online payment systems.”


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Technology Journalist at Technology Times

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Kolade Akinola Technology Journalist at Technology Times Mobile: + 234 (0) 807 401 6027