Mobile

PayU moves to connect businesses to N200bn online payment market

PayU has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market

PayU has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market. Annual online payments in Nigeria is estimated to surpass N200bn (US$635mn) this year from N167bn (US$530mn) in 2016.

Country Manager of PayU Nigeria, Ms Juliet Nwanguma, says, “In order to pursue PayU’s aggressive expansion in the online payment market in Nigeria, we have identified businesses that can benefit from our global expertise across 16 markets where we offer over 250 payment options.”

With over 2.3bn users worldwide, PayU is confident it can help businesses grow their market share and help them to achieve their business objectives.

Data recently released by the Nigeria Interbank Settlement System (NIBSS) showed that 5.5 million transactions worth N46.7bn (US$14.8mn) were generated through online sales in the first quarter of 2017. This is an increase in the quarterly average of 3.5mn transactions worth N33billion (US$10.4mn) in 2016. This 58 per cent growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians.

The double-digit growth, according to Nwanguma, is far below the potential of the market for online payments in Nigeria.

Nwanguma noted that in a country of over 180mn people, consisting of 61mn active bank customers and where e-payment transactions are worth N56 trillion (US$177bn) in a year, the potential for online payments in Nigeria is huge and waiting to be tapped.

She disclosed that the mission of PayU is to leverage on Nigeria’s 97mn active internet users to popularise and increase online payments in Nigeria.

“At PayU, we believe that with the deployment of appropriate strategies and products which are designed to encourage more businesses to adopt online payment, the market in Nigeria can record triple digit growth in both volume and value of online payments. This is the driving philosophy of PayU’s operations in Nigeria” she said.

Since last year when we entered the Nigerian market, we have used our globally tested products such as tokenisation, recurring payments for subscription services and single click payments for faster checkout. Our range of services according to different business categories especially the PayU Easy service allows start-ups to start selling online instantly without the need of a bank account or trading history. ”

“PayU has succeeded in successfully assisting small, medium and large organisations with their online payments. In particular, the robust and flexible features of PayU Plus and PayU Enterprise have assisted merchants to grow and expand their online payment business.”

African photo competition seeks spirit of changing continent

Agility launches third annual contest to capture images of modernising Africa

Safaricom launches US$1.93mn telecommunications lab in Kenya

Safaricom has announced Kenya’s first ever telecommunications R&D lab whose first phase has been put up at a cost of US$1.93mn and replicates Safaricom’s entire networking including the billing platform, application servers such as M-PESA, Safaricom’s cloud, microwave, 2G, 3G and 4G networks in a single room

Communications Africa weekly digest - 8th - 12th May

Here is a brief overview of the weeks new on Communications Africa, from 8 - 12 May 2017

Surge in M and A and investment predicted in African mobile and broadband as telcos seek scale

African mobile telecoms operators, infrastructure owners, and service providers are increasing investment and targeting acquisitions across the African region

African mobile telecoms operators, infrastructure owners, and service providers are ramping up investment and targeting acquisitions across the region to meet the surge in demand for connectivity, a leading telecom transaction adviser said.

Hardiman will host the Telecom Leadership Panel at TMT Finance Africa 2017 (www.TMTFinance.com/africa) on May 24 in London, which will discuss strategies for regional growth, and includes: Thomas Chalumeau, Strategy Managing Director MEA, Orange; Stephen Van Coller, Stephen Van Coller, VP: Digital Services, Data Analytics and Business Development, MTN Group; David Eurin, Group CSO, Liquid Telecom; and Julian Adkins, CFO Africa, Millicom.

“The African TMT vista remains extraordinarily vibrant. Fundamental demand is not in doubt, and neither is exponential growth in demand. This is reflected by telecommunications operators seeking economies of scale. This holds across the mobile sector, the towers sector and the broadband connectivity sector,” said Enda Hardiman, Managing Partner, Hardiman Telecommunications.

“In mobile, transnational groups are consolidating operations,” Hardiman commented. “This holds across countries and regions. It also holds in the case of potential acquisition of single-play LTE operators. New commercial strategies emphasise social media, entertainment and finance. ‘Basic’ connectivity no longer suffices. Investment continues apace.”

“In towers, critical mass achieved by transactions to date is now being consolidated. Further transactions, including major liquidity events, are in prospect. Significant impetus is lent to the sector, together with corresponding capital requirements, by developments in fibre connectivity, power, and, not least, the burgeoning IoT sector,” he said.

TMT Finance Africa 2017 will be taking place in London on 24 May and is the most important annual meeting for African telecom, media and tech investment, gathering the leading senior executives (CEOs, CFOs, CSOs), Investment Bankers, Investors and Professional Advisers.

MTC's MTC Maris set to revolutionise Namibia

Qualcomm empowers African tech startups with mentorship. (Image source: Adobe Stock)

Qualcomm supports African tech

Woman’s hands texting, networking, or browsing on smartphone

GSMA's 2024 report reveals the transformative impact of mobile technology in Sub-Saharan Africa, highlighting key challenges and growth opportunities. (Image source: Adobe Stock)

Mobile connectivity’s potential in Sub-Saharan Africa

For Ghanaian customers, this license means more efficient and secure money transfers across the country. (Image source: Adobe Stock)

Flutterwave gains enhanced PSP license in Ghana

Airtel Africa launches 5G in three countries

Latest news

Respresentatives_of_Kaspersky_and_SmartAfrica_holding_partnership_agreement

Kaspersky and Smart Africa collaborate to enhance cybersecurity skills, policies, and infrastructure, strengthening Africa’s digital security landscape. (Image source: Kaspersky)