Online Payment Solutions Available To Nigerians

Some have seen it coming, others did not, but on Saturday, May 25th,  2013, the online payment solution, Liberty Reserve was shut down by the US Federal Prosecutor and Costa Rican authorities.
This has resulted in huge loss for online business people around the world. But the effect was most felt by Nigerian netpreneurs (including myself ) and other onliners as many of them used and depended on Liberty Reserve for their online money transactions.
This is because the use of credit card is not popular in Nigeria and many secured and reliable online payment platforms including PayPal, which is arguably the most secured online payment solution do not
accept Nigerians. Therefore, buyers and sellers of online products and services in the country used liberty reserve for sending and receiving payments for their online business transactions.

This is not the first time, virtual money worth millions of dollars belonging to Nigerian onliners will be loss in such manner.. Around 2008 if I can recollect the year perfectly, egold which was more
popular and the choice of Nigerians netpreneurs then was suddenly shut down in the same manner with users (including myself) monies running into millions of dollars disappeared with it.

Though, liberty reserve was available then but egold was more popular in Nigeria and the world over I guess. The shut down of egold pave the way for the popularity of liberty reserve as the best alternative online payment solution especially in Nigeria. Whether liberty reserve will go into total oblivion or will experience
come back or whether user's can still have their money back or not, only time will tell. For now the next thing for Nigerians is to look for secured offline banking system that offers online services and online payment platforms for their online transaction within and outside the country.

The top secured payment systems that can be use by Nigerians to transfer fund to and from the country for their online transactions are
 
Payza
Some Nigerian online experts suggest that payza should be the no.1
online digital payment solution for Nigerians because of the following reasons


1. The top reason is that payza have mechanisms put in place for
checking money laundering activities and other fraudulent activities.

2. Payza have maximum limit for deposit and withdrawal for each of it
accounts namely individual, business, verified and non-verified.

3. You can send your money through local banks and as well exchange
your money through local exchangers which are local merchants that
deal with the selling and buying of online currencies.

Bank wire
What usually discourage Nigerians from using bank wire is that the
service come with charges considered too high by customers but i must
admit that bank wire is one of the best and most secured way to
receive and transfer fund online.

Domiciliary account
This is a dollar account. It is only available for current account
holder. It is popularly known as ' Dom account ' and is the choice of
Nigerian forex trader.

Internet banking
Almost all the banks in Nigeria are operating internet banking or
e-banking as some will call it. It is also a secure means of
performing online money transactions. Check your bank to know how you
can make use of their Internet banking service

Mobile money
Nigerians are reluctant about this, but it is a good way of settling
our online transaction at least within the country.

Bitcoin.org
Reasons why bitcoin is recommended are
1. Bitcoin is an open-source software which means that all users have
access to all of  the source codes every time.

2. It uses peer to peer technology which means that it operates with
no central authority.

3. Bitcoin is supported by vibrant group of developers, businesses,
exchanges and users

4. Little or no processing fees

5. No risk of fraud and is immune to seizure or confiscation

6. It has a vibrant economy as it reached a 2.5B market cap in April 2013

Other digital online solutions available to Nigerians are Webmoney, Egopay etc.

MasterCard
This I strongly recommend. With the introduction of Naira MasterCard
by some of Nigerian banks, the popularity of  MasterCard is increasing
in the country. I suggest you open an account with banks like
firstbank of Nigeria, UBA, GTBank, Zenith, Access bank (visacard) and
others that offer ATM MasterCard with as low as 2000 Naira (about $13)
to open an account.
I recently used Firstbank Naira MasterCard to pay a client in Europe.


Some useful ethics
- only use mastercard on your personal computer or trusted computer system

-keep your ATM and your mastercard information very well

- only use your mastercard on platforms you've came to trust

-Do not leave excessive amount of fund you cannot afford to lose in
your mastercard account.

-Set a maximum limit for the amount of fund that can be on your online
virtual account and withdraw anytime you exceed that limit

-Do not leave any fund you cannot afford to lose in any of the online
payment system

-Check whether the online payment system is duly backed/certified by government

-Check on search engines for what people are saying from time to time about the platform and
switch over anytime you sense something suspicious.

Conclusion
These online payment alternatives are mere suggestions, users are
advice to do proper scrutiny before and after registering with their
chosen online payment platform.

Related article

 The benefits of using paypal account for your online transaction












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