Many have asked how is PayPal in Nigeria?
Paypal is an online platform for making payments. It makes it easy to send and receive money from anywhere in the world. With PayPal, you can transfer, withdraw, and receive money. Not only this, but you can also leverage the payment services to send an invoice to your clients, perform cashless online shopping, and many more.
Some years back there used to be a restriction on Nigerians using the PayPal services. During this time Nigerians were not allowed to open an account. But, in 2014, they lifted this embargo, and Nigerians were given the opportunity to operate a personal account. But this account could only send funds and not receive them.
How to receive money through PayPal in Nigeria.
PayPal because of its reliability and ease of use has gained popularity among freelancers and other online workers. The PayPal platform offers an added layer of security for your personal and financial records. But it is important to note that as of the time of this article it is still impossible to receive money in your PayPal personal account. The only account that allows receiving funds is the business account.
Also check out mobile money operators in Nigeria.
Here is how to receive money with PayPal in Nigeria:
- Open a PayPal Business Account:
As we have earlier mentioned, only business accounts allow you to receive money. Therefore, if you wish to receive money through PayPal in Nigeria, you will need to open a business account and complete the required KYC due diligence.
- Set up payment on your website:
Setting up payment on your website is straightforward and hassle-free. You will find the procedures to set up payment on your website in your account. All you have to do is just click tools and follow the preceding instructions.
- Send an invoice:
Since the account is business, you have the privilege to send an invoice to your customers
- Request for funds:
The request for funds option allows you to request for the payment of the services your business has rendered.
Types of PayPal Account:
In Nigeria, there are basically two types of account, they are:
- Personal Account:
This type of account is available to users who wish to pay for services online or to send money. In addition, if you are one who loves to buy items on e-commerce websites, you can also leverage the PayPal Personal account.
- Business Account:
This type of account is specifically designed for businesses that wish to receive payments from their customers online. Businesses use this account to add payment solutions to their websites for receiving money.
Also check out different types of bank account in Nigeria.
What are the requirements to open a PayPal Personal account in Nigeria?
To open a PayPal account in Nigeria, you will need the following:
- Your legal name is required. This must be the same as what you have on your birth certificate.
- A valid Email address
- Debit or Credit Card. This must be Visa or MasterCard.
- Current residential address
- A strong password.
Requirements for opening a PayPal Business Account in Nigeria
- Your Business Name. It is compulsory that this must be your registered business name.
- PayPal will require your business Information
- A Government-issued Identity card
- Valid Email Address
- Mobile Phone number.
Pls. note when opening your PayPal account, kindly ensure all the information you supply is accurate. This is to guide you against losing your account in the nearest future, irrespective of how much you have on the account.
Conclusion:
PayPal is a very reliable payment platform that has built a name for itself over the years. However, it is important to know that because of restrictions you cannot receive payments on a personal PayPal account. The only account that allows this is the business account.
