Nigerian online payment solutions, which one to use?

As a growing online economy, Nigeria's ecommerce is still in it's infancy, and the scammers are not helping things.

There is still no universal online payment system and this is much needed for Internet startups and online retailers to make money and grow. This is a big limiting factor.

For Nigeria's Internet economy to have any significance to foreign investors and venture capital firms, they have to be able to generate some revenue. Where will the revenue come from if its not safe to buy or sell anything online. Something has to be done!

Anyways a few companies are trying to solve this problem, but is the online community with them?

Interswicth:- The biggest ATM/debit card provider in Nigeria. They are also in the e-payment, online payment business. The users may be a bit more comfortable with this service and it can easily claim being the biggest online payment service because of its large number of ATM card users due to their e-banking contarcts with so many banks in the country. The startup cost for websites here is around 150,000 Naira.

Fastecash:- This service is very similar to paypal, users make bank deposits to fastecash's bank account and their online account is credited which they can use to pay for goods and services on websites registered to the service, users can also apply for credit cards so they can pay for the services they buy in dollars from international websites.

NetNaira:- This service claims to have more than 15,000 members. Registered members can use ATMs to load their online accounts and pay for goods and services on Nigerian sites that are registered with NetNaira.

Nigerian Internet marketers

I think at first I underestimated the knowledge of many Nigerian Internet marketers.
I think this is part of Ignorance from my side.
Being into internet marketing since 2002, that is long before most of them had a website or even email adress, I just didnt listen to any of them when they started out.
I have learnt from so many of the World renowned Internet marketers, but I still learnt a lot from our own Internet marketers here in Nigeria.

I have began studying most of them and here are a few that I find most interesting.

Lateef Olajide

I think he is the most respected of Nigerian Internet Marketers, he owns the site Internet Marketing Nigeria, I have read a lot of his articles and he surely knows what he is doing.


There are a few other names that I will write on and study them more

Have You read the Classic?

If you have read the classic "think and grow rich" by napoleon hill, you will come across this sort of idea in chapter 2.(the idea I talked about in my last post on this blog).
In the former post, I wrote the article without knowing of such an idea in the book think and grow rich, and just a week later while reading the book I came across it and I thought "oh I just blogged about this".

The idea was stated in his list of 6 steps to transmuting a desire for riches into financial success.
The idea was clearly stated in step 6 and brought up again and again in the following chapters.