![]() The service may be used for international money transfers to family, to pay utilities, smallholder farmers, provide humanitarian cash assistance, and for e-commerce. The service can be provided by banks, mobile money operators (MNOs), telecom companies, payment service providers, or similar. It allows customers to receive, store, and spend money using a mobile phone. Mobile money represents a revolutionary reality in Nigeria as well as in many other African countries. The most common e-wallet service providers were KongaPay and PayPal. E-wallets made up about seven percent of digital payments in Nigeria. To make payments on delivery, shoppers use the pay account of the marketplace and pay via SMS or QR code. Data regarding payments on Jumia, Nigeria's most popular online marketplace, indicate that most of customers preferred to pay by cash-on-delivery. Cash and bank transfers were the second most common payment methods. In 2020, some 35 percent of payments in online retail were made with cards. debit relates to which party originates the payment and which party receives it.When it comes to online payment, Nigeria offers a further interesting scenario. When the ACH debit is cleared by the clearinghouse, the payment is settled. ![]()
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