Digital Payment Business Gains Strength in Africa’s Largest Economy

WEST AFRICA––Online payment system is soon to be widespread in West Africa as Nigeria takes the lead in introducing such mechanism to its huge population.  With over 180 million people, the business profit margin in the West African region largest economy and one of the leading economies in Africa stands to pay off.

There are several online payment and Money Transfer systems introduced throughout Africa but in Nigeria, PayU seems to be positioned as the business leader.

PayU collects payments from consumers who have recurring bills or subscription payments in a seamless way.

According to the company’s authority, the system provides customers with a simple, safe and secure alternative to regular direct debit payments. Using tokenization as the underlying technology, PayU offers a card based recurring payment method for the payment of any recurring bills or subscriptions.

Ms. Juliet Nwanguma, the company’s Nigeria Country Manager told several technology networks that, “PayU Subscription is an innovative product for businesses that are looking to offer subscription and recurring bill payments to their customers.”

Adding, “PayU Subscription allows merchants to improve customer satisfaction by offering a more convenient way for their customers to pay for their subscriptions and other recurring bills. Ultimately, PayU Subscription helps merchants boost collections and revenue in a quick, convenient and simple way.”

Customers who want to set up recurring or subscription payment is inconvenienced as they are required to physically go to their bank and complete a direct debit order form. With PayU Subscription, all of this is avoided.  Merchants only need their customers to choose the recurring payment option as well as the period i.e. weekly, monthly, quarterly or annually.

PayU is also developing a global presence.  Currently, the company operates in 16 markets globally and has more than 250 payment options.  According to its website, the company provides safe, secure, online payments for businesses.

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Dave Okonjie

Dave Okonjie is a public affairs analyst, researcher and senior issues correspondent.

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