Is PayPal now in Nigeria? – What you MUST Know!

Is PayPal now in Nigeria? – What you MUST Know!. Is PayPal really now in Nigeria guys? Let’s find out! On the 15th of March 2021, Flutterwave announced that they have partnered with PayPal. It garnered massive reactions from a lot of people, they were the number 1 trend on Twitter, so many blogs and articles sprung up about them and everyone had their hopes up and many people were asking questions so in this video I’ll be answering most of the questions.

We’re talking about one of the biggest payment platforms in the world that has over 377 million accounts globally, are they now letting Nigeria receive payments after like 14 years of blocking us? For sure this Flutterwave partnership means that they are letting many Africans receive payments .

This could be a huge huge deal and I’ll explain why in a bit. If you’re interested in mobile technology & financial analysis, general personal finance tips. Do consider giving this video a like so that more people like you can see this and know what it’s about and without further ado, welcome to episode 3 of Finance Friday.

PayPal’s Brief History with Nigeria & Africa In 2007, PayPal announced that it would be expanding to more African countries, it listed a huge number of African countries but 3 countries were prominently missing in this.

Nigeria, Ghana and Egypt. According to a World Bank blog, While many countries were under the Send. Receive .Withdraw Slogan. No African country either Individual Accounts and Businesses had that opportunity and in fact, we could only send.

When people asked PayPal for a direct reason why we couldn’t receive money. The official response was mostly the same: Due to the Complexities of Global expansion. However analysts believe it could be because of the banking system in some African countries, the government trying to control foreign exchange which I’ve talked about on this channel multiple times and of course internet fraud.

For the African people, there was massive sentiment then that they could only take our money but we can’t receive anything. In fact, there was a petition that was raised that PayPal should allow Nigerians have accounts to pay for stuff and receive payments.

Nigeria is a huge market and being shunned like that was sort of difficult for most people. Since then they actually listened and opened up the service a bit. In fact in 2014, they tried to allow inflows very briefly but Merchants were not included.

Since then we’ve seen services like Xoom come up to help but nothing was really the same. Even Flutterwave which we’ll be dissecting later in this video tried it with their Rave platform in 2017 but it fell flat.

14 years later, the case for the most part was still the same. Nigerians and many Africans both individuals and businesses residing inside the continent could not receive or even withdraw money either to a bank or credit card.

It was only South Africa and Kenya I believe that had many accessible features of PayPal where they could in fact receive and withdraw cash into their bank account. Some other African countries needed a Visa card or US bank account to withdraw like Egypt and Algeria and about 5 others.

All of that happened and some of it still do, Until now. Is PayPal now really in Nigeria? Now guys, this section of the video might not be what you hoped for but just stick to the end for my experiment that was quite interesting.

So can Nigerians now receive money from PayPal. I don’t want to sound like the YouTube guy that tells you to stick around for long but trust me on this. Okay, we’ve had a really awkward start to the year 2021 where we had the Central Bank Effectively banning Cryptocurrency.

The Central Bank went further to create a Naira 4 Dollar scheme where for every one dollar you receive as a Nigerian, you get 5 Naira and I explained it in detail why the CBN is doing this in my previous Finance Friday video.

I explain the implications and what it really means so you can watch that after you’re done with this one it’s also very insightful, I’ll leave a link below so you can watch but the rules don’t really apply here.

You see, payPal in the US, UK, Canada and many developed countries have access to PayPal’s full services. Just go to the countries page of PayPal and when you click on Nigeria scroll down the page all you see is that you can only send money, you can’t receive and when you scroll down on the US, there’s almost nothing you can’t do with PayPal, you can even buy Cryptocurrency, something that the Nigerian government has effectively banned.

Now, March 15th 2021, Flutterwave makes a huge announcement that they have partnered with PayPal to enable Africa receive payments from their over 377 million customers. PayPal in 2020 had a huge 936 billion dollar payment volume which is practically nearing a trillion dollars.

Africa was excluded and that’s what Flutterwave was trying to solve. In this same article, the fine print reads that “Flutterwave merchants in Kenya, South Africa, Egypt, Morocco, Mauritius, Malawi, Mozambique & Senegal are able to easily accept payments from PayPal users worldwide” You see how this doesn’t include Nigeria.

Bummer, but this video is not over yet. It just didn’t make sense to me that Nigeria wasn’t included. So I did what any normal human being would do, I created a Flutterwave Merchant Store on the platform and tried to pay with PayPal to my Nigerian Merchant account, did it work? here’s what happened Testing PayPal Payment to Nigeria I may or may not have lost some money so please hit that like button for what I’m about to show you.

I went into the dashboard, I confirmed PayPal as a payment method for the company I created, and I created this Payment Link. So think of me as the Nigerian Business trying to receive money in USD or dollar from PayPal.

So once I created my product payment link, I now made a payment. I paid for a “YouTube Page” to myself that cost $2 by myself for myself. You get the idea. Anyway after payment via PayPal, I got a receipt as the payer from both Flutterwave and PayPal.

Then as the merchant. I got a “New Successful Transaction” email that I have received $2. Now, when I open up PayPal, I see that I have a notification of a $2 transaction collected for me or my company in this case by Flutterwave.

Keep in mind that It doesn’t show in my Payments received section on PayPal as you can see here because I’m not allowed to receive money via PayPal right? but it shows in Transaction Summary or my Recent Activity tab.

Now, further dissecting this transaction, it shows in the Payment status as Completed, it also shows that the Payment was “Sent to Flutterwave or FLW Commerce” so this simply means that, and as you already know, PayPal is only a middle Man or payment method to move money from a PayPal customer, through PayPal to you here in Africa on Flutterwave.

So Nigerians cannot receive money via PayPal but Flutterwave merchants that are in Africa can receive dollars via their Flutterwave store. Wink. What this means is that now. Further down, we can see that the contact information is Flutterwave.

com/ke or Kenya which is an African country. This is complete with the email address and the kind of debit card that the customer that paid me used, in this case me. However, on getting to the Flutterwave dashboard here, I see that I have nothing showing up in my transactions for a while but about 15 minutes later, I see a transaction that looks like this.

When I click the transaction, I can see the ID, transaction fees. Customer Information, I can see the device fingerprint of the customer and their IP address and can even go as far as Blacklisting a customer, and on the right side, I can see the timestamps or what exactly the customer was doing and how the transaction was making progress in a second by second or minute by minute interval until the transaction was completed which is dope.

When I went to my Balance section, I saw how much is left in my holding balance which is the amount after fees from PayPal. It’s not moved to my available balance yet which means I can’t spend or withdraw it just yet.

As a freelancer though or e-commerce person that you are, you’ll only need to add your Flutterwave link to payment method. They will simply click on Pay via PayPal and you have your cash right into your Flutterwave account.

As a Flutterwave merchant now, the PayPal transaction fees of 4.4% of the transaction value + $0.30 per transaction apply to you. However, that doesn’t fully check out because I was only charged 4.4% transaction fee getting 1.

9 dollars and was not charged the 30 cents. That would mean I’ll have 1.6 dollars left but then again, this payment is still held in my holding balance and has not moved to my available balance yet at the time of making this video.

I don’t know if it will but follow me on twitter and I’ll have updates for you on everything involved. This is an experiment and I wouldn’t expect you to try this out just yet and as I said I’ll have more updates.

Conclusion However, if this goes through, it will open up African businesses to the world. I for one who has designed as a freelance graphic designer have struggled with receiving payments for the longest time.

Many payers don’t like using Payoneer themselves even though it was the next best alternative. This might also be limited to businesses, I registered as a business and this might not be available for individuals but it’s worth looking into because now, all you’ll need to do is just generate a link.

I made a video about my streams of income and tips everyone should know about starting and running a business online to earn money about $500 a day, you can watch that with the link below that like button for free, and in that video I also touch on why it can be beneficial to create and register a business especially in Nigeria.

Many analysts see this PayPal and Flutterwave partnership as a major stepping stone for Africa, especially African Businesses and one way for PayPal to minimize the “Complexities of Global Expansion” as they stated.

Flutterwave is already a business leader in this regard, they are currently valued at 1 billion dollars, making them the first Nigerian Unicorn after they recently raised a 170 million dollars for expansion.

Flutterwave has also raised 35 million dollars in the recent past in 2020 for their Series B as well as $10 million in the Series A in 2018. They have over 290,000 merchants, Launched their new mobile app for Flutterwave and they also own Barter which I’ve talked about in my previous video to make dollar payments from Nigeria.

Since inception or since they started operations, they’ve carried out over 140 million transactions worth $9 billion worldwide and they especially cater to ecommerce. According to Analysts, ecommerce is expected to reach $29 billion by 2022 in Africa alone and it would be quite bad for PayPal to miss out on this.

What are your thoughts about this guys, do you think this is the right move at this time? Is PayPal is going to eventually enter Nigeria fully after a while with Flutterwave? Or if you’re from countries like Kenya, and the aforementioned that they have direct partnerships with, have you tried using PayPal or Flutterwave as a merchant.

Let me know in the comments below. If this video was useful for you please drop a like and hit subscribe and the bell icon beside it so you’ll be the first to know when I post a new video. Thanks for watching and I’ll talk to you in the very next video.

i i talked for like 10 minutes straight and i forgot to hit record is paypal really now in nigeria guys let’s find out on the 15th of march 2021 flutter wave announced that they have partnered with paypal it garnered massive reactions from a lot of people they were the number one trend on twitter so many blogs so many articles sprung up about them and everyone had their hopes up many people were asking questions so in this video i’ll be answering most of the questions that you might have we’re talking about one of the biggest payment platforms in the world that has over 377 million global accounts are they now letting nigerians receive payments after like 14 years of blocking us for sure this flutter wave partnership means that they are letting many africans receive payments now this could be a huge huge deal and i’ll explain why in a bit if you’re interested in mobile technology financial analysis general personal finance tips do consider giving this video a like give it a thumbs up so that more people like you can see this analysis that we’re going to share soon and consider subscribing to the channel you know what it is without further ado welcome to the third episode of finance friday in 2007 paypal announced that it would be expanding to more african countries it listed a huge number of african countries but three were prominently missing in this list nigeria ghana and egypt according to a world bank blog while many countries were under descend receive withdraw slogan of paypal no other african country individual or business account had that opportunity and in fact we could only send money when people have paper for a direct reason why we could only send money and receive money the official response was mostly the same it was due to the complexities of global expansion however analysts believe that it could be one of three reasons or three reasons the banking system in some african countries were not so good the government was trying to control foreign exchange which we’ve talked about multiple times on this channel and the third reason prominent reason actually is internet fraud for african people there was a massive sentiment that they could only take our money but we can’t receive any money we can’t receive anything in fact there was a petition that was raised that paypal should allow nigerians have accounts to pay for stuff and receive payments this was when we had no interaction with people nigeria is a huge market and being shown like that was sort of difficult for most people since then they actually listened and opened up the service a bit in fact in 2014 they tried to allow inflows very briefly but metrons were not included since then we’ve seen services like zoom come up to help but nothing really happened even flutter wave which we’ll be dissecting later in this video tried it with their reef platform in 2017 but it fell flat 14 years later the case for the most part was still the same nigerians many african individuals businesses residing in the continent could not receive or even withdraw money either to a bank or via credit card debit card it was only south africa i believe and kenya that had many accessible features of paypal where they could in fact receive and withdraw cash into their bank account some other african countries needed a visa card or a us bank account to withdraw like egypt and algeria and about five others all of that happened and some of it still happens until now so is paper really now in nigeria now guys this section of the video might not be what you hoped for but stick around to the end for my experiment it was quite interesting so can nigerians now receive money via paper as you may have been asking i don’t want to sound like the youtube guy that tells you to stick around for long but trust me on this okay we’ve had a really awkward start to the year 2021 as nigerians where our central bank effectively banned cryptocurrency the central bank of nigeria went further to create a narrative for dollar scheme where for every one dollar you see you receive as a nigerian you get five naira and i explained it in detail why the cbn is doing this in my previous finance friday video you can watch out with the link in the description i explained the implications what it really means so you can watch that when you’re done with this video it was very insightful um but the rules don’t apply here really you see paypal in the us uk and canada many developed countries have access to paypal’s full services just go to the country pages of paypal i’ll leave it in the description when you click on nigeria and you scroll down you only see that you can send money you can’t receive money and when you scroll down on the us page there’s almost nothing that you can’t do with paypal you can even buy cryptocurrency with paypal something that the nigerian government has effectively banned now it’s march 15 2021 florida wave makes a huge announcement that they’ve partnered with paypal to enable africans receive payments from their over 377 million customers as i mentioned earlier paypal in 2020 had a huge 936 billion dollar payment volume which was practically nearly a trillion dollars africa for the most part was excluded but that’s what flutter weave is trying to solve in this same 2021 march article the fine print rates that flutter with merchants in kenya south africa egypt morocco mauritius malawi mozambique and senegal are able to easily accept payment from paypal users worldwide do you see how this doesn’t include nigeria bummer but this video is not over yet this video is far from over it just didn’t make sense to me that nigeria wasn’t included so i did what any normal human being would do i created a flutter with merchant store platform and i tried to pay with my paypal to my android merchant account did it work here’s what happened so i may or may not have lost some money so please hit that like button so we can get that money back anyway i’m just kidding hit that like button let me know if you like this video so far all right i went into the dashboard i confirmed paypal as a payment method for my company that i created and i created a payment link so think of me as an android business trying to receive money in usd or dollars from paypal so once i created my product link i now made a payment i paid for a youtube page to myself that cost two dollars by myself for myself you get the idea anyway after payment via paypal i got a receipt as the payer both from flutterweave and paypal then as the merchant i got a new successful transaction email that i have received two dollars now when i open up paypal i see that i have a notification of a two dollar transaction collected for me or my company in this case buy flutter with keep this in mind it doesn’t show in my payment received section of paypal as you can see here because i’m not allowed to receive money via paypal right but it shows my transaction summary on my recent activities tab now further dissecting this transaction it shows the payment status as completed it also shows that payment was sent to flutter wave or flw commerce so this simply means that and as you already know paypal is only a middleman or payment method to move money from a paypal customer through paypal to you here in africa via flutter with so nigerians cannot receive money via paypal but flutter with merchants that are in africa can receive dollars via the florida wave store moving on further down we see that the contact information is flutterwave.

com ke or kenya which is an african country this is complete with the email address and the kind of debit card that the customer that paid used in this case me however on getting to the flutter wave dashboard here i see that i have nothing showing in my transactions for about 15 minutes and i later see a transaction that looks like this when i click the transaction i can see the transaction id the fees the customer information i can see the device fingerprints of the customer and their ip address and i can i can even go as far as blacklisting the customer and on the right side i can see the timestamps or what exactly the customer was doing and how the transaction was making progress in a second by second or minute by minute interval until the transaction was completed which is dope when i went to my balance section i saw how much it was left in my holding balance which is the amount i would get after fees from paypal it’s not moved to my available balance yet which means i can’t spend or withdraw it just yet as a freelancer or e-commerce person that you are you will only need to have your flutter wave link to your payment method they will simply click on that link pay via paypal and you have your cash right into your flutter web account this changes a lot of things as a flutter with merchant now the paypal transaction fees of 4.

4 percent of the transaction value plus 30 cents applied to you however that doesn’t fully check out because i was only charged 4.4 of the transaction fees after getting 1.9 and was not charged the 30 cents that would mean i’ll have 1.

6 dollars left but then again this payment is still held in my holding balance and has not moved to my available balance just yet at the time of making this video but do follow me on twitter after this i’ll have updates on everything that will transpire this is an experiment i wouldn’t expect you to try this out as i said i’ll have more updates however if this goes through you to open up african businesses to the world i for one who has designed as a freelance graphic designer have struggled with receiving payments for the longest time many players don’t like using payoneer even though it was the next best alternative this might also be limited to businesses i registered as a business and you know it might not be available for individuals right away but it’s worth looking into because now all you need to do is just generate a link i made a video about my streams of income and tips everyone should know about starting and running a business online to earn about five hundred dollars a day you can watch that with a link in the description below and in that video i touch on why it can be beneficial to create and register a business especially here in nigeria as a freelancer many analysts see people on flutter wave partnership as a major stepping stone for africa especially african businesses and one way for people to minimize the complexities of global expansion as they stated flutter wave is already business leader in this regard they are currently valued at one billion dollars making them the first nigerian unicorn after they recently raised 170 million dollars for expansion flutter wave has also raised 35 million dollars in the recent past in 2020 for their series b as well as 10 million dollars in the series a in 2018.

they have over 290 000 merchants they launched their new mobile app for flutter wave they also have barter which i’ve mentioned in my previous videos about making dollar payments from nigeria since they started operations they’ve carried out over 140 million transactions what nine billion dollars worldwide they especially cater to the e-commerce or business side according to analysts e-commerce is expected to reach 29 billion dollars by 2022 in africa alone it will be quite bad if paypal misses out on this what are your thoughts about these guys do you think this is the right move for paypal at this time is people are going to eventually enter nigeria after i would flutter with or if you’re from countries like kenya and you’re watching this or the aforementioned countries i mentioned that have direct partnerships have you tried using paypal .