Nigeria’s e-commerce space worth $1bn – MasterCard
United States-based payment technology company, MasterCard Incorporated, says it is collaborating with NetPlus, a Nigerian tech start-up, to develop an e-commerce solution that will help make cash outdated for e-retailers and consumers, “and surpass the $1bn mark in the country’s e-commerce space.”
The Vice-President and Area Business Head, West Africa, MasterCard, Omokehinde Adebanjo, said, “Cash has held the sector back from reaching its full potential in Africa.
“We have invested a great deal of energy and resources to develop a workable solution that will meet the diverse needs of merchants and consumers across the continent, and the world.”
In a statement by MasterCard, Adebanjo was quoted as saying, “It is fitting that our partnership with NetPlus, an African-born tech company, has resulted in us achieving our goal of digitising the e-commerce sector.”
The Founder and Chief Executive Officer, NetPlus, Wole Faroun, said that the solution would reduce the online purchasing process.
He said, “The solution comes with extensive benefits for merchants and consumers. For e-retailers, the pre-authentication reflects commitment on the part of the consumer to the purchase, as well as guarantees real time payment and improved liquidity.
The statement further read, “The MasterCard e-commerce solution empowers the consumer, the e-retailer as well as the delivery service by providing a simple and secure digital solution.”
It added, “This is a giant leap forward for the online sector, which is predicted to generate yearly e-commerce sales in Africa of $75bn by 2025. In Nigeria alone, the sector generates over $1bn every year and continues to grow exponentially.
“The biggest challenge facing online retailers is cash, as it poses logistical issues and puts the consumer, merchant and delivery service at risk. Digitising the sector will ensure efficiency, transparency and security.”