Why Nigeria’s biggest payments companies have entered e-commerce

25 June 2020

Money Transfer

GT Bank, Flutterwave, OPay and Remita have developed e-commerce services on top of their core payments solution.

 

A new competition is afoot in Nigeria’s payments industry. Since the start of the year, four of the country’s biggest payments services have increased their focus on e-commerce. Between February and April, Remita, Flutterwave and OPay each launched e-commerce platforms.

 

Guarantee Trust Bank (GT Bank), one of Nigeria’s most profitable banks, made the first move. A few years ago, the bank developed Habari, a superapp that provides everything from streaming to e-commerce. In early March, GT Bank’s CEO, Segun Agbaje explained that Habari will play an important role in its plans to dominate Nigeria’s payments business.

 

Other payments companies have since introduced their own e-commerce solutions.

 

In late March, Remita announced Paylink, a platform that allows users to easily set up their online stores and accept payment. Owned by SystemSpecs, for years Remita has operated as an enterprise solution, processing payments for government institutions and educational bodies. Paylink is its foray into the consumer payment business dominated by Flutterwave and Paystack.

 

OPay, the fast-growing mobile money operator, is also doubling down on e-commerce. The company has developed two products, OMall and OTrade, to cater to B2C and B2B e-commerce respectively. Read the full article on TechCabal here.