A BETTER NEWS ABOUT PAYPAL IN NIGERIA
FIRST BANK NIGERIA has become the first bank to directly partner with PAYPAL to provide a seamless online payment service for FIRST BANK account holders in Nigeria, completely eliminating the process of verification for their account holders that use their platform to signup with PAYPAL.
Check out this link to get detailed information from the bank's website. According to them, they are the only bank that is (currently) having such a partnership with PAYPAL. This a great news for the bank and its customers. The fact that the verification process, which takes time and means a new PAYPAL account will not be allowed to fully utilize the services of PAYPAL until they have been verified will eliminate that waiting period because the PAYPAL will accept that users from FIRST BANK have already been authenticated by the bank.
We all know that PAYPAL already limits what users from Nigeria can do with their accounts in critical areas like e-commerce where they are not allowed to sell or receive payment. Additional limitations because of the verification period can only to serve to make the PAYPAL customer experience for Nigerians residing in Nigeria to be at best skeletal and nothing to write home about. Hence, FIRST BANK have done a great job for themselves by getting into this partnership that eliminated the verification protocol. This will naturally bring in more clients as those who still have a critical use for PAYPAL as it concerns making online purchases will flock to the FIRST BANK.
Another thing is that they have strategically placed themselves ahead of the pack if or when PAYPAL decides to give an across-the-board full access to their services to all Nigerians i.e. give them the ability to buy and sell.
In fact, it will not be too much of a stretch to imagine them securing such a deal first and exclusively for their clients. This is why my personal take is that for those who are into online e-commerce in Nigeria, getting a First Bank account and opening a PAYPAL Account using the bank will be a strategically important decision they have to take as it could reap big benefits in the nearest future.