How to open a PayPal account in Nigeria: step-by-step guide

How to open a PayPal account in Nigeria: step-by-step guide

Can people in Nigeria open PayPal accounts? Yes. Nigerians can open business PayPal accounts. PayPal allows foreign currency transfers and has an affordable processing fee. Find out how to open a PayPal account in Nigeria below.

How to open a PayPal account in Nigeria
An illustration of a laptop displaying the PayPal logo. Photo: pixabay.com, @mohamed_hassan
Source: UGC

PayPal is convenient and reliable for sending or receiving money worldwide. To create a PayPal account, you should fill out a form with your name, address, contacts, etc. You will be able to open a business PayPal account with no one's help after reading this article.

What is PayPal?

PayPal is one of the leading online platforms for receiving, sending, and transferring money worldwide. Many Nigerians doing online jobs and businesses use PayPal to make and receive payments from abroad.

How to open a PayPal account in Nigeria

Opening a PayPal account Nigeria is easy. You need a valid email address, and Visa/MasterCard linked to your Nigerian bank account (it can be a credit or debit card). The Visa/MasterCard is necessary for verifying your PayPal account. This simple step-by-step guide will teach you how to open a PayPal account to receive money:

Read also

Yemi Osinbajo reveals why FG is not planning to increase taxes

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

Which bank uses PayPal in Nigeria?
A screenshot of the PayPal website's interface. Photo: paypal.com (modified by author)
Source: UGC
  • Enter your email address (Gmail, Yahoo, xxxxxx@yourcompanyname.com).
  • Click “Continue.
  • Enter your password.
  • Click “Continue.“
  • Enter your first and last name.
How to open a PayPal account in Nigeria
A screenshot of PayPal's account registration form. Photo: paypal.com (modified by author)
Source: UGC
  • Enter your business name and phone number (these should be legal details).
Can I link my Nigeria bank account to PayPal?
A screenshot of PayPal's account registration form. Photo: paypal.com (modified by author)
Source: UGC
  • Enter your business address (it should be the same address you used when opening your bank account). Your Nigerian postcode is also important.
How to open a PayPal account in Nigeria
A screenshot of PayPal's account registration form. Photo: paypal.com (modified by author)
Source: UGC
  • Choose the primary currency (Most Nigerians use the US Dollar).
paypal account nigeria
A screenshot of PayPal's account registration form. Photo: paypal.com (modified by author)
Source: UGC
  • Click in the check box beside "By clicking Agree and Continue, I agree to the User Agreement and Privacy Statement."
  • Click “Agree and Continue“ (the blue button).
  • Enter your debit card details (card number, expiry date and the last three digits behind the debit card).
  • You will receive a PayPal account verification link in your email.
  • Click on the link to verify your account.
  • Your account is set up.
  • Your account is setup.

Read also

Rapper Kanye West to give back his music artistes 50% of their masters

How to open a PayPal account via your bank's e-wallet account

Another way of opening a PayPal in Nigeria is through your bank's e-wallet account. Find out if your bank has an online banking system that can connect you to PayPal. First Bank clients can follow these steps:

  • Log in to your internet banking account using your password and token.
  • Choose “PayPal wallet” in the main tab.
  • Click “Create PayPal Wallet” on the drop-down menu.
  • Select which debit/credit cards you wish to link to your PayPal account.
  • Press the button on your online token and confirm accordingly.
  • Enter a password in the pop-up window.
  • Click on “Agree and create account.”
  • You will receive a message confirming you have successfully opened a PayPal account in the email account you used to open an account with First Bank.

Does PayPal work in Nigeria?

Read also

Exclusive: Legit.ng's Managing Director shares 5 digital trends to boost your business in 2020

You can receive and send funds using a business PayPal account in Nigeria. Please note that you cannot make money transfers in Nigeria via a personal PayPal account.

how to open a paypal account to receive money
A phone displaying the PayPal logo. Photo: unsplash.com, @Marques Thomas
Source: UGC

PayPal Nigeria’s exchange rate and transaction fees

The platform uses the local currency exchange rate to convert foreign currencies to Naira. Therefore, always check the day's rate in Nigeria before sending money via PayPal.

Third-party financial institutions (local banks) adjust PayPal's processing fee depending on the market conditions. When you make a foreign transfer via PayPal, the system will charge you 4% of the total amount being converted. This is called a processing fee or transaction fee.

If you use a debit/credit card to pay for a transfer, you will pay an extra 3% when loading your PayPal wallet. Therefore, you end up paying 4%-7% of the total amount being converted when you send money via PayPal.

Read also

AMVERIFIED: Africa’s indigenous social network community

Please note that PayPal's exchange rate is fixed for each currency and does not change for large or small amounts. Moreover, f you use your credit card to send a payment, you can use the credit card provider’s conversion rate instead of PayPal's. If you use Visa or MasterCard's exchange rate, the applied conversion rate will be shown on your credit card statement and not at the time of the transaction.

Can I link my Nigeria bank account to PayPal?

Yes, you can. Here is how you do it:

  • Log into your PayPal business account via the PayPal website or mobile app.
  • Click "Wallet" on the menu bar, then tap "Link bank account" or "Link a credit or debit card."
  • Enter the credit/debit card or bank information.
  • Click "Link card for credit/debit card" or "Link bank account" (depending on your previous choice).

Read also

OPINION: Why I support Ngozi Okonjo-Iweala’s candidacy for WTO DG

Which bank uses PayPal in Nigeria?

You can link credit/debit cards of these banks to a PayPal account:

  • Access Bank
  • First Bank
  • UBA
  • Diamond Bank
  • GTCO (formerly GTBank)
  • WEMA Bank
  • FCMB

Now you know how to open a PayPal account in Nigeria and can use the platform when you need foreign currency transfer services. Millions of people worldwide enjoy PayPal's services.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

READ ALSO: What is the difference between a Verve card and Mastercard?

Legit.ng also explained the difference between a Mastercard and Verve card. These are the world's leading payment platforms.

Read also

Petrol, electricity: Bill Gates makes crucial revelations, sends message to Buhari

Verve cards and Mastercard do not issue debit or credit cards. Banks and other financial institutions issue customers with cards with the Verve and Mastercard brand names.

Source: Legit.ng

Online view pixel