The online payment company turns out to be the most popular payment platform amongst Nigerian cross-border shoppers, and an estimated 55% of all overseas online purchases in the past 12 months were done via PayPal.
According to a report from the company, Nigerian mobile shoppers spent N128.1 billion ($610 million) via PayPal in 2015. This year, Nigerians are already on course to spend N172 billion ($819 million).
Efi Dahan, PayPal GM for Africa and Israel, said that Nigerian online shoppers have realized the world could be a shopping mall and as such shop more via their mobile devices.
Back in February Facebook also confirmed that Nigeria was its biggest market in Africa, with 97% of its 16 million Nigerian users making use of the platform via their mobile devices.
“Nigerians are generally sophisticated mobile users and this sophistication is aiding small businesses,” said Nunu Ntshingila, head of Facebook in Africa.
Per the PayPal rankings, China is still the leader in terms of mobile shopping with 86% of all online shoppers using their smartphones. India comes second with 82% and Nigeria comes third with 72%.
This trend is expected to continue for some time and analysts are hoping that it will pave the way for entrepreneurs and boost Paypal’s global reach.
PayPal’s shares rose 3% last week Wednesday following takeover speculation.