What is PayPal?
PayPal is the online wallet service of an American financial institution registered in the United States and several countries. The company is also registered in other countries including Canada, Luxemburg, Singapore, Spain, and the United Kingdom.
It serves a global marketplace and is by far the biggest internet wallet service.
The service opened-up to dozens of countries in the year 2014. It became officially available to residents of Nigeria since July 2014. Before then, only Nigerians residents in countries supported could open and operate an account.
How can I open a PayPal account in Nigeria?
Opening an account from Nigeria is simple and straight-forward. You simply need to visit their official website.
Requirements for Opening an Account in Nigeria
- You need a valid email address. This is the primary requirement. PayPal would attempt to validate the email address by sending a message. You would need to confirm the existence of the email address by following the steps in the message they send.
- You would also need a Visa or Mastercard linked to a Nigerian bank account. This could be a credit or debit card. This is necessary for verifying your PayPal account. The service would debit a tiny amount from the card and once you confirm the transaction, the account would be fully Verified.
- As of December 2018, Interswitch’s Verve card does not work with the service.
Can I receive funds through PayPal in Nigeria?
Yes and No.
Currently, personal accounts do not support receiving money in Nigeria. You can only open Personal Accounts and send money online from same. You can also make payment to millions of merchants around the world that accept payment via Paypal.
Every payment you make would be charged from the Debit or Credit Card you have linked to the account.
All transactions are currently denominated in United States Dollars (USD). Naira, the official currency of Nigeria, is currently not supported.