What is PayPal?
PayPal is
an online payment system that allows you to send and receive money around the
world. You can link your credit card, debit card, or bank account. You can also
set up a PayPal Balance account.
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 but Nigeria
has certain restrictions on PayPal functionalities.
It serves a global marketplace and is by far the biggest
internet wallet service. It is also important to note that thousands of online
shopping carts support PayPal.
PayPal Personal and Business Account?
Your choice of which
account to open depends your need or purpose of opening the account.
HOW CAN I OPEN A PAYPAL ACCOUNT IN NIGERIA?
To create a PayPal
account in Nigeria, you need the following:
Requirements for a Nigerian PayPal Account:
1.
Valid
Email Address
– Use an active email address.
2.
Phone
Number – A working
Nigerian phone number.
3.
Government-Issued
ID – Such as a
National ID Card, Passport, or Driver’s License.
4.
Bank
Account or Debit/Credit Card – A Nigerian bank card (Visa or Mastercard)
for linking to your PayPal.
5.
Billing
Address – A valid
residential address in Nigeria.
Steps to Open a Nigerian PayPal Account:
1.
Go
to PayPal Nigeria.
2.
Click
Sign Up and select Personal or Business Account.
3.
Fill
in your details (email, password, phone number, address, etc.).
4.
Verify
your email by clicking the confirmation link sent to your inbox.
5.
Link
your debit/credit card for transactions.
6.
Start
using your PayPal account.
7.
Alternatively,
you can link your Paypal account with your first Bank account. Visit First Bank
for more information.
Limitations of Nigerian PayPal Accounts:
·
Nigerian
PayPal accounts cannot receive payments; they can only send and make
online purchases.
Since Nigeria has
certain restrictions on PayPal functionalities, it's advisable to use the
PayPal Lesotho portal by visiting paypal.com/ls
This approach allows for broader features, including the ability to receive
funds.
- If you need
to receive payments, you may need alternative solutions like Payoneer,
Skrill, or a business account in another supported country.
What
is the difference between Personal and Business accounts?
All PayPal accounts allow you to send and receive payments.
Personal Account:
Sign
up for and use a Personal account to:
- Shop
and pay online
- Send
or receive personal payments for shared expenses (for example: splitting a
dinner bill or paying rental charges)
- Send
money as a gift
We also recommend a Personal account for casual sellers who want
to get paid online but also make online purchases.
Business Account:
Sign
up for and use a Business account to:
- Operate
under a company/group name
- Accept
debit card, credit card, and bank account payments for a low fee
- Allow
up to 200 employees limited access to your account
- Access
PayPal products such as Paypal checkout.
To open PayPal Business account in
Nigeria, you'll need to follow a series of steps to ensure successful setup and
verification. Here's a comprehensive guide:
1.
Visit
the PayPal Website: Navigate to the PayPal homepage.
Since Nigeria has
certain restrictions on PayPal functionalities, it's advisable to use the
PayPal Lesotho portal by visiting paypal.com/ls
This approach allows for broader features, including the ability to receive
funds.
2.
Sign
Up for a Business Account:
·
Click
on the "Sign Up" button.
·
Select
"Business Account" to proceed. This account type offers enhanced
functionalities suitable for business transactions.
3.
Provide
Your Business Information:
Email
Address: Enter a valid
and accessible email address that hasn't been associated with PayPal previous.
Business Details.
§ Business Name: Input your registered business name.
If you don't have a registered business, you can create a unique business name
for this purpose.
§ Phone Number: Change the country code to Nigeria
(+234) and input your active Nigerian phone number.
§ Business Address: Provide your accurate business or
residential address in Nigeria.
§ Postcode: Use the Nigerian postal code,
+234---
4.
Specify
Business Type and Category:
·
Business
Type: Select
"Individual" or "Sole Proprietorship," depending on your
business structure.
·
Product
or Service Keywords:
Choose the category that best describes your business activities.
·
Website
(Optional):
If you have a business website, you can provide its URL.
5.
Enter
Personal Information:
·
Nationality: Select "Nigeria."
·
Date
of Birth: Input your date
of birth.
·
Identification
Document: Choose a form
of identification (e.g., National ID) and provide the corresponding ID number.
6.
Agree
to Terms and Create Account:
·
Review
PayPal's User Agreement and Privacy Policy.
·
Check
the box indicating your agreement.
·
Click
on "Agree and Create Account" to finalize the setup.
7.
Confirm
Your Email Address:
·
PayPal
will send a confirmation email to the address you provided.
·
Open
the email and click on the confirmation link to verify your email address.
8.
Link
a Payment Method:
·
Log
in to your new PayPal account.
·
Navigate
to the "Link a Card" section.
·
Enter
the details of a valid debit or credit card. Many users in Nigeria have successfully
linked the UBA Visa AfriCard, a prepaid card that facilitates international
transactions.
·
You
can also visit First Bank to link up your account with Paypal.
Verify Your
Card:
·
PayPal
will make a small charge to your linked card to confirm its validity.
·
Check
your card statement for the PayPal code associated with this charge.
·
Enter
the code in your PayPal account to complete the verification process.
Important
Considerations:
- Use Accurate Information: Ensure
that all details provided during the registration process are accurate and
match your official documents to avoid issues with account verification or
future transactions.
- Stay Informed: PayPal's
policies and the services available to Nigerian users can change.
Regularly check PayPal's official communications to stay updated on any
modifications.
- Exercise Caution: While using
alternative methods, such as registering through the Lesotho portal, can
provide additional functionalities, always ensure compliance with PayPal's
terms of service to prevent potential account limitations.
By diligently
following these steps and considerations, you can successfully set up and
operate a PayPal Business account in Nigeria, facilitating both domestic and
international business transactions.
