FirstBank of Nigeria Limited entered into partnership with PayPal to create opportunity for Nigerians to engage in online shopping. AMAKA IFEAKANDU looks at the impact of this relationship on FirstBank customers and financial system in general.
First Bank Nigeria Limited has taken leadership position in terms of supporting the cashless society in the country. The bank’s partnership with PayPal-a global payment provider-created an opportunity for Nigerians to shop online across the world.
FirstBank’s alliance with the PayPal allows its customers to register for a PayPal account from its FirstOnline and Internet-banking account.
The bank’s engagement with PayPal payment leverage the e-commerce market, guaranteeing and securing seamless mobile transactions and payment.
What’s PayPal?
PayPal is an online payment solutions company which offers simplified and secure online payment without the need to reveal financial information or card details to the merchant, protecting users against fraud.
PayPal payment is designed for everyone who engages in online payment, as the provider connects buyers and sellers.
FirstBank entered into an alliance with this payment service to encourage online payment across the world.
The partnership
Before now, opening of PayPal account in Nigeria is always difficult. But today, the story has changed as individuals can comfortable open an account and verify the PayPal account in Nigeria without any hitches. Among all the bank’s operating in the country, FirstBank has taken a lead in providing a PayPal account services in Nigeria through First Bank Online banking platform (FirstOnline).
The bank’s alliance with the PayPal aims at boosting online transactions in Nigeria. It is designed to enable customers of the bank easily open a veritable PayPal account.
Creating PayPal payment account with the FirstBank is unique because it is a major boost to e-commerce market in Nigeria, considering the enormous challenges Africa and emerging economies are facing in its expansion to other countries.
Benefits through FirstOnline
Customers opening a PayPal account will provide Instant account activation.
Apart from having higher transaction success rates at over nine million international merchant sites, the customers will never have to input their card details when consummating payments on PayPal- enabled websites. All that’s involved are just the email address and password.
The customer does not share his financial information to any merchant and the account holder receives 100 per cent protection assurance from PayPal.
The customer will as well receive a full refund from PayPal in disputed purchases when wrong or damaged items are sent, or when goods do not arrive as expected.
The customer will get exclusive mind-blowing discounts and free shipping to Nigeria in participating merchant sites.
How to Open a PayPal account with FirstBank
To open a PayPal account with FirstBank, the customer will first open a savings or current account and subscribe for FirstBank’s online banking platform (FirstOnline). As the customer logs in to FirstOnline, he/she is expected to choose ‘Paypal’ in the main tab and click on create PayPal wallet on the sub menu.
“Select which card you wish to link to your PayPal account and which Card will be your default card. The customer will also review information, generate and input token code to confirm the account creation request. In a new popup window displayed; create your PayPal password.
“Once you click on “agree and create account”, You will receive an automatic confirmation message on FirstOnline with an email confirming your account creation,” so the instruction goes.
Things you need to know about Firstbank PayPal account
Any PayPal account created on FirstOnline is activated and verified immediately. You do not need to do any other form of activation or verification. FirstBank partners with PayPal to provide their customers with a convenient and innovative way of online shopping, and sending of money to people anywhere.
“With your PayPal account on FirstBank’s Internet Banking (FirstOnline), you can easily and conveniently make use of PayPal. PayPal accounts with unverified Card details will be subject to a transaction limit pending verification. You can also select different Cards to attach with PayPal and choose the Card you wish to use when making payment.
“Subscribing for FirstOnline as a Firstbank customer gives you instant access to all of PayPal’s service offerings. As FirstBank customers you can easily link your FirstBank MasterCard and Visa cards (which are enabled for online international transactions) to your PayPal account,” the bank further stated.
First Bank view
Commenting on the value-addition of this initiative, head of e-Buisness, FirstBank, Chuma Ezirim, said by linking FirstBank-issued debit, prepaid or credit cards to their new PayPal account, FirstBank customers can shop and pay on millions of websites around the world from their PCs, tablets or smartphones, without having to share their financial information with the seller”.
“Through this partnership, FirstBank customers gain a unique advantage as their PayPal account will receive automatic verification and increased transaction limits, making it even easier to start making online or mobile payments,” he added.
Also in a statement, the bank, through its spokesperson, Folake Ani-Mumuney, said: “The acceptance of FirstBank Cards for making PayPal payments is a significant boost to our continuous initiative to drive innovation in banking services and our promise to always put customers at the heart of our business. This partnership will provide convenience for our customers planning their summer shopping. FirstBank cards are accepted in over 200 countries and on millions of PoS terminals and ATMs around the world.
“This partnership with PayPal provides further unique benefits to FirstBank customers.”
“We are delighted to be able to bring PayPal to all our customers in Nigeria in a partnership that is consistent with our drive to support the push towards a cashless society in Nigeria and lead innovation in development of secure online payment systems.
“For all FirstBank customers, opening a Paypal account using our FirstOnline platform will only take a few minutes,” the statement further added.
PayPal
Corroborating Ani-Mumuney, Efi Dahan, PayPal’s Regional Director for Africa and Israel, said: “Millions of Nigerians already shop on websites in the US, UK or China, but many find that their cards are rejected or have concerns about entering their credit card details on the website of a seller based overseas.
“PayPal is used by hundreds of millions of people around the world to make international payments because PayPal payments are trusted by international retailers and we don’t share your financial details with anyone.
“This exclusive partnership with FirstBank is a major milestone in PayPal’s Africa growth story and we hope to make more announcements together in the future as our partnership develops.”
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