Accessibility, convenience, security, trust and cost effectiveness are key defining features of the partnership between First Bank of Nigeria Limited (FirstBank) and Pay Pal. This partnership was announced by the two organisations yesterday at the launch which birthed their exclusive relationship.
FirstBank, Nigeria’s best banking brand, has become the only financial partner of PayPal in Nigeria. The partnership will enable FirstBank card holders and businesses enjoy increased transaction limits, receive instant verifications, make online payments and transfer funds across the world in 193 countries and regions globally. This synergy between FirstBank and PayPal gives the bank an edge over other institutions in Nigeria which have access to the PayPal platform. FirstBank Internet-banking customers can now open a PayPal account from their FirstOnline account and use their FirstBank debit or credit card to shop and pay online on millions of websites around the world from their PCs or smartphones, without having to share their card details with the seller and with the added reassurance of PayPal Buyer Protection.
According to FirstBank spokesperson, Folake Ani-Mumuney “The acceptance of FirstBank Cards on PayPal platform is a significant boost to our continuous initiatives to drive innovation in banking services and as part of our promise to always put customers at the heart of our business. The partnership will provide convenience for our customers planning their summer shopping or carrying out money transfers across our various alternative channels. FirstBank cards are accepted in over 200 countries and on millions of POS terminals and ATMs around the world. This implies that FirstBank Cardholders are never stranded in any part of the world where they decide to shop or do business,” she added.
“We are delighted to be able to bring PayPal to all our custormers 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 is faster, easier and will only take a few minutes, as the customer has already been verified by FirstBank.’ Folake stated
Commenting on the partnership, 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 their card is 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 future as our partnership develops.”
Once registered with PayPal, Nigerians have the option to pay for a variety of products and services online, thereby joining over 200 markets around the world who already use PayPal. PayPal can be used to pay for digital subscriptions, games, music or video services and for travel. To pay with PayPal, account holders provide sellers with their email address and either a password or mobile PIN. PayPal then authorizes the payment based on available funds and eligible purchases are covered by PayPal Buyer Protection.