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Bank transfer (NG)
Bank transfers are a key payment method in Nigeria's e-commerce landscape, with widespread adoption facilitated by leading banks like Guaranty Trust Bank (GTBank), Zenith Bank, Access Bank, First Bank of Nigeria, and United Bank for Africa (UBA).
Method
Bank transfer (NG)
LPM Market Share
22%
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
48M
Disbursements
Yes
Yes
Chargebacks
$25.00
Authorization currency
NGN
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
A large portion of Nigerians have accounts with major banks, ensuring widespread usage. Banks like GTBank and Zenith Bank have streamlined their mobile and internet banking solutions, making bank transfers a reliable and efficient option for e-commerce payments in Nigeria
