Which Nigerian Banks Support PayPal?

PayPal is an online payment system with safe transfer and fast payment of monetary services. Various e-commerce platforms like Amazon, eBay, Alibaba, and so on makes online purchases using a PayPal account. Based on the recent changes in the Nigerian banking system, it is major progress to know that some Nigerian banks support using Paypal. 

This is because, in the past, they were restrictions on using PayPal. Nigerian banks support using Paypal but are available for Nigerians using business accounts alone. Nigerians can make payments online using their personal accounts. Whereas, a personal PayPal account cannot receive money in Nigeria.

But which banks support PayPal in Nigeria, how do you open a PayPal account, and what kind of PayPal accounts can pay and receive money in Nigeria? You have got questions and we have the answers. Read on!

Which Nigerian Banks Support PayPal

1. First Bank Nigeria (FBN)

First Bank is a partner with PayPal and has taken major steps in providing PayPal account services through their online banking platform – FirstOnline. As a First Bank customer, you can link your Master and Visa cards swiftly to your PayPal account.

2. Zenith Bank

Zenith Bank was founded in 1990 by Jim Ovia CFR and has grown to become one of the biggest financial institutions in Africa. The Zenith Visa and Master card can be used to easily verify your PayPal account to avoid declined transactions.

3. Access Bank

At Access Bank, the Master and Visa card is applicable for all international transactions including PayPal. What’s more? the bank card is available in four currencies; USD, GBP, NGN, and EURO.

4. United Bank Africa (UBA)

All cardholders at UBA are proudly part of the huge network of PayPal users globally. The debit and prepaid cards are now available and accepted on PayPal. It is also possible for both UBA accounts and non-account owners to make use of the Visa-Branded AFRI card.

5. First City Monument Bank (FCMB)

It was formerly known as First City Merchant Bank when it was founded in 1982 but in 2001, it changed its name to First City Monument Bank. FCMB owns a wide range of debit and credit cards that allow you to make payments in and out of Nigeria. It is easy to link your FCMB bank account and card details to your PayPal account for seamless transactions.

6. WEMA Bank

At WEMA bank, the Master and Visa card is accepted at the PayPal gateway for deposit and withdrawal. Using the ALAT by Wema Bank, an online digital banking platform launched in May 2017, you now have access to virtual cards. You can always access a virtual card to make transactions on PayPal.

7. GTCO (formerly GTbank)

At GTCO, the Naira Mastercard normally used to link up with PayPal stopped working in 2020. It requires you to get a US Dollar Master or Visa card to easily access your operations on your PayPal account.

ALSO SEE: TOP 10 BEST BANKS IN NIGERIA

What You Will Need to Open a PayPal Personal Account in Nigeria

Now, I will be taking you through the various steps and necessary requirements on how to open personal and business PayPal accounts respectively. So sit back and take proper note of them.

You will need;

• Personal name
• Email address
• A valid password
• Debit or Credit card (Only Visa and Master cards are accepted)
• Home Address

What You Will Need to Open a PayPal Business Account in Nigeria

You will need;

• Legal name
• Business name
• Required business information
• Government-issued ID Card
• Valid email address
• Valid phone number

How to add your bank card to your Paypal Account

• Login to your account and click on Add a card
• After clicking on it, you add your card details and select your card type.
• Fill in your correct card details then select the link card
• A deduction of $1.95 will be taken from your bank for confirmation and after 24 hours, it will be refunded to your account
• A verification code will be sent by your bank to verify your Paypal
• Login to your Paypal account and select confirm credit or debit card
• Enter your four-digit verification code and confirm your choice of card
• Close the windows and go back to your Paypal dashboard and you will see your status has changed to verified

ALSO SEE: See 5 Flaws In The Nigerian Banking System

FAQs

Does PayPal work in Nigeria?

Yes, Paypal works in Nigeria. You can receive and send money via your Paypal business account. However, you can send money only with your personal account.

Which Nigerian Bank cards accept PayPal?

Bank cards that are accepted by PayPal are Visa and Master Cards only.

Is PayPal banned in Nigeria?

No, it is not banned in Nigeria. Nigerians are at liberty to own and use a PayPal account.

What happens if you do not have a bank account for PayPal?

It is not compulsory to have a bank account, especially for withdrawing money. It can still be used by linking it to an approved credit card.

What is the minimum amount that can be withdrawn from PayPal?

A minimum amount of $1 and a fee is charged per withdrawal. It usually takes about 5 working days for it to be deposited into your bank account.

What is the PayPal transfer limit?

When using a personal account, the transfer limit is $10,000 per transaction and $60,000 per week. While for a business account, the maximum limit is $60,000 per transaction and $250,000 per week.

Conclusion: Which Nigerian Bank Supports PayPal

It is important to take into proper consideration the banks that are acceptable by PayPal. Now that you know the various banks and the proper ways to use PayPal in Nigeria, it is time to open your PayPal account in a jiffy.

Also, it is best to meet a professional in the banking system if you are not convinced with self-knowledge. You can always walk into any of the approved banks listed above to get more understanding of how to go about everything.

Thanks for reading this article, you may also find this article on Nigerian Banks That Give Loan Without Collateral helpful.