Technology and Online Payment Familiarity Are Spurring Sports Betting in NigeriaPublished July 12, 2018 by Lee R
Increased foreign investment and better technology are boosting sports betting in Nigeria.
In a prominent Africa country, online betting is taking hold with the help of a recent wave of payment systems recently installed by technology.
Getting Up to Speed
Spurred by the huge soccer following, online sports betting has been the main outcome of the facility of online mobile payments, a development which has brought Nigeria on par with other African counterparts such as Kenya where mobile payment systems have already provided an economic boost to the domestic economy.
The delay in Nigeria has been attributed to fear of electronic fraud and lack of Internet speed, delays which are being put in the past in Nigeria’s sports betting sector.
Online Payment Expansion
Nigeria Inter-Bank Settlement System NIBSS Research indicates that from 2016 to 2017, taxes on sports betting in Lagos have jumped from 30 percent to 40 percent, a marked increase, growth which is single-handedly attributed to the parallel rise in online payment systems.
Increased e-commerce Comfort
Online transactions among Nigerian citizens have doubled from 14 million online payments worth $420 million in 2016 to 29 million transactions in 2017, with the youth of Nigeria becoming increasingly comfortable to become the primary demographic driver driving the aforementioned growth.
Banking Access Issue
These greater positive developments were still stunted in the online betting sector in Nigeria due to the lack of access to proper banking services that the Nigerian population still suffers from, a barrier which has challenged online retailers the most.
Sports Betting Solves It
Nonetheless, a shift in the positive direction has been identified by experts in the recent thriving of online betting and businesses, which has been vitally bolstered by both government support and the rise of fintechs in Nigeria.
Seize the Day
Of course this is the ideal time to harness effective and seamless sports betting capabilities for any region, with the World Cup 2018 and Nigeria’s participation. This application also commensurately is serving to ingratiate the population to advanced online payment systems in Nigeria, with the number of online customers in Nigeria increasing as well. This has increased foreign investment in Nigeria’s online betting and payment systems.
The Greatest iGaming Benefit
The World Cup will certainly spike the betting activity, which is maximized and optimized with the increases in available online payment systems. The ideal outcome would be that the increased use of online payment systems would carry over into taxable activity that leads to reinvestment in social programming, which Nigeria like all African nations could use more than on any other continent.