Since the federal government of Nigeria started clamping down on virtual card providers limiting spending of dollars it has increasingly become difficult for web entrepreneurs to make payments online.
This is one of the governments bid to increase dollars inflow and make it available for legitimate importers, but it comes at a cost for small businesses that depends on paying and receiving funds online-mostly the internet based entrepreneurs.
So in this post, you will be learning about the various ways you can protect your income and be able to make payments online-from Nigerian.
Each of the various methods comes with their merits and demerits and you will learn how to bypass several local limitations while making payments and receiving your income as a web based entrepreneur.
Without further delay, let’s get into it:
Get a PayPal account
What is it you intend to pay for? An online course, a web hosting, email marketing subscription r what? You don’t need to worry.
Most online platforms provide other online payments methods such as blockchain powered crypto currency payments and the PayPal payments
Among the other payments PayPal is more popular. It’s easy to create and be funded but unfortunately, PayPal Nigerian account can only send payments but cannot receive funds.
Demerits of PayPal online payment in Nigeria
If you want to make payments online in dollars from Nigeria you may tend to rely on paypal since you can pay in dollars and spend more.
Even at that, we still have some problems
- You may no longer be able to fund your paypal account with naira cards since the government doesn’t want you to spend naira for any other currency.
- With PayPal you won’t be able to receive your dollar funds in dollars, even as you can’t be able to get funds-it’s simply locked.
- Not all platforms receive payments through PayPal relatively.
A best way to pay online in dollars from Nigerian is to obtain a dollar card attached with your domiciliary account; and this is why you need to get a domiciliary account if you want to be paying online from Nigeria.
Get a Domiciliary Account
With a dollar and any other currency domiciliary account, you will apply to obtain any of the following cards;
- Visa prepaid card
- Visa gold
- Multicurrency current card
Feel free to explain to your bank the essence of the account it will enable the customer care explain the various limits. Several bank cards only limit daily spend on each card to about $100 per day.
Also, you can create a domiciliary account with a minimum deposit of just $100
Disadvantages of domiciliary account
Relying on domiciliary accounts to receive funds in other currencies especially in dollars is perceived not to be everlasting.
The federal government of Nigeria (through the instrument) of the CBN has continued to clamp down on digital banking systems that provide payments methods for those who buy, serve or sell online.
Recently, they are planning a ban on purchase of dollars with naira.
These are relative efforts by the government to protect naira and make it available for legitimate business.
There is every possibility that these efforts will consider to further limit how you can source for funds into your domiciliary account.
Currently, one can withdraw funds in dollars but the economic team may decide to consider some limitations.
Desire to pay online in dollars from Nigeria, without any form of limitations?
Also, if you want to totally break all the barriers and start accepting payments of any amount, to any country or platform of the world- then the last method will be the everlasting solution.
Get a US Badge
The reality the third world wall has been broken by the internet. These are the great words of a man like John Obidi.
As a Nigerian entrepreneur who crave global relevance, aside your passport, the next most important thing/tool you need is a means of accepting and making borderless payments.
Be it in dollars, pounds sterling, Euros you name it.
You need to be able to make online payments, and also be able to accept and save your income in stronger currencies.
To achieve this, you need to have your business registered in the United States.
You need to be able to create and own unrestricted accounts with;
You need to bypass all the limitations placed on your ability to get dollars, other currencies eve without leaving the shores of your current country.
Let’s get your account running in just two weeks with less than $400.