The Internet opens up a window for anybody anywhere in the world to take his/her products and/or services to the global market, thereby creating increasing money-making opportunities for people in third world countries like most African countries.
But what is the point in taking one’s products and services to the global market when there is no way to make and receive payments online? PayPal, MasterCard, Clickbank, Visa, Amazon, eBay, and Moneybookers provide only limited service to Africa and other 3rd world countries. Save for South Africa, Ghana, Kenya, and a handful who enjoy only limited service from these merchants, online payment solution is something most Africans can only wish for, especially Nigerians.
Fine, online and mobile payment processing solution merchants might have good reasons for their actions, but like in every other business venture, only those who take calculated risks are rewarded.
Benefits of Taking Calculated Risk
Innumerable instances abound where companies who took a little bit of calculated risk to break into the African market soon found out that there is huge market potential in there. One that readily comes to mind is that of the telecommunications giant, MTN, venturing into Nigeria.
MTN ventured into Nigeria and met a virgin GSM market. And despite the high cost of production and other factors associated with doing business in third world countries that could adversely affect profitability, MTN declared Nigeria as one of their biggest markets and has never ceased operation in the country since 2001 to date. Talk about the rewards of risk-taking! Also, one of Nokia’s biggest markets in Africa, probably due to the interdependence of MTN’s services and Nokia’s product.
Market Potentials In Africa For Payment Solution Giants
The African Internet community is secretly hoping that Paypal and others will soon change their stance and provide them full services someday. With these huge market opportunities in Africa, any payment solution service provider who takes the risk of servicing Africa will have something to smile about. This article can be likened to a plea on one hand and investment wisdom nugget on the second hand, depending on what angle one is looking at it from.
Business Gains and Pitfalls Of Embracing Africa
The truth is: online payment merchants are justified if they say that fraudsters abound in Africa as much as in other third-world countries around the world. But this should not be held on as a reason to bar well-meaning African Netpreneurs, who far outnumber the fraudsters in their midst, from using their services. Rather, they should consider tightening their security measures against fraud and educating clients on how to detect and avoid fraudulent transactions. If these measures opportunities are taken, the online payment merchants will have more to benefit than lose doing business in Africa and other third world countries.…
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