HOW TO CREATE A VERIFIED PAYPAL ACCOUNT THAT CAN SEND AND RECEIVE MONEY IN NIGERIA
PayPal Nigeria ▷ New Way to Create and Verify Account (2023
Lot of people want to learn the procedures and basic requirements to create and open PayPal account in Nigeria to verify, fund, send and receive money easily.
Are you one of them?
If YES, then this article is only what you need to read today.
In this time and age, not being able to receive and withdraw money with PayPal account is bad news to most of us internet marketers, affiliate marketers, freelancers, bloggers, and business owners whose interest is not just to spend but to make money online legitimately.
After reading this post to the end, you will create a verified PayPal account in Nigeria.
Going further, we should explain how PayPal came to be, what it is, and what it does.
What is PayPal?
PayPal, established in 1998 as Confinity and owned by eBay, is the world’s number one online money transfer platform and is used by millions of people in over 200 countries worldwide to send and receive money.
PayPal is an online payment solutions company that offers simplified and secure online payment without the need to reveal financial information or card details to the merchant, protecting users against fraud.
PayPal is safe for both buyers and sellers as all information that is communicated between your device and PayPal’s servers is secured and encrypted as long as the network you’re using is secured.
With PayPal, you can send money to anyone with an email address or a mobile phone number.
You can add multiple cards to PayPal, including Visa, MasterCard, Discover, American Express, and use whichever one you prefer when making a purchase.
On PayPal, assuming both the sending and receiving accounts are verified, neither has no open disputes and/or claims and neither has any other issues – there’s no limit on the total amount you can receive.
However, if someone sends funds from their bank account, it can take 2 to 3 days to be processed.
You can receive money on PayPal linking no bank account, but it’s very unlikely you could spend it unless you have verified your PayPal account with a card.
If the wrong email address is used, the funds go unclaimed and will be returned to the sender after 30 days.
If your account is not verified or you are a new seller on PayPal, funds may be held for up to 21 days while your payment is in a pending status.
It’s no news that PayPal does not accept Nigerians for some years now.
This restriction by PayPal was caused when some Nigerians used the payment platform to defraud many foreign buyers on eBay, Amazon, and Craigslist.
As of today, PayPal works and is now available to residents of Nigeria.
You can now open a personal account to send money, pay bills or shop online or a business account to receive funds online in Nigeria.
First Bank is the first and only PayPal partner in Nigeria. It is the only bank in Nigeria that allows PayPal account opening through the bank’s website.
Plans are being concluded to add Verve cards to the accepted cards for integration on PayPal.
What makes PayPal important
There are many reasons you need and should have a working PayPal account in Nigeria.
PayPal is important and beneficial because:
It is accepted in up to 200 countries.
It is used in making purchases online, sending money abroad and in receiving international payments from affiliate networks and freelance sites.
Once you register your card with PayPal, that is all. You will not need to enter it into any website you want to buy from.
If you purchase an item with PayPal and the item is not as expected, you got cheated or scammed by a seller – with PayPal buyer protection, you can get your money back!
PayPal is a trusted brand worldwide.
You can add many debit/credit cards to your PayPal account for ease of payment.
It is free to use! Account creation comes at no cost – you are not charged any service fee for creating a PayPal account. However, you’ll be charged a relatively trifling amount of money for linking a debit or credit card to your PayPal account.
You can integrate PayPal into your website to raise funds towards a course or generate payments for a product or service.
No restriction on payments to foreign destinations.
You get discounts regularly from big brands around the world.
Disadvantages of PayPal
Here are some challenges that come with using PayPal.
PayPal charges you to receive money.
PayPal often freezes a user’s account.
PayPal may hold on to your money.
Zero assurance of account retrieval. As a holder, you have to be extremely cautious as it is practically impossible to recover the account in the event of suspension.
You cannot hold over one account. If you’re opening a PayPal account, you have to be aware of the fact that no one person may hold two or more accounts.
Unavailable to people below 18. If you’re below 18 years of age, it will be difficult for you to create a PayPal account.
PayPal Account Types
There are two types of PayPal accounts, namely Business and Personal.
Your choice of creating any of the above account types depends on what you are using the account for.
If you do not understand this before opening an account, you may easily get into trouble with PayPal.
1. Personal Account
If you are an individual and you want to open a PayPal account for personal use only, i.e., to send money or pay for services online, then the best option for you is going for the Personal Account.
If you also love playing games or shopping on websites online that accepts PayPal, purchase books from Amazon, payment for your internet bills, water bills and other private transactions, then the personal account is suitable for you.
It is easy to sign up for a personal account, as it requires just basic information.
A personal PayPal account has certain restriction from the amount of funds you receive into it, to how much you can spend.
During verification (later when you are already using your account) only two documents may be required of you – a government issued ID (preferably your Nigerian Passport or Driver’s License) and your proof of address (NEPA Bill or Bank Statement).
2. Business Account
This account applies to businesses that want to receive payment from their customers online using PayPal, either by integrating it on a website or using other means.
A PayPal business account allows you to add certain employees, like your accountant, access to the account for accounting.
This privilege is not available for personal accounts.
If you have a registered business in Nigeria, you may try a business account, otherwise a personal account is fine.
Using a business PayPal, you’ll have the privilege to send payment simultaneously and instantly to more persons than you can with a personal account.
Opening a PayPal business account or personal account is free, unless you choose to upgrade your account.
There are no startup costs, termination fees, or monthly maintenance fees for the standard version of these accounts.
The major difference between the two is the transaction fees.
So, once you have decided on the type of PayPal account you should open, the next step is taking action by creating an account that sends and receives money in Nigeria using our guide.
Requirements to Open a PayPal Account in Nigeria
These are PayPal account eligibility requirements in Nigeria:
Your name is required. It has to be your legal name that is on your birth certificate and documents.
Your Mobile Phone or PC.
Your email address that’s not linked with other PayPal account.
A working phone number.
A strong password.
A Debit or credit card not yet linked with any other PayPal account. Only Visa and MasterCard are accepted. Verve is not accepted.
Your address/location will be required.
A valid means of Identification (Passport, National Identification Card, Driver’s License, Permanent Voters Card).
Your business name, information, document and address will be required (for business account).
Only provide truthful and accurate information or else you will lose your account no matter how much you have in it.
How to Create a Verified PayPal Account in Nigeria
Getting verified means more security for you.
When you’re sending and receiving money, “Verified” status is your stamp of approval.
It lets other PayPal members know you’re a confirmed user with a current, active bank account.
Since PayPal limitation is something that knocks out Nigerians from the global economy, the best way to create a PayPal account in Nigeria that sends and receives funds without limitation is to open an account as a Nigerian with a foreign business location.
Since Nigeria PayPal is limited, sign up using other countries that have full access to PayPal.
For this guide, the countries I recommend are:
Lesotho (www.paypal.com/ls)
Kenya (www.paypal.com/ke)
South Africa (www.paypal.co.za)
Mozambique (https://www.paypal.com/mz/home)
UAE (www.paypal.com/ae)
UK (paypal.com/uk)
US (www.paypal.com/us)
Iceland
The registration process is the same for each of the above gateways.
However, I will use the Lesotho PayPal gateway as a guideline for this post.
Steps to Creating PayPal Account in Nigeria
Here are the right steps to create a verified PayPal account that sends and receives money in Nigeria:
1. Visit PayPal Site
First, open paypal.com/ls on your Chrome browser, either on PC or Smartphone.
Once the page finishes loading, go to the site menu at the top right of the page and click “Sign Up” to set up your account.
2. Choose Business Account
To send and receive money, select Business Account and click “Continue” to proceed.
To sign up, you will be asked for your email address.
Make sure you use a valid Gmail or custom email, do not use a Yahoo mail.
Ensure you have access to the email address because PayPal will send important information to you through it
4.Create Password
On the next page, create a strong unique password for your account and remember not to lose the password or share it with anyone.
When you’re done entering your password, click the Continue button to proceed to the next page.
5. Describe Your Business
Here, your business contact, details, address, and phone number are required.
The next screen that opens will require you to enter your personal information.
Now note:
Name: Enter your first name and last name the exact way they appear on your valid ID card.
Business name: You can enter your name here again or if you have a registered business, you can input the name in this section.
Phone number: Click the country flag/country code, then change it to Nigeria. Enter your Nigeria phone number without 0 e.g., +2348123456789.
Postal code: Enter your postal code. If you don’t know it, search your location postal code on Google.
Business Address: You can choose to use your residential address as your business address too.
Currency: Choose the currency you want to receive payment in. It is advisable to select US Dollars.
When done filling the form tick on the Agree and Continue, then submit.
On the next page, describe your business with a relevant keyword by specifying the product or service you offer.
If you have a website, try to add it.
6. Enter Your Personal Information
Another important step for opening a PayPal business account is to identify yourself.
What you do here is to personalize your account.
Enter your Date of Birth, Nationality (Nigeria), Identity Document and Number, Home Address, and then submit.
7. Email Confirmation
On the next page, PayPal will welcome you to their platform and show you a summary of all the features of your account.
This is a sign that you have successfully set up your PayPal business account.
Your email address is what you will use for any transaction you make through PayPal.
Before you can begin sending or receiving money on your account, you’re required to confirm your email address.
You will see your PayPal account balance and some other information.
Scroll around or down and Click See details.
On the next page, you will see all your details, go through it and make sure all the information is correct. Then click Submit.
Go to your email inbox and look for PayPal confirmation email.
Open the mail and click “Confirm Your Email” button.
You will be redirected to your PayPal login page.
Your email address will display by default.
Just enter your valid password and then click “Confirm Email Address” to login to your account.
8. Identity Verification
Ensure to upload and submit the required documents.
Thanks for reading
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