Cashless Economy: “PayU” Simplified Payment System Debuts in Nigeria

Rotimi Morgan/

Merchants and consumers praying for simple and secure online payment solutions in Nigeria have now had their prayers answered, with the launch of a global online payment service provider known as PayU.
Boasting of innovations that will continue to make the market more competitive, the PayU Payments Nigeria Limited with the trade name “PayU”, according to its Country Manager, Juliet Nwanguma, is a recently established payment business in Nigeria.
Speaking with journalists in Abuja during the 2016 annual retreat of the Committee of e-Banking Heads (CeBIH), Nwanguma said PayU “is a leading online payment service provider in 16 global markets”.
Nwanguma, an accomplished graduate of the London School of Economics and Political Science, said: “PayU offers simple and secure payments solutions whether online, mobile or offline. We give merchants and businesses the right tools to safely accept payments and can tailor their unique payment needs according to their business requirements. Our expertise in payment processing enables us to work with businesses of any size and in any industry to develop a clear payment strategy allowing them to focus on their core business.
“Our objective is to provide simple and secure online payment solutions to merchants and consumers. This objective is in response to the growing market and regulatory needs to take cash payments online and digitise the economy, whilst at the same time ensuring financial inclusion for all.”

She disclosed that PayU is fully approved by the Central Bank of Nigeria (CBN) in line with its initiative to promote cashless economy.
According to her, the Company, which simplifies online payment transactions, forms part of the leading and trusted PayU Group of Companies (PayU Group) owned by Naspers. Globally, the PayU Group of Companies provides payment processing and related services to merchants and consumers, and its strength lies in its local approach to payments: valuing local language and culture. By establishing a local presence in Nigeria, this further underscores the Group’s values.
Nwanguma assured that PayU would offer simple and secure online payment services to merchants enabling them to accept payments of goods and services using debit and credit cards from their customers and other alternative payment methods as well.
She said: “We started operations last year, so we are a young and growing business. Our aim is to look at the needs of merchants in the country and develop innovative payment solution that will solve their problems and grow their revenue in the online space. And for consumers, offer them a simple and secure means of payments to merchants and businesses.
“For us, our value proposition is based on our technology which enables us to provide superior products offerings and develop innovative payment solutions. We offer various services and solutions to enable different sizes of merchants and businesses to receive online payments with or without a website and also provide automated collections of regular payments from their customers. We understand payment processing from end to end and work with merchants to offer payment solutions based on their needs and requirements. Our payment solutions are innovative, secure and reliable. Another unique value proposition is our culture.
“The dynamic and lean nature of our company enables us to provide excellent customer service and support. We are easily accessible and customers can talk to us and get in touch with our executives easily. This gives an edge over competition.”
On the features of PayU payment gateway which is in line with global payment offerings, Nwanguma said: “Secure processing of local and international debit, prepaid and credit cards for online and mobile payments with 3D secure and 2-factor authentication, seamless integration options based on the size and need of the merchant or business, pre-integrated plug-ins to popular shopping carts to enable ecommerce merchants to start selling immediately, tokenisation and recurring features for regular payments to improve collections, additional fraud management services to further secure merchants’ transactions, and easy and flexible reporting interface to view and monitor transactions as they happen real-time.”