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Posted by on March 20, 2010 at 06:56:52:

Paypal is certainly popular the world over but rarely used in Nigeria due to the restrictions by Paypal on Nigerian residents wishing to open an account from here. If you are thinking online business and looking for a means of payment, then perhaps Paypal may sound like a good option but when the realities dawn on you, you find out that using paypal from Nigeria is really not worth it. Liberty reserve is increasingly becoming the most preferred means of online payment for upcoming internet entrepreneurs. More and more Nigerian websites and business are quickly adopting Liberty reserve as a means of receiving online payment rather than sticking to Paypal. Paypal explictly does not allow people with a Nigerian address to be registered and it makes no sense trying to register from the back door unless you have a US or other acceptable address that is legal.

Liberty Reserve is used a lot in Nigeria by the following groups of people

  • Forex traders :
    • If you are a forex trader, then chances are that you may need liberty reserve. Most forex brokers like Marketiva, Oanda or Alpari accept Liberty reserve as a means of accepting and paying funds to and from their clients. Forex traders in Nigeria use it a lot due to its flexibility, relative cheaper costs and speed with which their forex accoutns are credited. Once a liberty reserve payment is sent, it takes only a few minutes for one's forex account to be credited with the funds and then he can continue with his business without losing valuable time. This category of users are the highest users of liberty reserve in Nigeria.
  • Website owners:
    • Certain websites owners due to the unavailability of acceptable credit cards use liberty reserve as a means of paying for domain names and web hosting since their providers equally accept this means of payment easily.
  • Online Retailers ::
    • New and upcoming Nigerian online service providers like bulk sms providers, web hosts and others are increasingly adopting Liberty reserve as a means of payment for their clients. The liberty reserve account allows clients to easily set up payment buttons that easily allows buyers of such service to make payment to their accounts and are quickly redirected to a success page after payment for delivery of such service.

    Liberty reserve has a lot of advantages over Paypal in Nigeria such as:

  • Non Discrimination:
    • It does not restrict people from Nigeria and does not require too much sensitive information from clients
  • Affordability:
    • There are no set up feed associated with getting a Liberty reserve account in Nigeria and the cost of sending or receiving payments from one account to another is much cheaper than Paypal
  • Referral system:
    • Liberty reserve allows a referral system whereby you make money by referring friends to sign up for an account.
  • Security:
    • Liberty reserve is much more secure and has a way of checkmating fraud and hacking into a person's account and is more efficient in this area than Paypal. Although Liberty reserve is much better in a lof of other areas, it equally has some disadvatages over paypal if the latter was being used in Nigeria:
  • No Wide reach:
    • Paypal certainly has a lot more users on its network than liberty reserve. It's global appeal makes paypal a better option for doing online business.
  • No IPN:
    • Unlike Paypal, Liberty Reserve does not use IPN(Instant Payment Notification) in the sense that it does not give immediate feedback to users once a payment has sailed through successfully on its platform. Paypal does this and this is what's used mainly for immediate delivery of digital goods such as mp3s, ebooks and others. A person using liberty reserve for selling digital goods will have to wait for an email confirmation from LR before he manually allows buyers to download their bought items unlike with Paypal where it would be immediately downloaded after payment.
  • Public trust:
    • A Lot of people still don't know about Liberty reserve unlike paypal which is common. Paypal equally has a much stronger capital base and is likely to continue further in the long term unlike Liberty reserve which is seen as a much smaller company. So if you are thinking of a better means of online payment in Nigeria, I wouldn't advise using Paypal, better choose Liberty Reserve.



    Comments:
    Re: Paypal vs Liberty reserve in Nigeria Posted by charles akuleyi on July 27, 2010 at 15:52:09:

    Pls sir, i need a paypal account to enable me buy things online. Pls sir, can u help me. Thanks

    Re: Paypal vs Liberty reserve in Nigeria Posted by Felix Okoli on July 27, 2010 at 15:52:09:

    I hear Paypal is now in South Africa. If you can get a south African address and bank account, you could easily open a paypal account. Paypal does not accept Nigerian customers for now and the only way you could get an account is if you used a foreign address which can either be US, UK or South Africa.

    Re: Paypal vs Liberty reserve in Nigeria Posted by dare on September 16, 2010 at 11:40:24:

    pls, can u loan me liberty reserve worth $1000 in a month with interest?

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