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Industry Must Help Build Trust in E-commerce if Nigeria Is to Enjoy Meaningful Growth

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3 years ago

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e-commerce

According to a 2021 fraud report from the NIBSS, the incidents of overall fraud attempts in Nigeria between 2019 to 2020 increased by 187%

LAGOS, Nigeria, May 15, 2023/APO Group/ — 

Fear of fraud is hindering the uptake of e-commerce in Nigeria, slowing the growth of business and entrepreneurship in the country. Some industry players believe a concerted effort to build trust in the sector is required if the country’s true digital potential is to be realized.

With Nigeria having the largest population in Africa and one of the youngest populations globally, the immediacy and convenience of online retail makes it appealing to this enormous potential market. And, while seven percent (https://apo-opa.info/3BwNNed) of all purchases made in Nigeria in 2021 were made online, local experts believe this could be significantly higher.

“Unfortunately, fraud is a large, complex, and often organized problem in Nigeria, costing the local economy hundreds of millions of US dollars each year. This is hurting the growth of a promising e-commerce sector because players across the ecosystem are nervous about losing money – merchants because of the chargebacks they face, and shoppers are worried about sharing their card details in case they have their accounts compromised,” explains Henry Olawale Owolabi, Country Manager for DPO Pay, the largest pan-African payment service provider.

According to a 2021 fraud report from the NIBSS, the incidents of overall fraud attempts in Nigeria between 2019 to 2020 increased by 187%, with web accounting for 47%, mobile 36%, ATM terminals 9%, and POS terminals 7%.  

It’s not just the volume of attacks that have increased, but also the type; in March 2023 the Nigeria Deposit Insurance Corporation (NDIC) warned that fraudsters are getting more creative, requiring extra vigilance from the Nigerian public.

“Nigerians are facing multi-dimensional fraud such as social engineering including phishing, smishing and vishing; authorized push payment fraud, or impersonation; identity theft; account takeover and mobile sim swap fraud; chargeback fraud; and even internal collusion.

Merchants, on the other hand, are struggling with identity theft, chargeback fraud and man-in-the middle attacks,” shares Adelola Agbebiyi, Managing Director, Network International – Nigeria.

The work already done by the industry players such as banks, merchants and payment service providers is helping educate customers on risks and how to avoid them

The result of the rise in fraud is a population that has become wary of shopping online and Owolabi says his company has found that around 60 percent of users would rather opt for pay-on-delivery options than share their card details when using online payment options.

“This loss of confidence in the payment systems impacts e-commerce growth. Users are missing out on a low-friction customer experience because of the far-reaching security and control options deployed in order to safeguard customers. Online sales can still take place but they are happening in a less than optimal environment. E-commerce is seen as high risk by shoppers, impacting sales, and new merchants are wary of entering the market, cutting off earning potential for young entrepreneurs,” says Owolabi.

Trust is the cornerstone of future growth

Owolabi says a big part of the solution lies in building trust throughout the entire e-commerce ecosystem.

“The work already done by the industry players such as banks, merchants and payment service providers is helping educate customers on risks and how to avoid them. This should continue and could even increase. But it is also up to merchants to choose payment partners that have the long-term industry reputation, backed by the technical credentials, that they can trust to keep them and their customers safe. The travel and tourism industry is one sector that has largely succeeded in this regard,” he says.

In return, Agbebiyi says payment service providers (PSPs) and their technology partners must ensure that they do everything they can to keep merchants and shoppers safe. This includes employing real-time risk monitors, specialist risk teams, smart pattern identification, real-time payment confirmation and around the clock fraud monitoring.

For instance, DPO Pay, powered by Network International, will also be looking at technologies such as machine learning and AI, as well as the learnings from preventing fraud at more than 9,000 banks across the globe, to help keep Nigerian merchants safe.

“Part of ensuring trust lies in being able to keep your own company free from breaches. Because we don’t have to rely on any third parties, we know that any attempted hack in the middle of the night can be dealt with immediately by a team that understands our platform better than anyone else. Building a trusted e-commerce environment could have a real and lasting impact on Nigeria, and that starts with making good decisions. From customers empowering themselves with the latest fraud information, to merchants choosing to work with PSPs that deploy the most advanced technology and support. We must all play our part,” Owolabi concludes.  

Distributed by APO Group on behalf of DPO Group

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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2 days ago

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February 6, 2026

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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2 days ago

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February 6, 2026

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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