In a population of approximately 189 million people, Nigeria has an exceedingly large economic powerhouse that many a company would want to be part of. Betting is one of the biggest money seeking activities in the country as it has become more of a habit for a Nigerian to log into their online betting account or walk up to one of the betting centers.
Nigeria is rumored to be spending a whooping 1.8 billion Naira daily on betting across the various companies available. “ BIG BUSINESS” – one can conclude surely, judging by the fact that the National Bureau of Statistics says unemployment grew from 8.2% in the third quota of 2015 to 12.5 % in the first quota of 2016, people have taken up betting as a money making form.
With the ever increasing population in Nigeria, the passion for sports and betting becoming an established source of income for many in the economy – this booming market serves as an attraction to betting companies that haven’t yet featured.
HOW THE BETTING COMPANIES PAY OUT AND RECEIVE PAYMENTS
Contrary to the norm of mobile money that runs across Africa, Nigeria is one exception to the rule because despite the yards covered by Mobile Money, Nigeria has stuck to the card systems (MasterCard, VisaCard, Verve) and a developed online banking system.
Much as this favors betting companies that normally have an online presence, one should also note that Nigerians have a number of card payment options and not just one smooth running financial system which causes betting companies to have to incur extra costs and spend time incorporating with the various payment modes that serve the large Nigeria population.
Ever since DUSUPAY was declared live and operational in Nigeria, the betting scope has found it far easier for both parties ( betting companies and customers ) to transact.
Betting companies operating in Nigeria are now more comfortable because DUSUPAY handles all their transactions from the various pay modes and enables then to receive the money using a payment system they are comfortable with.
In addition, the betting companies can have an Application Programming Interface (API) incorporated on their websites that allows them to receive money from clients irrespective of the mode of pay courtesy of DUSUPAY thus speeding up transactions and making them more convenient in Nigeria.