As a result, the two companies have announced a partnership that enables First Bank customers to register for a PayPal account from their Internet-banking account.
'By linking First Bank-issued debit, prepaid or credit cards to their new PayPal account, First Bank customers can then shop and pay on millions of websites around the world from their personal computers, tablets or smart phones, without having to share their financial information with the seller,' a statement by First Bank said.
The lender said through the partnership, customers' PayPal account would receive automatic verification and increased transaction limits, making it easier to start making online or mobile payments.
The statement quoted First Bank spokesperson, Folake Ani-Mumuney, as saying, 'The acceptance of First Bank cards for making PayPal payments is a significant boost to our continuous initiative to drive innovation in banking services and our promise to always put customers at the heart of our business. This partnership will provide convenience for our customers planning their summer shopping.
'First Bank cards are accepted in over 200 countries and on millions of Point of Sale terminals and Automated Teller Machines around the world. This partnership with PayPal provides further unique benefits to First Bank customers.'
She added, 'We are delighted to be able to bring PayPal to all our customers in Nigeria in a partnership that is consistent with our drive to support the push towards a cashless society in Nigeria and lead innovation in development of secure online payment systems.
'For all First Bank customers, opening a PayPal account using our FirstOnline platform will only take a few minutes, as the customer has already been verified by First Bank.'
PayPal's Regional Director for Africa and Israel, Efi Dahan, was quoted as saying, 'Millions of Nigerians already shop on websites in the United States, United Kingdom or China, but many find their cards are rejected or have concerns about entering their credit card details on the website of a seller based overseas.
'PayPal is used by hundreds of millions of people around the world to make international payments because PayPal payments are trusted by international retailers and we don't share your financial details with anyone'.
He added, 'This exclusive partnership with First Bank is a major milestone in PayPal's Africa growth story and we hope to make more announcements together in the future as our partnership develops.'
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