How to Pay Foreign Vendors Without the Naira Cards

Navigating Foreign Seller Payments from Nigeria Amidst CBN Restrictions: A Guide to Mini Importation

In recent times, the Central Bank of Nigeria (CBN) has implemented restrictions on the use of Naira cards for foreign transactions.

This article is part of a comprehensive and advanced guide on everything you need to know about mini importation.

This move has posed a challenge for Nigerian entrepreneurs engaged in mini-importation, as it hampers their ability to make payments to foreign sellers.

Recently, a reader on this website reached out to me. He complained of difficulty ordering and making payment on Temu.

The truth is, f you are buying from any of the followoing sites, you already know that this is a huge problem:

• Temu
• Aliexpress
• Alibaba
• Amazon
• Globalsource
• Or any online vendor from outside Nigeria, you will know it is difficult to make payments.

However, other alternatives are still available for making payments to foreign sellers from Nigeria.

In this article, I’ll explore and show you some effective strategies to overcome these restrictions and ensure smooth transactions in mini-importation.

If you are not yet buying from foreign vendors but would like to go into mini-importation, you should check out this Quick Guide on How to Start a Mini-Importation Business Today

6 Ways to Pay Foreign Sellers in Nigeria

Use International Payment Platforms:

Without Naira card functionality, using international payment platforms becomes the next alternative. And there are several of these types of platforms.

Among them are:

• PayPal,
• Payoneer, (If you haven’t used Payoneer before, go see how to set up an account here)
• Stripe

Any of the above is a convenient solution for sending payments to foreign sellers.

Start by linking your Nigerian bank account to these platforms. Then you can ease secure transactions in foreign currencies.

Take the time to familiarize yourself with the fees and currency conversion rates associated with each platform to make informed decisions.

Use QuickTeller to Pay Foreign Vendors:

QuickTeller offers a wide range of services to users and companies. It allows businesses to accept online payments on their websites, via text messages, and more. Users can create an eWallet tied to their QuickTeller profile, enabling transactions with various types of bank cards, including Visa, MasterCard, Verve, and Naira cards

Pay Foreign Vendors Through Your Bank

Sometimes it pays to do things the conventional way. Therefore, you can also make international payments through your bank.

Walk I, not any of the Nigerian banks of choice, especially the ones you have an account with. Ask for the form M. Your bank will provide you with this form. Fill it out and submit it, your bank will take it from there

VoguePay

Established in Nigeria in 2012, VoguePay serves both as a payment processor and an e-wallet platform. Similar to PayPal, VoguePay allows users to transfer funds between accounts.

Businesses can integrate VoguePay into their websites, enabling consumers to pay for goods and services online.

Supporting over 200, 000 businesses, Voguepay has your back when you want to make international payments to your vendors for mini importation.

Visit the VoguePay website and fill out the registration form to start using their services.

Payarena

Payarena facilitates bill payments, fund transfers, ATM usage, and purchasing airtime for local telecommunication networks (such as MTN, Airtel, and Glo). 

Naira Plus Will Help You Pay Foreign Vendors Without the Naira Cards:

According to the Nairaplus website, you can pay and receive money, anytime, anywhere. What an ease they provide.

Simply head over to their website at Naira.com, and use the signup button to get started without delay. If you are serious about your business, you can even get the Naira.com card. It takes the stress out of making payments.

Explore Cryptocurrency Payments:

Cryptocurrencies present another viable option for making payments to foreign sellers.

Bitcoin, Ethereum, and other cryptocurrencies can be used to conduct cross-border transactions quickly and securely.

Various cryptocurrency exchanges in Nigeria allow users to buy digital assets using the Naira, providing a seamless gateway to the global market.

Additionally, some foreign sellers may accept cryptocurrency as a form of payment, eliminating the need for traditional banking channels.

When I paid for one of my domain names, I used this method to renew the domain name.

To be sure, first, check that the vendor you are importing from accepts cryptocurrency. Once you are sure, go ahead and look for any one of the exchangers locally. Follow their on-page registration and verification process and you are good to go.

Engage in Escrow Services:

Depending on how big the amount you are paying, Escrow may be for you. Escrow services offer an added layer of security and trust in international transactions.

Platforms like Escrow.com ease transactions by holding funds in escrow until both parties fulfill their obligations.

This mitigates the risk of fraud or non-delivery, providing peace of mind to both buyers and sellers. While escrow services may involve more fees, they ensure a level playing field for all parties involved.

Negotiate Alternative Payment Methods:

Nothing is impossible. Even if the merchant you are doing business with does not list any of the above forms of payment on their website, you can ask.

In some cases, foreign sellers may be willing to accommodate alternative payment methods to accommodate buyers from Nigeria.

Wire transfers, money orders, or even direct bank transfers are options worth exploring. But, it’s crucial to exercise caution and verify the legitimacy of the seller before proceeding with such transactions. Clear communication and transparency are key to establishing trust and facilitating smooth payment processes.

Seek Guidance from Industry Experts:

Every business is different. While importation is a straightforward business, your situation may be different.

Regardless, hang out with other folks on social media, engage with others who do what you do, and find out how they solve their problems.

This is important because things change. what works today may not work tomorrow. So, understand that seeking guidance from industry experts can provide valuable insights and strategies.

Online forums, communities, and social media groups dedicated to mini-importation often serve as platforms for sharing experiences and best practices.

Engaging with experienced practitioners and seeking advice from professionals in the field can help you overcome the challenges of making foreign payments and stay informed about emerging payment solutions.