Online scams is stifling the living daylight out of the Nigerian dotCom economic sector. Companies are too scared to do business because of fear of fraud which is strife in Nigeria. Rolling Stone Magazine will not allow Nigerian addresses to access its site, and Apple will not allow Nigerian issued credit cards to buy its products online for fear of being scammed. PayPal, the world's biggest online payment processor, refuses to operate in Nigeria while Liberty Reserve which operates in Nigeria, was recently taken offline and had it's boss arrested for alleged money laundering.
Nigeria, which is forecast to become the world's fourth most populous nation by 2050, has a growing middle class and a thriving consumer sector but online growth has been stifled by deeply rooted fears of online scams.
The decisions by big companies not to operate in Nigeria, has opened up an avenue for local entrepreneurs to come up with their own business ideals to close the gap in the market. Companies like Konga.com which aims to be Nigerians Answer to Amazon and mypaga.com which aims to be similar to paypal has been recording steady growth in the market.
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