Nigerian hospitality industry must increase payment options to maximise growth
Staff, 2022-12-14 01:07:59,
After many months of low or no growth, the Nigerian hospitality industry is gearing up to take advantage of good future opportunities. However, customers now prefer to browse, research, and transact online and hotels must ensure they can offer their foreign customers as many digital payment methods as possible. Fortunately, there is a safe way to collect payments from international and virtual cards that can also help companies take advantage of the new business that is expected in the coming months.
The World Travel & Tourism Council’s Economic Impact Report (EIR) (https://bit.ly/3YlfroU) shows that Nigeria’s travel and tourism sector’s contribution to GDP is forecasted to grow at an average rate of 5.4% between 2022-2032, a good deal higher than the 3% growth rate of the overall economy. The report goes on to point out that this will boost the sector’s contribution to GDP to nearly ₦12.3 trillion by 2032, which represents 4.9% of the total economy.
Travel and tourism companies hoping to benefit from this growth, especially when it comes to lucrative international business tourism, must take a close look at digital payment options as part of their competitive offering.
“During the past four years operating as a licensed payment solution service provider in Nigeria, we have seen four-, three- and two-star hotels struggle to collect payment from international and virtual cards, especially from foreign customers due to limited payment facilities, and sometimes…
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