How to Sell Gift Cards in Nigeria

How to Sell Gift Cards in Nigeria

The business of trading gift cards has been around for a while and is thriving in Nigeria. This is due to how Nigerians use brands that work with gift cards for different reasons, such as shopping, gaming, gifting, etc. 

Due to their ease of use and wide acceptance, these cards are now in high demand and require a constant supply.

If you have excess gift cards or seek to earn passive income by trading gift cards, this article is for you. We will discuss ways how to sell gift cards in Nigeria. 

This post will show you why people sell them, the best platforms to sell them in Nigeria, the step-by-step processes involved, and tips to know before or when trading them.

Now, let us have a better understanding of what gift cards are

What Are Gift Cards?

In every store or for every service rendered, you pay for them with either cash or your bank cards. The new trend is to use cards with the same value as your cash or card and pay. These types of cards are called gift cards. These gift cards are an alternative to cash or card payment.

Gift cards are produced either by brands for specific use or by financial institutions for general use. This leads us to the types of gift cards we have.

Types of Gift Cards

There are two major types of gift cards: Open-looped and closed-looped.

  1. Open-loop gift cards: These types of gift cards are made by big companies and can be used to pay for every type of service and item in any place that accepts them. In other words, they are general-purpose cards. Examples of these types of cards are Visa, MasterCard, Discover, American Express, etc. 
  2. Closed-loop gift cards: Closed-loop gift cards are store-specific, meaning they can be used only in stores that produce them. Big brands like Amazon, Apple, Steam, Sephora, eBay, iTunes, Google Play, and many more make them. 

Irrespective of the type of gift cards, you get them either in physical form or digital form. 

A physical gift card is a paper or plastic card with a 16-digit code and a pin, like a scratch card. You can get and redeem them from stores, shopping malls, or vendors. 

The digital gift card is the same as the physical one but in softcopy format. This card saves time, minimizes loss or damage, and is easier to purchase online. It comes through your email or SMS as a 16-digit code. 

How to Sell Gift Cards in Nigeria

To sell your gift cards in Nigeria there are three mains ways to do it which are;

  1. Third-party platforms: There are numerous apps and websites where you can sell your gift card at affordable rates in Nigeria. You can sell directly or on the peer-to-peer market. These platforms include Nosh, Prestmit, Paxful, Cardtonic, and many more.

Steps to sell gift cards

  • Download an app of your choice
  • Sign up and verify your account.
  • Choose the type of gift card to sell, including specific requirements for value and condition.
  • List the gift card for sale, specifying the amount, payment method, and preferred exchange rate.
  • Get a Buyer or accept a trade request from potential buyers
  • Use the secure escrow system to deposit and accept funds.
  • You will receive the money once the buyer confirms receipt.
  1. Local vendors and supermarkets: Local vendors and supermarkets sell physical gift cards in tech hubs and local markets. These vendors trade in person or through referrals, while big malls and supermarkets buy wholesale gift cards to sell. Patronizing these stores gives you genuine gift cards, but you cannot resell them.
  2. Online marketplace: The online marketplace is available on platforms like Facebook, Jiji, and OLX, allowing potential buyers to negotiate gift card prices with you. However, it also increases the possibility of scams. To reduce this risk, you should get cash before swapping your gift card and trade with caution.

Why People Sell Gift Cards in Nigeria?

  1. Profit: Selling gift cards is a profitable source of income in Nigeria as the market thrives well.
  2. Access to forex: Selling gift cards gives you easy access to foreign currency like dollars, pounds, and euros, which is difficult to achieve in Nigeria.
  3. Limited use: Gift cards are not widely used in Nigeria, so those who have them and cannot redeem them sell them to foreigners or those who can use them.
  4. Stem inflation: Sometimes, people convert their money to gift cards to overcome inflation and then sell it back when the value of their card goes higher. 
  5. Expenses: People sell gift cards to use the money to purchase other things.

Top Platforms to Sell Gift Cards in Nigeria

  1. Ridima

Ridima is a reliable app for trading gift cards. It is known for being secure and for exceptional customer service. You can use it to buy and sell gift cards in naira, dollars, other currencies, and even crypto. The rates for trading, too, are very low, making it your first choice. Install this app on your Android or Apple device to start trading.

  1. Cardtonic

The Cardtonic app is another popular app for trading gift cards in Nigeria. This platform has every needed feature to give you a seamless transaction while trading in the shortest possible time. The app is user-friendly and comes with affordable rates. It is available on the Google Play Store and the App Store.

  1. Paxful

Paxful is known to trade cryptocurrencies, gift cards, and other digital assets. Unlike the earlier-mentioned apps, Paxful uses P2P for its trading, making it the app with the lowest trading fees. But you should be on alert while using it because of scammers. 

  1. Giftcardstonaira

Giftcardstonaira is the most popular and widely recommended app for trading gift cards. It is easy to navigate and has a self-help guide. It is secure and trustworthy, uses cryptocurrency, and supports a variety of gift cards, such as iTunes, Amazon, Google Play, and Steam. Giftcardstonaira is available for download from Google Play and the Apple App Store.

Tips to Know When Selling Gift Cards

To get the best out of selling gift cards, know these tips. 

  1. Choose a trustworthy trading platform with a strong reputation and security.
  2. Research current market exchange rates for a fair price for your gift cards.
  3. Get familiar with the platform’s fee structure to avoid unexpected deductions from your earnings.
  4. Secure your gift card codes. Never share them publicly or with untrusted individuals.
  5. Make sure you use a legitimate buyer by checking user reviews and ratings.
  6. Be cautious of offers that seem too good to be true, as they may be attempts to scam you.
  7. Use escrow services to protect your funds during the transaction.
  8. Record all your transactions, including dates, amounts, and buyer information.
  9. Do not rush a deal. Take the time to find the best offer and a reliable buyer.
  10. Stay informed about exchange rates and policies to make better decisions.

Conclusion

In summary, you can make a living selling gift cards if you do it correctly. Follow this article to understand what is involved and reduce the risks associated with this business. 

Market rates, security, and caution should be at the top of your agenda when trading. With a proper plan, the gift world market is yours.

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