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Online betting firms gamble on soccer-mad Nigeria

LAGOS: Online sports betting is booming in soccer-mad Nigeria largely thanks to payment systems developed by homegrown technology firms that are starting to make online businesses more viable. For years, mobile payments failed to take off in Nigeria as they have in countries such as Kenya, where Safaricom’s M-Pesa money transfers have fostered a culture of cashless payments. Fear of electronic fraud and slow internet speeds have held Nigerian online consumers back but betting firms says the new, fast digital payment…