Beyond cryptocurrencies and stablecoins, gift cards are emerging as a popular payment method in Nigeria and Africa. This trend is gaining momentum, making gift cards an essential component of the region’s digital payment evolution. Many platforms now offer the option to exchange gift cards for local currencies, including Naira.
In Nigeria, this development is mirrored by the rise of apps dedicated to gift card trading. Before diving into the top platforms, let’s explore what gift cards are and their role in facilitating transactions.
What Are Gift Cards?
According to Investopedia, a gift card (or stored value card) is a payment method that can be used to make purchases at specific retailers, gas stations, restaurants, or other designated locations. Funds are preloaded onto the card, which the recipient can then spend at supported outlets.
Gift cards can be either physical or digital. In Nigeria, international gift cards are particularly popular, as they are often issued by major global brands and can be used both locally and abroad. Some of the most common gift cards in Nigeria include:
- Apple/iTunes
- Google Play
- Amazon
- Sephora
- American Express
- Other notable mentions are Steam, Razer Gold, eBay, Walmart, and Nike gift cards.
Gift cards in Nigeria are often treated as a store of value, similar to crypto stablecoins. There are two primary types of gift card trading platforms: peer-to-peer (P2P) and exchange platforms.
Best 5 Apps for Converting Gift Cards to Naira
GiftCardstoNaira
GiftCardstoNaira is one of the leading platforms for converting gift cards to Naira or Cedis instantly. Established in 2017, the app has built a strong reputation with over 300,000 users and a 4.5-star rating on the Google Play Store. Supported gift cards include:
- Steam
- Google Play
- Apple/iTunes
- Sephora
- Amazon
Prestmit
Prestmit provides an intuitive platform for trading gift cards and converting them to Naira or Cedis. In addition to its gift card services, Prestmit supports cryptocurrency trading, offering users a comprehensive financial solution. The platform’s website is also an excellent resource for gift card trading tips in Nigeria.
Cardtonic
Cardtonic is another highly-rated app for trading gift cards in Nigeria. It specializes in exchanging unwanted gift cards—such as Amazon, Google Play, and iTunes—for Naira within minutes. The app has over 13,916 reviews and is rated 4.1 on the Google Play Store.
Local Traders
Local Traders operates as a peer-to-peer (P2P) gift card trading platform. It connects buyers and sellers directly, charging zero fees. Although primarily a P2P crypto platform with over 750 payment options (including Nigerian banks), it includes a dedicated gift card trading feature.
Apexpay
Apexpay offers a seamless solution for converting gift cards to Naira or Cedis through swift bank transfers. Operating efficiently in Nigeria and Ghana, the app aims to expand its services further.
Key Takeaways
In Nigeria, gift cards are not just a payment option but also a store of value akin to stablecoins. Due to the Naira-to-Dollar disparity, they are increasingly treated as a form of currency.
Popular gift cards in the Nigerian market include Amazon, Apple, and iTunes, reflecting the growing importance of this alternative payment method. For quick and reliable gift card-to-Naira conversion, consider the apps mentioned above, each offering unique features tailored to users in Nigeria and beyond.
