The Facebook company (Meta) is undoubtedly a juggernaut in the social media advertising space with over 2 billion monthly users for each of its platforms (Facebook, Instagram, WhatsApp). It’s no surprise it has become the advertising platform of choice for small, medium, and large enterprises altogether. One common issue that advertisers on these platforms experience is the inability to make payment.
Now this is less of an issue for advertisers in certain regions, especially Europe, unlike for advertisers in Nigeria. One might ask what is the cause of the failed payment for Facebook ads? Well, this payment issue with Ads payment in Nigeria is due to policies set by the Central Bank of Nigeria regarding International Transactions. These policies make it difficult, sometimes impossible for Nigerian advertisers to make payment for Facebook ads and this can significantly affect businesses adversely, especially when this issue happens during peak sales periods of businesses, when they are looking to invest more in advertising.
This begs the question, How do I rectify my Facebook ads payment issue? The best way to rectify this issue is to ensure your ad account is a Prepaid account. The Prepaid ad account is activated when advertisers use the ‘PayU’ as a payment method and this is the most reliable way to make payment as an advertiser in Nigeria. For people who have their ad account as postpaid, the solution is to get a dollar card which can be a physical or virtual card that can make international transactions. Now this involves a lot of back and forth depending on the bank or financial institution in question. This is why the first method is much easier and hassle-free.
Well, it is not all gloomy, as there has been a new update in Facebook’s Ads Payment options. There is a gradual rollout of the bank transfer option which would significantly make payment less of an issue for advertisers. Yaay!!!
This option is more viable for small and medium businesses with not too much spent on advertising. For large enterprises that spend up to 7 figures perhaps weekly, it could be challenging to make transfers especially when there is the possibility of delay or service-related issues. However, this is a good sign, and hopefully, an even more flexible payment option could be added to the platform.
