Netflix loses 39,451 Nigerians over naira card restriction

Alade Abayomi ADeleke
Alade Abayomi ADeleke

American subscription video on-demand over-the-top streaming service and production company, Netflix, said it recorded a loss of 39,451 Nigerian users in 40 days.

 

The online streaming service platform said this was due to the suspension of international transaction on Naira Cards by Nigerian commercial banks.

 

Recall that, many Nigerian commercial banks have suspended international transactions on Naira cards, such as: Zenith bank, GTbank, Stanbic IBTC bank, and even e-commerce platforms, Flutterwave, Eversend, and other Fintechs had also stopped virtual card services for international transactions.

 

For example, GTBank made its announcement in December of such policy implementation, which took effect from January 1.

 

This announcement compounds the troubles of many Nigerians who shop online from international stores such as Amazon, and Apple Music, among others, as they will no longer be able to pay with their Naira cards.

 

News Point Nigeria, on Tuesday, reported that Netflix Nigeria subscription data revealed that over 39,000 subscribers didn’t renew their subscription over the last 40 days, dating from December 5, 2022 to January 15, 2023, although the information didn’t give a breakdown of their subscription plans, the figure, however, amounts to an estimated loss of over N250m in revenue.

 

According to the report, Netflix has over 500 Nollywood movies on its site and had produced or co-produced over 25 of such movies.

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