Why Many Nigerians Lose Money Selling Gift Cards

I was extremely shocked during a conversation with a friend, who said they recently lost money selling gift cards. Unfortunately, their story isn’t unique. Every week, many Nigerians lose money selling gift cards.

I conducted a poll on the X app (formerly Twitter) and realized that the most common ways Nigerians lose money when selling gift cards are trading on the wrong platform, misunderstanding rates, or simply not knowing how the process works.

The truth is, selling gift cards for cash should be simple. You have a card, you trade it, and you get your money. But in reality, it’s not always that straightforward. There are plenty of mistakes and hidden traps that cause people to walk away with less money or no money at all.

If you have ever wondered why you didn’t get the full value of your card or why your card was rejected when you tried to sell it, this post will help you figure it out. Let’s look at the main reasons Nigerians lose money when selling gift cards and how to avoid falling into the same traps.

Common Reasons Nigerians Lose Money Selling Gift Cards

Fig. 1 – How to Check If Your Gift Card Is Still Valid Before You Trade It.

Here are the common reasons Nigerians lose money selling gift cards;

Trading on Unverified or Fake Platforms

There are several unverified platforms, and many have not satisfied the basic legal requirements in Nigeria. These fake sites and social media traders often attract people with high rates or quick-payment promises. Once you send your card, they vanish or claim the code has already been used.

The simple advice is to open your eyes. Always trade with verified platforms like Ridima, which has a registered business identity, a working customer support line, and secure payment systems.

Not Understanding Gift Card Details

Not all gift cards are the same, even if they belong to the same company. Let me explain.

A $100 Portugal Apple gift card is completely different from a $100 Germany Apple gift card. Many Nigerians lose money because they upload the wrong region, currency, or card type.

Even for cards that have the same company and country, a physical gift card is different from its e-code version. As such, each category has its own rate and format. Before you trade, always confirm your card’s type, region, and currency.

If you use the Ridima app, you will see the specific formats accepted for each card type.

Accepting Unrealistic Exchange Rates

When you see a trader offering “unbelievable” rates, it’s usually a red flag. Scammers know people, including Nigerians, love good deals, so they bait them with inflated rates, collect their card details, and disappear.
Legit platforms offer rates based on real market demand. For example, Ridima updates its rates in real-time and shows you the exact payout before you trade. You can easily check the list of gift card rates.

Selling Expired or Used Gift Cards

Some Nigerians hold onto their gift cards for too long, hoping their value will increase so they can sell them for a higher price.

Some may buy from unreliable sources. By the time they decide to sell, the card might have expired, been tampered with, or already used by someone else.

Always check your card’s balance and expiry before trading.

Delayed or Unsecured Payments

Nothing hurts more than selling your card and waiting endlessly for a payment that never arrives. Some traders claim “network issues” or “pending verification,” while others simply disappear.
You can avoid this when you trade with Ridima. Every transaction passes through a secure payment system that guarantees instant payout once your trade is confirmed.

Fig. 2 – How To Earn Income Online With Gift Cards In 2025.

How to Trade Gift Cards on Ridima

Here is how to trade gift cards on Ridima to avoid losing money;

Create an account via our website or mobile app.
Download the Ridima Mobile App from the Google Play Store or the App Store.
Register and set up your account profile.
Optionally, verify your BVN for added security.
Add your bank account details for easy fund withdrawal.
Click “TRADE GIFT CARDS” and select “SELL GIFT CARDS.”
Click on “Amazon.”
Use the dropdown for “SELECT CURRENCY” (USD, EUR, GBP, AUD, etc.)
Specify the currency and card type (E.g., Physical card, E-Code, Receipt, etc.).
Enter card details: sub-category, value, and amount.
Review the cash payout in Naira and proceed.
Verify the gift card by entering the e-code or uploading a photo of it.
Confirm the transaction and receive instant cash in your account wallet for withdrawal.

Frequently Asked Questions About Selling Gift Cards in Nigeria

Here are some of the frequently asked questions about selling gift cards in Nigeria;

Question 1: Why do people lose money when selling gift cards online?

Most Nigerians lose money because they trade on unverified or fake platforms, fall for unrealistic exchange rates, or sell expired or used cards. Others simply don’t confirm payment before sending their card details. Using a trusted app like Ridima eliminates these risks, as every trade is verified, secure, and paid instantly.

Question 2: How can I know if a gift card platform is legit?

You can check for things like:

A verified website or mobile app (available on the Play Store or App Store).
Transparent rates and reviews from real users.
Instant or guaranteed payment systems.

Question 3: Why do exchange rates for gift cards differ across platforms?

Rates change based on market demand, the type of card, and its region (for example, Amazon US vs. Amazon UK). Some platforms take advantage of uninformed traders by offering low rates. Ridima provides real-time, transparent rates, so you always know what your card is worth before trading.

Question 4: What is the safest way to sell my gift card in Nigeria?

The safest way is to use a verified trading platform like Ridima. All customers enjoy secure transactions, instant cash payout in Naira, transparent rates, and 24/7 customer support.

Question 5: How fast will I get paid when I sell my gift card on Ridima?

Ridima processes payments instantly once your card is verified. Most users receive their money within seconds. Hence, many Nigerians trust and love to use Ridima.

Conclusion

At the end of the day, selling your gift cards online shouldn’t feel like a gamble. But for many Nigerians, it still does. For most people, it’s because they use the wrong platforms, ignore small details, or fall for fake “high-rate” promises. That’s how people lose money selling gift cards, and it happens more often than you’d think.

You don’t have to be one of them. With a trusted and transparent platform like Ridima, every transaction is secure, fast, and straightforward. You always know your rate upfront, you get paid instantly, and your funds stay protected at all times.

So before you sell your next gift card, ask yourself: “Am I trading safely?”

If you want peace of mind, fair value, and instant payout, Ridima is where you should be trading.

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