Around 2 million books are published on Amazon KDP every year, but by finding a profitable niche, keyword research, securing copyright protection, designing good book covers and the right pricing, you can make $150 to more than $20,000 monthly, even if you are living in Nigeria. Amazon pays publishers royalties, 60 days after a sale has been made, through direct deposits, cheques and wire transfers. Living in Nigeria presents some restrictions on how you can be paid through Amazon KDP as Amazon can’t make direct deposits to Nigerian bank accounts, except through account numbers in selected countries like the US and UK. Read on to learn how to get your royalties from Amazon into your pockets in Nigeria using Payoneer.
Here’s how to get paid from Amazon KDP in Nigeria:
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How Can You Get Paid from Amazon KDP in Nigeria?
You can only earn an income on Amazon KDP only if you sell a book, and have a verified KDP account and a bank that Amazon can pay. If you take heed of the tips mentioned in the first part of the introductory paragraph, making a sale wouldn’t be so difficult. As a self-publisher living in Nigeria on Amazon KDP, you learn the other requirements, which are verifying your KDP account and getting a bank account that can receive direct deposits from Amazon as you read on. To reiterate, your local naira bank account can’t receive royalty payments, so you’ll need a top-tier country local account like a US or UK bank account to get paid from Amazon. Payoneer is the getaway channel to use to easily get the US or UK bank account to receive your royalties from Amazon.
On the other hand, verifying your KDP account involves completing your tax identification, because, without this, Amazon will not send royalties.
But first, let’s briefly explain how Amazon KDP royalties work.
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A Brief Overview of How Amazon KDP Works
There are two types of Amazon KDP royalties available to publishers on Amazon. These are the 70 percent royalty program and the 35 percent royalty program. To improve your earning potential on Amazon KDP, going for the 70 percent royalty package (available in most English-speaking markets) is more rewarding. To qualify for the 70 percent royalty package, your books must be priced between $2.99 and $9.99, and the copyright protection of those books is secure (plagiarism bears a serious penalty).
In the 70 percent royalty package, you get paid up to seventy percent of the price of every e-book you sell ( 60 percent if it’s paperback), every 60 days after the book sale has been made. That is to say, if you make a sale on the 1st of April, you’ll receive your earnings from Amazon 60 days from the day the sale was made.
The delivery fee for paperback deliveries is deducted from your royalties; $0.15 per megabyte to deliver an ebook (if in the US). The cost of printing a paperback of your book on Amazon is a minimum of $0.85, which would also be subtracted from your royalties.
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How to Get a US and UK Bank Account for Amazon KDP in Nigeria Using Payoneer
As a Nigerian in Nigeria on Amazon KDP, Payoneer is the online getaway you can use to get your payment from Amazon and withdraw your earnings directly into your local naira bank account. Read on to learn how you can have a free Payoneer account. But first, you should know that Payoneer earns a tiny percentage of every money received from Amazon KDP and any global payment.
Now let’s see how to create a Payoneer account in Nigeria, and what you need to open one.
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Things Needed to Open a Payoneer Account in Nigeria
You’ll need a phone or computer with an internet connection, proof of your residential address such as an electricity bill or your bank statement, as well as government-issued identification such as an International Passport or Driver’s License and the local bank account for withdrawing your earnings from Payoneer. Make sure the name, date of birth and other details on the documents are in sync, or else your registration on Payoneer would be unsuccessful.
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Steps to Create a Payoneer Account in Nigeria
Here is the procedure to register on Payoneer:
- Visit https://www.payoneer.com/in/ and hit the “Register” button
- Select the currency in which you want to open the currency, USD or GBP, and proceed to accurately provide the information required on the registration form
- Next, confirm and activate your email by clicking on the link sent to your mailbox
- At this point, you’ve successfully created a Payoneer account
After you’ve succeeded in creating your Payoneer account, log into your account and head to your dashboard to get the details of your US or UK bank account.
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How You Can Add Your Payoneer US and UK Bank Account to Amazon KDP
Now you’ve got your US or UK bank account, of which the name on the account must match that of your Amazon KDP account, you can proceed to supply the needed bank details. Remember, you’d get your US or UK bank account details on the dashboard of your Payoneer account.
Below is the procedure to add your US or UK account on Amazon KDP:
- Log into your Amazon KDP Account
- Hit the burger app on your dashboard, then click on “Getting Paid” and hit “Receiving Account”
- On the next page that appears, proceed to input the bank details provided on your Payoneer Account.
- At this point, you’ve successfully linked your bank account with Amazon KDP
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How to Verify Your KDP Account in Nigeria
In the final stage after your account number has been added, thus having a functional payment method of Amazon KDP, proceed to verify your account by filling in your tax information.
Do this to get your tax information as a Nigerian, before you update the tax ID on Amazon KDP:
- Visit https://tinverification.jtb.gov.ng/Template/TINVerification
- Select INDIVIDUAL TAXPAYER
- Select your Date of Birth.
- Select your preferred search criteria from the Select Criteria Dropdown-TIN or NIN or BVN or Registered Phone Number
Provide the appropriate value based on the search criteria in the Step above
- Confirm you are not a robot by checking the reCAPTCHA Box
- Click the Search button
After you’ve completed the above steps, use the information provided to complete the “Tax Information” section in the “My Account” section of your KDP account. With this, you’ve verified your Amazon account.
With your US or UK bank account added to your KDP and your KDP account verified, you can receive your Amazon royalties every month in Nigeria through Payoneer, as long as you sell your books.