10 Best Payment Gateways in Nigeria

The greatest challenge facing most online businesses in Nigeria and Africa is not what to sell or how to get the customers but what payment gateway to use to accept payment locally and internationally.

Getting the best payment gateway for your ecommerce business will help you not to limit your customer’s choice of payment when they want to use your services or buy your product.

Payment Gateways in Nigeria

This post outlines the list of the best payment gateways in Nigeria.

Criteria for Selecting the best Payment Gateways

We’ve careful reviewed and selected top 10 best payment gateway in Nigeria based on:

  1. Speed
  2. Vulnerability
  3. Customer support
  4. Sign Up fee: Free or paid
  5. Ecommerce capability: you will find out if they have
  6. Payments settlement: you will get to know how long it takes before you receive your money.
  7. Mode of payment: you will find out how your customers can pay you
  8. Number of countries: I will mention a round-up figure of the supported countries
  9. Currency: You will get to know the round-up figure for the supported currency.
  10. Local transaction charges: this will show you how much will be deducted from you when customers buy your product from your country of operation.
  11. International transaction charge: This will show you how much you will be charged when customers buy your products or service outside your country of operation

Read: 10 Reasons Why Online Businesses Need a Payment System

Read Also: Top 5 challenges facing Nigeria online payment gateways/Aggregators

Now let’s get to find out the best payment gateway in Nigeria for you to run your online business.

Best 10 Payment Gateways in Nigeria

The best payment gateways in Nigeria you can integrate on your website to start receiving payment include:

1. Flutterwave

If you are running an online store in Nigeria or Africa, there is a chance that you may have heard of Flutterwave. This is one of the best payment gateways in Nigeria because it provides numerous payment methods for customers to choose from. It covers the whole of Africa and abroad. Below is the summary of the Flutterwave payment gateway.

Sign Up fee:  Free

Ecommerce capability: Yes

Mode of payment by customers: MasterCard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR, AMEX

Recurring Billing: Yes

Local transaction charges: 1.4%

International transaction charges: 3.8%

Payments settlement: within 24 hours

Countries Supported: All African Countries and more.

Currency supported: 54 currencies

2. Paystack

Paystack is one of the modern payment gateways that was started in Nigeria but is now owned by Stripe. Its focus is to help ease the pain of African entrepreneurs by providing easy to use payment methods for customers to use. Below is a summary of the Paystack payment gateway.

Sign Up fee: Free

Ecommerce capability: Yes

Mode of payment by customers: Card, Bank account, Bank transfer, USSD, Visa QR, Mobile money.

Recurring Billing: Yes

Local transaction charges: 1.5% + NGN 100

International transaction charges: 3.9% + NGN 100

Payments settlement: Within 24 hours

Countries supported: Nigeria, Ghana, South Africa, and more

Currency supported: GHS, NGN, USD

3. VoguePay

VoguePay is a user-friendly online payment platform that allows you to send and receive payment easily from anyone, in any currency. Accept payment through Card transaction and Bank transfers. Below is the summary of the VoguePay gateway.

Sign Up fee: N1500 (with CAC Certificate) and N2500 (with Government issued Identity cards)

Ecommerce capability: Yes

Mode of payment by customers:  Visa, MasterCard, Bank Transfer, VoguePay Wallet

Recurring Billing: No

Local transaction charges: 1.5% + NGN 30.00 |

International transaction charges:  3.8% + 0.5 of currency transaction

Payments settlement: 1- 5 days

Countries supported:  Nigeria, Ghana, and more

Currency supported: Naira, USD, Euro, Pound (£), (GHS) and (ZAR)

4. Interswitch Webpay

Interswitch Webpay is one of the oldest and reliable payment gateways in Nigeria. You can integrate this payment gateway into your websites and receive payment from your customers. Though their services require an initial registration fee, you can use them if it is not a challenge to you. Below are summaries of the Interswitch Webpay gateway.

Sign Up fee: NGN 150,000

Ecommerce capability: Yes

Mode of payment by customers: Nigerian cards, Verve, MasterCard, and Visa

Recurring Billing: No

Local transaction charges: 1.5% For transactions below N133,333  and a flat fee of N2,000 for transactions above N133,333.

International transaction charges:

Payments settlement: NA

Countries supported: Nigeria

Currency support: Naira only

5. CashEnvoy

CashEnvoy is a payment service that allows freelancers, organizations and businesses to receive payment online. The payment platform commenced operations in November 2009. It supports the popular WordPress Woocommerce plugin. You can easily integrate it with your website.

Sign Up fee: Free

Ecommerce capability: Yes

Mode of payment by customers: MasterCard, GTBank, Interswitch, eTranzact, Visa, Verve, Suregifts, Flutterwave, Cashenvoy Wallet, Mobile money

Recurring Billing: No

Local transaction charges: 1.5% + NGN 25.00 |

International transaction charges: 3.9% + NGN 12.60

Payments settlement: Instant

Countries supported:  Major countries

Currency supported: Multi-currency support

6. DusuPay

DusuPay gateway another payment gateway that will speed up your online business by providing easy-to-use payment methods for your customer’s within and outside Nigeria. Although it does not accept recurring billing for those who want to run membership programs, you can check out other payment gateways. Below are the summaries of the DusuPay gateway.

Sign Up fee: Free

Ecommerce capability: Yes

Mode of payment by customers: Rupay, Visa, MasterCard, Amex, JCB, Maestro, PayD, and more

Recurring Billing: No

Local transaction charges: Card – 4.9%, Bank – 3.5%

International transaction charges: NA

Payments settlement: 24 hours (1 day)

Countries supported: Nigeria Ghana, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South Africa

Currency supported: Supports the currency of the countries above.

7. Remita

Remita proud itself with an infrastructure that will let your customers pay you easily at any time and from anywhere through the widest number of payment channels available today on a single application. It is a Nigeria based payment gateway. Below are summaries of the Remita payment gateway.

Sign Up fee: Free

Ecommerce capability: Yes

Mode of payment by customers: Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order, and Electronic Purse.

Recurring Billing: Yes

Local transaction charges: 2%

International transaction charges:  4%

Countries supported: Nigeria

Currency supported: Naira, USD

8. Amplify

Amplify payment gateway pride itself as the smartest way to accept and manage recurring payments in Nigeria. This can be checked by going to their website. Below are the summaries of the Amplify gateway.

Sign Up fee: Free

Ecommerce capability:  Yes

Mode of payment by customers: VISA, Mastercard, Verve, and American Express

Recurring Billing: Yes

Local transaction charges: 1.4% + NGN 20

International transaction charges: 3.8% + NGN 20

Payments settlement: 24 hours

Countries supported: Over 40 countries.

Currency supported: 40 + currencies

  1. GTPay

The GTPay payment gateway is one of the trusted payment gateways in Nigeria because it is owned by Guarantee Trust bank. You can use it in your WordPress powered eCommerce site to receive payment from local and international clients. Below are the details of GTPay.

Sign Up fee: N75,000

Ecommerce capability:  Yes

Mode of payment by customers: Interswitch, MasterCard, and VISA

Recurring Billing: NA

Local transaction charges: 1.5%

International transaction charges: 3% + monthly charges of N5000

Payments settlement: 24 hours

Countries supported: Major countries

Currency supported: Major currencies

  1. 2checkout

Though this is a foreign base payment gateway. They have global reach and do accept Nigerians that are running online businesses. Once you have the required document. You can set up your account and start receiving payment from your customers.  For those who are having a problem with using PayPal, 2checkout is an alternate that you can use. Below is the summary of the 2checkout payment gateway.

Sign Up fee: Free

Ecommerce capability:  Yes

Mode of payment by customers: American Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswitch Verve

Recurring Billing: Yes

Local transaction charges: 2SELL (3.5% + $0.35), 2SUBSCRIBE (4.5% + $0.45) 2MONETIZE (6.0% + $0.60)

International transaction charges:  Same as in local transaction charges.

Payments settlement: 24 hours

Countries supported: Major countries

Currency supported: All major currencies

Conclusion

Now that you know how important it is for your customers to be able to pay you through the mentioned payment gateways above; you have no reason to start making money online by taking your online business to the next level.

Which gateway is your best?

 

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