Last updated on March 5th, 2020
In this post, I’ll list the top online payment gateways in Nigeria as well as my #1 international payment gateway in Nigeria.
With the pace at which e-commerce business is trending in Nigeria, there might no longer be any business left for the traditional bricks and mortar stores.
Every business is moving online because it has proven to be the best way to sell and make quick money.
One of its flexibilities is the fact that you can sell any product or service online without having to limit yourself to a certain location.
All you need to do is create a website for your business, then integrate your chosen payment gateway and start receiving payments online.
This makes it convenient for both buyers and sellers as your customers can always pay you on the go and you yourself can equally receive payment while you sleep.
However, if you’re not informed about the right payment gateways in Nigeria for your business you may find it difficult running your business successfully.
But there’s nothing to worry about, as this post is about to do justice to that. Just sit tight and enjoy every bit of the post.
You might as well share with your friends and family if you find it interesting.
What Is A Payment Gateway?
For those of us that are yet to understand the nitty-gritty of what payment gateway does, this is just to enlighten you on how it works.
Basically, in a layman’s word, payment gateway is a software that manages transactions between an e-commerce website and the bank that authorize or declines a customer’s credit card payment.
This isn’t limited to credit cards, it includes eChecks and even cryptocurrencies like bitcoin, etherium etc. are all processed by payment gateways.
A payment gateway is responsible for the magic that takes place when a customer uses his/her ATM (Credit/Debit Cards) to make payment online.
This helps protect the customer’s details from being vulnerable to internet hacker or accessible by the e-commerce website.
While choosing the right payment gateway in Nigeria for your business, there are some important features that you shouldn’t overlook.
This features includes:
A secure network is very important while you’re looking for the perfect payment gateway in Nigeria for your business.
It is imperative that your customers should trust that their financial information will remain secure on your website while purchasing your products or services.
For this, you need to look for PCI compliance in any payment gateway you’re going to be using on your website.
As this is very crucial while accepting payment online.
Besides the secure payments, the payment process should be smooth and easy for your customers.
If the entire process is getting too long and cumbersome, your customer might abandon the payment and explore other websites.
Go for popular payment gateways that allows you to integrate with Major shopping carts as well as accepts major’s cards.
While the most important part of the customer’s experience is mobile optimization.
This allows your customers to easily checkout on your website using their mobile phone.
You should look for payment gateways that allow international payments except you’re overly interested in selling to Nigerians markets alone.
The internet is global these days and it crosses all borders.
Which means your customers can come from any part of the world to buy your products or services on your website.
So, don’t limit yourself to a payment gateway that only allows you to receive payment in Nigeria alone.
Each payment gateways in Nigeria differs when it comes to the transaction fee.
So it’s proper you do your finding well before you jump on one.
The fee could really add up when much transactions are being carried out on your website.
List of e-commerce payment gateway in Nigeria:
Now let’s go through the list of the top payment gateways in Nigeria and find yourself the right one for your business.
If you need my recommendation for the best payment gateway in Nigeria, then Paystack is the best pick for that.
Paystack is the most sophisticated and if not the best in the whole of Africa when it comes to receiving payment online.
It allows you to receive payment via credit and debit cards and several other channels.
Even interesting about Paystack is the fact that you don’t need a website to receive payment.
They allow you to receive payments with their payment pages and through the use of invoices.
All payment received on your website are remitted the following day.
Excepts for weekends and public holidays. Paystack equally allows you to receive money from the international market.
However, this isn’t available by default, you need to request for it before it’s activated for you.
Finally, they charge 1.5% for local cards and 3.9% for international payments.
Both transactions come with a fixed amount of N100.
That is for every transaction, you’ll be charged N100 plus 1.5% or 3.5% of the payment except for payment less than N2500.
It’s integrated with WordPress, WooCommerce, Shopify etc. You can read the full Paystack review here!
Stripe is by far the most popular payment gateway in the entire universe and this can be attributed to their flexibility.
It’s an online payment processor that allows you to receive payment in any currency and in any country.
With Stripe you can enjoy seamless integration and quite easy to set up.
Plus, you don’t have to pay a dime to set up an account.
Stripe charges 2.9% plus $0.30 cents on every successful payment on your website.
The only issue with Stripe in Nigeria is that it isn’t available by default.
But that doesn’t mean you can’t use it. You need to register your business in the US and get yourself a Tax ID before you can start using Stripe.
I’ve written a detailed article on how to create a business in the US and set up your Stripe account legally without travelling to the US.
You can read the full gist about Stripe set up here!
#3. Rave by Flutterwave
Rave pay is a product of Flutterwave alongside Get-barter that’s used for creating virtual credits cards to make payments online.
Flutterwave itself is created to aggregate payment service from several payment gateways and placed them under one platform.
However, Rave by flutterwave that we’re talking about is a service just like Paystack that enables merchants to accepts payments.
This is for both local and global payments from cards, bank accounts and USSD etc.
Rave allows payment from MasterCard, Visa, Bank Account etc. and they charge 1.4% for local payment processing fee. While 3.5% for an international fee.
Voguepay Payment gateway by Tunbosun Ayinla is a unique payment processor with the vision to offer buyers and sellers a secure and easy to use means of transacting business online.
Thus, using VoguePay, merchants could create an account with VoguePay and integrate the plugin into their e-commerce website for free.
Furthermore, VoguePay makes the transaction process easier for merchants.
It allows them to receive payment for their goods and services from various channels.
These include; wallet transfer, internet banking, bitcoin payment and many others.
VoguePay charges 2.5% for local transaction and 4.5% for international.
Remita by Oshadami Mike is a multi-channel funds collection platform that supports almost any types of biller organizations.
The Remita payment gateway can be used by e-commerce sites, insurance companies, educational institutions, utility companies, religious organizations, clubs, and associations etc. to collect various types of fees.
They are mostly used in the government sector to receive payment online.
A good example among this is the CAC Registration. They make use of Remita in processing their payments.
#6. Interswitch Webpay
Interswitch WebPay is also one of the top payment gateways in Nigeria but quite expensive to set up compare the rest.
It allows you to integrate their payment processing service to your WordPress site via their plugin and offer your customers the ability to pay for goods and services by cards or payment tokens.
Starting up with Interswitch, you’ll be required a one-time fee of N150,000 and a subsequent transaction fee of 1.5%.
However, a flat fee of N2,000 is charged for transactions that are above N133,333 then the subsequent 1.5% for the lesser transaction.
The SimplePay used to provide one of the simplest ways to receive payments online but I think they are no longer in business.
Simplepay was specifically designed to allow merchants to accept local and international payment on their WooCommerce site.
They used to charge an N300 per bank verification and subsequent 1.5% for every card transaction while 5% for international payments.
This is a payment service that allows several businesses to receive payment online.
With CashEnvoys, you can accept payment from all the major Nigerian debits cards and equally CashEnvoy wallet and other mobile money.
CashEnvoy charge 1.5% plus N25 for the local transaction while 3.9% plus N12 for international transactions.
Payment transaction via CashEnvoy is much faster with users and merchants using the application.
This allows them to easily send payments from their CashEnvoy accounts to the recipient who is equally a CashEnvoy user.
PayU payment gateway is a payment service provider with the mission of creating a fast, simple and efficient payment system for Nigeria merchant and customer.
It makes it easy for customers to make payment online through their computer, tablet, mobile device, e-wallet or even offline.
However, their services and features are spread across several plans, this means you’ll need to pick your plan based on what resonates with your business plan.
GTPay by the popular GTbank is also one of the Payment Gateway in Nigeria that allows merchants to receive payment on their WooCommerce store.
Merchant interested in GTPay should register for Merchant ID and Hash key from any nearest GTBank branch.
The cost for setting up an account with GTPay is N75,000 and they charge 1.5% on every transaction.
This payment gateway allows merchants to receive payments both on local and international issued cards which includes MasterCard, Visa and Interswitch.
All payments are remitted the following day just like Paystack and for international transaction, the next 48hours.
#11. First Pay link
First Pay Link is also a payment processor in Nigeria created by First Bank Plc just like GTPay.
They allow merchants to receive payment on their website via Visa, MasterCard, InterSwitch and eTranzact.
First PayLink charges 1.5% per transaction and it’s subject a maximum of N2,000.
Just like the previous two,U-Collect is a product of the United Bank of Africa (UBA).
It equally allows merchants to receive payment on their website.
With U-Collect you can process any kind of local payments from Verve to MasterCard and it also accepts international payment on MasterCard and Visa Cards.
U-Collect happens to be free to set up and they charge 1.5% per transaction done on their platform with a cap of N2,000.
DusuPay is also one of the top African Payment gateway processors. It’s free to set up and it accepts payments via Visa, MasterCard and Verve.
Their pricing plan, however, differs from the rest of the payment gateways out there.
Merchant interested should at least check out their pricing plan before launching their business.
GlobalPay is created by Zenith Bank and it’s also an indigenous payment gateways in Nigeria like the rest of the top banks.
Using GlobalPay allows seamless integration and the ability to monitor all transaction carried out on your website.
It accepts payments made via Visa, MasterCard, Verve etc.
Setting up a GlobalPay merchant account cost N75,000 and they charge 1.5% of every transaction processed on their platform.
eTranzact is a multi-application network and channel electronic payment platform that support all major cards networks.
This card includes all locally issued cards in Nigeria like Visa, Verve etc.
eTranzact is a growing platform that has spread across Nigeria, Ghana, Kenya and a few other African Countries.
With eTransact, you can equally receive payment with ease on your website.
As interesting as they all seem, their functionality and user experience differs from each platform.
So it’s necessary you understand the platforms before launching them for your business.
Other than this PayPal is another option I can possibly recommend.
With PayPal, you can easily receive payments on your website or even get paid directly.
Just like Stripe, PayPal is equally not available by default for Nigerians but I’ve written a report on how to set it up.
You can as well check it out!
That’s it on the list of top payment gateways in Nigeria, let me know what you think by using the comment box.