Top 10 Payment Gateways in Nigeria

Top 10 Payment Gateways in Nigeria

Payment Gateways in Nigeria

If you survey 10 people, you’ll notice that 8 out of these 10 people shop online. Undoubtedly, there has been a significant increase in the number of online shoppers and sellers across the globe in recent times. Why the increase? Well, shopping online is super easy and convenient, as it requires just your smartphone and credit or debit cards to make a purchase. Most e-commerce companies partner with payment gateways for seamless payment procedures.

A payment gateway is a service that facilitates the transfer of payments between a business and its customers via credit or debit cards. Are you a business owner, and you’re contemplating the choice of a payment gateway service provider for seamless money transactions? Look no further. This blog will provide full details about the top 10 payment gateway providers in Nigeria and highlight their core features to help you make a more informed decision.

What are Payment Gateways? 

Payment gateways are digital facilitators that make online transactions possible. When you buy something online and enter your payment details, a payment gateway ensures that the transaction is secure and smooth. To date, Paystack and Flutterwave are obvious winners in the African market.

It acts as a middleman, connecting businesses and customers by processing payments through credit or debit cards. Businesses often team up with payment gateway companies to make the online shopping experience hassle-free for their customers.

In essence, payment gateways play a crucial role in the world of e-commerce, ensuring that electronic payments are quick, reliable, and, most importantly, secure. Their existence has greatly contributed to the widespread acceptance and success of online shopping and digital financial transactions.

Payment GatewayPayStackFlutterwaveVoguePayCashEnvoyDUSUpayRemitaInterswitch Webpay2CheckoutAmplify
Setup FeeFreeFreeN1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards)FreeFreeFreeNGN 150,000FreeFree
Annual feeFreeFreeFreeFreeFreeFreeFreeFreeFree
Commission per transactionLocal Cards: 1.5% + NGN 100International Cards: 3.9% + NGN 100NGN 100 fee is waived for transactions less than NGN 2500Other fees: NGN 10 – 50 depending upon the amountBVN Resolve API: NGN 10 per API callBVN Match API: NGN 15 per API callLocal – 1.4%International – 3.8%Naira cards = 1.5%.(Transactions above NGN 2,500 = 1.5% + NGN 30)Withdrawal: 0.99% + NGN 99VoguePay wallet & Walletfund transfer: 1%International currencies:Transaction fee: 3.8% +Withdrawel fee: 1.5% +Withdraw funds: NGN 120.00(fee for withdrawals of NGN 4,000.00 or less)Receive payments:Local: 1.5% + NGN 25.00 |International: 3.9% + NGN 12.60Card – 4.9%Bank – 3.5%Local – 2%Foreign – 4%Minimum – NGN 100Maximum – NGN 2500For transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,3333.9 % + $0.45 USD1.5% cross-border fee1.4% + NGN 20 when a customer makes a transaction in Naira. The maximum amount charged won’t be more than NGN 2000 even if 1.4% of a transaction exceeds that.ForInternational Transactions: 3.8% + NGN 20
Payment methods acceptedCard, Bank account, Bank transfer, USSD, Visa QR, Mobile money, POS (coming soon)Local – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QRInternational – Mastercard, VISA, AMEXVisa, MasterCard, Bank Transfer, VoguePay WalletMasterCard, GTBank, Interswitch, eTranzact, Visa, Verve, Suregifts, Flatterwave, Cashenvoy Wallet, Mobile moneyRupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many moreInternet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order and Electronic Purse.Nigerian cards, Verve, MasterCard and VisaAmerican Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswitch VerveVISA, Mastercard, Verve, and American Express
Fraud & Risk managementYesYesYesYesYesYesYesYesYes
Accepted CurrenciesGHS, NGN, USDBIF, CAD, CDF, CVE, EUR, GBP, GHS, GMD, GNF, KES, LRD, MWK, MZN, NGN, RWF, SLL, RWF, SLL, STD, TZS, UGX, USD, XAF, XOF, ZMK, ZMW, ZWDNaira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR)Multi-currency supportThese countries local currencies – Ghana, Nigeria, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South AfricaNaira, USDNaira onlyAll major CurrenciesMore than 40 currencies
Set up typeOnlineOnlineOnlineOnlineOnlineOnlineOnlineOnlineOnline
Onboarding & Approvals time30 minutesImmediate1-5 daysNANANA1 – 2 weeks24-48 hours1 day
Recurring BillingYesYesNoNoNoYesNoYesYes
Charges on RefundsNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra charge
SDK StacksPHP, Android, Nodejs, iOS, Java, Python, R, ReactJS, React Native, Ruby, VueJS, Xamarin, Yii, NativeScript, Groovy, Erlang, Flutter, Angular, Cordova,PHP, Node, Python, Android, iOSPHP, .net, JavaPHPJSON.Net, Java, Android, PHP, PythonJavaScript, iOS, AndroidJava, Ruby, .net, C#, PythonJSON
Settlement timeWithin 24 hoursWithin 1 dayLocal transactions: T + 1 day. International transactions: T + 5InstantWithin 1 day1 dayNAWeekly – Transfer to Bank Account1 day
Payouts supportNoNoNoYesNoNoNoYesYes
Split paymentsYesYesYesNoNoNoNoYesYes

Top 10 Payment Gateways in Nigeria 

Below is a list of the top 10 payment gateways in Nigeria 

1. Paystack 

Paystack is a widely used payment gateway in Nigeria, serving over 200,000 businesses of all sizes. It provides a modern and secure platform for both online and offline payments, allowing businesses to collect payments through various channels such as cards, mobile money accounts, QR codes, and direct bank transfers. 

E-commerce entrepreneurs find Paystack appealing due to its seamless integration with popular platforms like Magento, Wix, WooCommerce, Shopify, BigCommerce, and Drupal.

Features

  • Setup fee: Free 
  • Setup Type: Online 
  • Payment options: card, bank account, USSD, PoS, Visa QR, mobile money, bank transfer, Apple Pay, Visa QR
  • Security: Level 1 PCI-DSS compliant
  • Settlement time: Within 24 hours

2. VoguePay 

VoguePay, a Nigerian payment gateway, is a versatile solution for businesses seeking to accept payments from local and international customers. It supports payment processing through Nigeria-issued Visa, Mastercard, and Verve cards. Known for its fast and secure APIs and software solutions, VoguePay aids businesses in efficiently capturing revenue.  VoguePay also serves as an international multicurrency secure online payment processor, allowing users to transfer funds across different currencies. 

Features 

  • Setup fee: N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards) 
  • Setup Type: Online 
  • Payment options:  Bank transfers, card operations, USSD, and even cryptocurrency like Bitcoin
  • Security: SSL encryption 
  • Settlement time: Within 24 hours  

3. Flutterwave 

Flutterwave enables businesses to effortlessly receive money from individuals worldwide through various secure payment methods. It operates in several countries, including Nigeria, Ghana, Kenya, South Africa, Uganda, Tanzania, the United Kingdom, America, and Europe. 

Features 

  • Setup fee: Free 
  • Setup Type: Online 
  • Payment options: Local – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR. International – Mastercard, VISA, AMEX
  • Security: PA DSS & PCI DSS standard
  • Settlement time: Within a day 

4. Monnify 

Monnify is a Nigerian payment gateway that simplifies how businesses accept payments, whether recurring or one-time. It offers a faster, easier, and more cost-effective solution for businesses to receive payments on their web and mobile applications. 

Features 

  • Setup fee: None 
  • Setup Type: Online 
  • Payment options: USSD, mobile and internet transfers
  • Security: PCI-DSS-certified
  • Settlement time:  Within a day 

5. Remita 

Remita is a prominent electronic payment platform launched in 2005 in Nigeria that serves both businesses and individuals. It holds the distinction of being the default payment gateway for the Federal Government of Nigeria’s Treasury Single Account (TSA), the largest of its kind in Africa. Users can use Remita to make and receive payments, pay bills, and manage finances across multiple banks. 

Many students in Nigerian public universities are familiar with Remita, as it is widely used by these educational institutions for various payments. Furthermore, organizations such as Enugu Electricity Distribution Company (EEDC), DStv, and StarTimes rely on Remita for efficiently process customer payments.

Features 

  • Setup fee: N/A
  • Setup Type: Online 
  • Payment options: USSD transactions, debit/credit cards, PoS terminals, bank transfers 
  • Security: N/A
  • Settlement time:  Within a day 

6. Interswitch 

Interswitch is a leading payment and digital commerce company in Africa that has played a pivotal role in establishing Nigeria’s primary transaction and switching infrastructure, significantly contributing to the widespread acceptance of payments across the country. 

Notably, Interswitch is the driving force behind Verve, the largest domestic card scheme in Africa, with 100% payment acceptance in Nigeria. Expanding its capabilities, Interswitch now enables the acceptance of international cards on its payment gateway.

Features

  • Setup fee: NGN 150,000
  • Setup Type: Online 
  • Payment options: USSD, card, bank transfer, QR code
  • Security: PCI DSS compliant
  • Settlement time: Next day 

7. DPO 

DPO Group is a leading payment service provider in Africa, offering integrated payment technology to support businesses across over 20 countries, including Nigeria. With a foundation dating back to 2006, it has become one of the oldest and most established payment providers on the continent. The company provides a payment gateway used by more than 100,000 businesses, including notable names such as Glovo, Expedia, DHL, and Radisson Blu. DPO Group’s extensive presence and experience make it a reliable choice for businesses seeking secure and efficient payment solutions in various African countries.

Features 

  • Setup fee: N/A 
  • Setup Type: Online 
  • Payment options: Mobile money, USSD, QR code
  • Security: PCI DSS compliant
  • Settlement time:  24 hours (real-time for some users)

8. Amplify 

Amplify is a Nigerian online recurring payment solution designed to empower businesses to accept and oversee recurring payments from their clientele. This trusted payment gateway ensures top-tier security, equivalent to bank-level standards, for all online transactions.

Features 

  • Setup fee: Free 
  • Setup Type: Online 
  • Payment options: USSD, credit and debit cards 
  • Security: SOC2, ISO 27001, GDPR, PCI
  • Settlement time:  1 day 

9. SeerBit 

SeerBit was founded in 2020 with a vision to be the preferred payment option for businesses in Africa. CEO Omoniyi Kolade leads it, and currently serves over 15,000 merchants in eight African countries. The company is actively working towards expanding its reach and aims to add more merchants to its network before the end of the year.

Features 

  • Setup fee: Free 
  • Setup Type: Online 
  • Payment options: USSD, credit or debit cards, mobile money, bank transfers 
  • Security: PCI-certified
  • Settlement time:  1 day 

10. DUSUpay 

DUSUpay is a payment gateway offering a straightforward solution for businesses to receive online payments from Africa. It accommodates various currencies and functions in more than 50 countries worldwide.

Features 

  • Setup fee: Free 
  • Setup Type: Online 
  • Payment options: Rupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many more
  • Security: PCI DSS compliant
  • Settlement time:  1 day 

Factors to Consider When Choosing a Payment Gateway 

When selecting a payment gateway in Nigeria, consider several crucial factors:

  • Cost and pricing: Compare fees, including integration and transaction costs, associated with each payment gateway.
  • Integration: Ensure the payment gateway has user-friendly APIs and is compatible with your existing systems and platforms.
  • Security: Prioritize a payment gateway with strong security measures to protect customer data and prevent fraud.
  • Payment flow and user experience: Evaluate the overall experience for both customers and merchants during the payment process.
  • Developer friendliness: Assess how easy it is for developers and technical teams to use and get support from the payment gateway.
  • Invoicing solution: Check that the payment gateway integrates seamlessly with invoicing solutions for smooth transaction processing.

Choose the best payment partner today!

In conclusion, the top 10 payment gateways in Nigeria offer a diverse set of features and benefits, addressing the changing needs of businesses and individuals. 

As digital transactions become more prevalent, these gateways play a crucial role in ensuring secure and efficient payments. 

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