Payment platforms for businesses in Nigeria

The growth of many businesses in Nigeria is somehow dependent on their payment platforms – how they receive money when it is not cash. People are gradually losing interest in the traditional way of transaction because virtually every sector is embracing technology. But being able to send and receive money online both within Nigeria is quite tasking due to the small number of working payment platforms.
Therefore, as a small, medium or large scale business owner, accepting payments online offers you more benefits. Because, they won’t be any form of restriction attached to reaching your products.
Customers are very happy with this facility and it can, in turn, increase your cashflow. In fact, this is necessary because buyers often use the internet for speedy services as most sales are paid for with credit and debit cards these days.

As an entrepreneur, it’s one thing to be able to conceive an online business idea, create the virtual platform, market your product or service but how do you receive your payment online in Nigeria?
In this article, you will know various online payment platforms in Nigeria, how they work and how to use them.

To begin with, making payments online means you using any of the known legit payment platforms that allow the use of electronic funds, web processing solution as well as database updating. It also means the transfer of funds from your buyer’s account to your account through any trusted payment platform.

Payment platforms


Common payment platforms include:

  • Paystack
  • Rave by flutterwave
  • Voguepay
  • GTPay
  • Interswitch webpage
  • Amplify
  • Remita
  • PayU
  • CashEnvoy
  • PayPal
  • Quickteller

Paystack


Paystack is an online payment platform that offers you everything you need to accept payments. It is simple and affordable. Mainly for small and large businesses.

Benefits

  • It is free and easy to get started with. You can set it up on your site or app in few minutes even without a developer.
  • Also, with this payment platform, your customers can make hassle-free payments directly on your website.
  • Aside payments, paystack helps you get reliable support and business solutions to improve your growth.

Pricing

  • Free setup
  • Local transactions: 1.5% + N100 (the fee covers transactions that are less than N2500).
  • International transactions; 3.9% + N100

Rave by flutterwave

Rave is a product of Flutterwave which allows website owners accept debit/credit payments from customers in 154+ countries. It supports Visa, MasterCard, and verve. With Rave, your customers in the United States of America, South Africa and Nigeria can pay you directly from their bank accounts.

Making payments with this payment platform is quite easy, secure and safe. Also, flutterwave takes care of integrating banks and other payment-service providers into its platform so businesses don’t have to take on the expense and stress.

Benefits

  • Rave also supports cross currency conversions. Its multicurrency support allows you to receive payments in multiple currencies at the flip of a switch.
  • One interesting feature about Rave is the automatic white label it offers, which is absolutely free.
  • In addition, with Rave you can charge cards and bank accounts directly. In other words, you can debit your customers’ account directly.

Pricing

  • Free setup fee
  • 1.4% local transactions
  • International transactions: 3.8%

VoguePay

This is another payment platform that allows website owners to receive payment for their goods and services on their website without any setup fee. Not just website owners but any businessperson who has a business website. With this payment platform, you can accept one-time payments, set up subscriptions, and receive donation. It also has a global coverage, which allows both businesses and their customers to make and receive payments in major currencies (bitcoin inclusive) anywhere in the world.

Benefits

  • VoguePay is a multiple payment platform with different payment options. Your customers can opt in for their preferred choice.
  • It has a user-friendly interface with simple API documentation that makes integration easy.
  • With their easy account management option, you can opt for business or personal account based on your choice.
  • You can also get paid in your default currency with this payment platform.
  • It also offers easy integration where you can complete payment to your website using the plugin libraries and extensions.

Pricing

  • Integration is free but fees may apply for customization
  • Local transactions(Naira cards): 1.5% and above N2,500. 1.5% + N30
  • Merchant verification: N1,500 with CAC, and N2,500 with Govt. ID cards.

GTPay

GTPay is a payment platform owned and developed by GTBank, which ranks as one of the to banks in Nigeria. The payment platform is a secured internet solution provided to facilitate payments online using debit cards issued by banks. GTPay has a seamless plug with the existing website of customers and acts as a bridge between the customer’s website and financial institutions. However, you must have a GTBank account before you can use GTPay.

Benefits

  • It ensures print deduction and crediting of both the buyer and seller’s account.
  • GTPay provides a convenient payment platform to a customers.
  • It ensures hassle free payments for cardholders.
  • Also, it accepts both local and international cards including Interswitch, Visa and MasterCard.
  • In addition, it has an online monitoring console that allows the user view transactions as they occur.

Pricing

  • One-time fee of N75,000
  • Local transaction fee: 1.5% of transaction amount (subject to a maximum of N2,000).
  • International transaction fee: This includes both MasterCard and Visa is 3% of transaction amount; no cap.
  • International gateway monthly fee N5,000.

Interswitch WebPay


This is the oldest and most reliable amongst other online payment platforms in Nigeria (mostly used by big brands including banks). It is one of the integrated digital payment platforms that mainly focuses on African. Interswitch is also a commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis. Interswitch tops the list of online payment platforms in Nigeria because, it has managed to harvest the largest share of the market to itself.

Benefits

  • It is powered by interswitch; one of the trusted online payment platforms.
  • With an interswitch certified WebPay Integration Partner (CWIP), you can have an Integration to WebPay.

Pricing

  • One-time integration fee: ₦150,000.
  • Transaction fee: 1.5% subject to a cap of ₦2,000 is charged. (i.e. for every transaction below ₦133,333, attracts a fee of 1.5% ), and ₦2,000 flat fees (for transactions above ₦133,333).

Amplify

This is the smartest payment platform for accepting and managing recurring payments in Nigeria. Amplify helps businesses that need quick setup to create a simple payment collection form without needing a coder. But for companies that are comfortable with code, Amplify creates a secure and robust APIs. All payments are securely processed and settled into all major banks in Nigeria, such as Access bank, GTBank and First Bank. Beyond simply accepting payments, Amplify aims to help businesses better manage and grow their customer relationships by allowing them to contact current and former customers via SMS and email integrations, offer loyalty programs, and set up simple referral programs. Also, If you run an online business that sells service to subscribers monthly. You can easily handle subsequent monthly charges without urging the user to enter their card information multiple times.

Benefits

  • All transactions are processed via a PCIDSS compliant and 3D Secure payment gateway via an SSL encrypted channel
  • With Amplify, payments all payments get to your bank account within one day.
  • This payment platform automatically retry your payments for up to 2 days if there is an issue with your customers’ card.
  • Amplify accepts payments over 40 currencies from Visa, MasterCard, Verve, American Express, etc.
  • In addition, your customers can pay directly from their ban accounts.
  • You can also accept payments without needing a website. All you have to do is create a simple form, send the link to your customer, and get paid with ease.

Pricing

  • Setup Fee: Free
  • Local Transactions: 1.5% + ₦20 (capped at ₦2,000)
  • International Transactions: 3.8% + ₦20

Remita

Remita helps you receive and make payments on your site and apps. They offer ready-to-use plugins, SDKs and APIs that make integrating a breeze. Many Nigerian universities make use of remita to enable students pay their fees from anywhere.

Also, Remita offers a wide range of payment methods including Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, POS, Direct Debit, Standing Order and Electronic Purse. It is a considerably benefit for small businesses.

Benefits

  • Remita offers your customers many different ways to pay you: Inline Payments, eCommerce Plugins, Mobile SDKs, and recurring payments. In other words, you can receive money from different means just by using remita.
  • It helps you pay a single or multiple beneficiaries from bank accounts you register on Remita. Single debit, single credit, multiple credit, funds transfer plugin.
  • Also, it allows you see all your bank account balances from any bank on one screen.
  • You can easily get paid by simply generating and sharing payment requests (or e-Invoices) with family, friends and customers.
  • In addition, you will enjoy the convenience of switching easily from your personal to business accounts, whenever the need arises.
  • Remita helps you manage your payroll and Human Resource management needs.

Pricing

  • Setup and support fee: Free
  • Receiving local payments: 2% (Min ₦100 – Max ₦2,500)
  • International payments: 4%

PayU

PayU is also one of the leading online payment platforms with total dedication to creating a fast, simple and secure payment service for both businesspersons and customers.

Benefits

  • It accepts all credit cards. That means, you can expand your reach by accepting all national and international credit cards.
  • You can also customize your payment page design to ensure a consistent look and feel.
  • Added security (PCI DSS SSL and 3D secure).
  • It gives you an optional fraud protection service.

Pricing

  • Setup and support fee: Free
  • Payment processing: Not specified.
Payment platforms

CashEnvoy

For about 10 years now, this payment platform has been making it possible for Nigeria businesses to carry out payments transactions on the web with ease.

They pay a registered buyer 0.5% of transaction amount on every transaction made. You can leverage on this to attract costumers and prompt them to use this payment platform. If you’re setting up an online store like Jumia, this is a suitable payment processor to go for. Also, if you are using Shopify for your online store, this is a nice payment platform for you. It is listed amongst the supported payment platforms in Nigeria because with CashEnvoy, you can collect your payment through Shopify.

In addition, they offer two kinds of accounts – personal and business accounts, which are quite affordable to setup. However, you cannot use the personal account to accept payments on your website.

To accept credit card payments on your website you need to open a business account, which implies that you must register your business.

Also, with CashEnvoy, integration is 100% free. They also offer lots of ready-made plugins if you’re using third-party platforms like Magento, OpenCart, or WordPress Commerce.

Pricing

  • 1.5% + N25 of a transaction, when a customer with Naira credit/debit card successfully makes a transaction.
  • For International transactions, 3.9% + N12.60 will be charged per transaction.

Note: these fees are however receptive to change.

PayPal

Although this is a US company, but they currently offer Nigeria businesspersons the ability to accept credit card payment online. Paypal is the Elephant of payment platforms. It was founded in 1995, they handle hundreds of millions of payment on a daily basis.

In all, PayPal handles virtually all payment needs especially international transactions. Many freelancers and bloggers get their pay online through PayPal.

Pricing

PayPal transaction fee varies from country to country. But it requires no integration or setup fee.

QuickTeller

This online payment platform offers a big variety of services to users and companies. It is used by businesses to accept online payments on the site, through QuickTeller website, text messages etc.

However, if your customers want to make transactions through Visa and MasterCard, they can create an eWallet and tie it to their QuickTeller profile. Such method works with different types of bank cards and allows performing domestic and international transactions. Besides, it is possible to work with your Verve and Naira cards and even withdraw finances at the ATM without the physical card being in your hands.

In addition, QuickTeller deals with bill payments (the fee is 100 Naira per transaction) and airtime payments (without extra fees) through the site. Sending money would cost you 100 Naira but it is free to receive finances through the service. The minimum amount you can send or receive is 50 Naira.

Summary

In summary, we have listed the top online payment platforms in Nigeria, and we hope you find this useful. Also, do not hesitate to make further enquires about other payment platforms not listed here.
Note: the above listed payment platforms are in no particular order. You can make a choice as they are all recommended for you.

Also read: Small business ideas to make money with in Nigeria

About the author

Agim Amaka is a writer at Dailyngn.com. With vast knowledge in writing, she creates quality content and articles for blogs, websites, and posts for various social media platforms. As an extraordinary writer, she is very much concerned about her audience; readers and clients.
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