In this post, you’ll find out 9 Payment Gateways in Nigeria you can use to accept payments online.
Whether it’s an online store, blog, subscription-based website, peer to peer platform, market place, or a personal website,
or whatever website you want to create?
You can simply accept payments and get a payout to your bank account.
1. VoguePay
This is currently one of the most reputable brands in the Nigeria payments space.
Founded by five co-founders, VoguePay is a secure web payment gateway and borderless banking platform.
With Voguepay, you can securely accept payments from customers on your website.
Their payments service offers you a secure and easy-to-use means of transacting business online with customers.
The first time I tried to sell a product on the internet, it was the first Payment Gateway I used.
This is because other available Gateway then, demands I first pay a certain fee to use their API.
While some processors offered by local banks, demand you must operate a bank account with them.
The available payment gateways then were GTPay and GlobalPay, which are not included in the post.
Account setup:
To setup vogue on your website, you’ve to create an account.
They offer two types of account:
- Personal
- Business
For the Personal account, you need no requirement for merchant verification, while the Business account requires ₦ 1,500 (with Certificate of business registration) and ₦ 2,500 (with Govt. issued ID cards) for verification.
Transaction:
Voguepay takes from you — about 1.5% of a transaction when a customer with Naira credit/debit card successfully makes a transaction.
Note: Additional N30 will be deducted on a transaction above N2500. You can find more about their pricing.
Withdrawer:
0.99% + ₦99 If will be charged if you’re withdrawing money to your account.
Integration:
Integrating on your website is free. Unless you want them to help you with extra customization.
They offer some ready made add-ons if you’re using a third party platform like Magento, OpenCart, or WordPress.
Difficulty:
Despite the fact that it was my first experience integrating payment processor on a website, I was able to set it up in a few hours.
Contact:
support@voguepay.com
You can learn more about how to create an account with Voguepay.
2. CashEnvoy
CashEnvoy is a Payment Gateway Solution that allows businesses to receive payment online.
For about 10 years now, it has been making it possible for Nigeria Businesses to carry out payments transactions on the web.
Approved by the Central Bank of Nigeria to process web transactions.
They pays a registered buyer 0.5% of transaction amount on every transaction made. This can be leveraged for your customers.
If you’re setting up an online store like Jumia, this is a suitable payment processor to go for.
It can be easily integrated into most eCommerce platform on the web.
If you’re using Shopify to power your online store, it a win for you. Listed among their supported payment gateways in Nigeria, Shopify allows you to collect payment with CashEnvoy -ESL.
Account setup:
They offer two kinds of account, a Personal and a Business account with quite an affordable pricing to set up.
You can’t use the Personal account to accept payment on your website.
To accept credit card payments on your website you’ll need the Business account which implies you have a registered business.
Transaction fees:
They takes from you — 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 receptive to change.
Withdrawal fees:
You will be charge N120.00 for withdrawal of N4000.00 or less
Integration:
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.
More on how to integrate CashEnvoy.
Difficulty:
Relatively easy to use.
Contact:
support@cashenvoy.com
You can find more about them on their website.
3. Paystack
This is the fastest growing Payment Gateways in Nigeria at the moment.
A modern online and offline payment solution in Africa.
Relatively new to the Payment Gateway space, It allows you to accept debit and credit card payments online from your customers.
You can set up a payment page in seconds — without writing a single line of computer codes, and collect payment from anyone, anywhere in the world.
Paystack can be easily integrated into your online store.
Due to their innovativeness and recent funding from the famous American seed accelerator, Y Combinator. It is now trusted used by companies like Dominos, MTN, Betway, and even growing startups like Taxify, PayLater, IROKO TV, and AXA MANSARD.
Most independent software developers opt for Paystack.
In 2018, they introduced a starter business package that allows a non-registered business to accept payments on their website. So you must not have a corporate bank account or a registered business to accept payments online.
I use Paystack to handle payments on all Paysharp clients website.
You can create a web-based subscription model for your online products; charging your users at a particular interval, without requesting them to enter their card detail every time. Or create a peer to peer payments website.
You even set up a marketplace website where buyers and sellers run transactions with their credit cards.
With Paystack, customers can not only pay you with their cards. They offer your customers several means to buy or pay for your products.
They guarantee the best payment success rate from customers.
Account setup:
They offer quite some uniques business packages:
- Starter business package
- Registered business package
The Starter business package is for entrepreneurs without a registered business name. However, unlike CashEnvoy, you can accept credit payment on your website.
Note: If you’re considering the starter business package, then note that once your business reaches a threshold of N2M in transactions volume, you must upgrade your account with a registered business profile.
Transaction:
You’ll only be charged 1.5% + N100 when a customer makes a transaction in Naira. ₦100 fee is ignored for transactions under ₦2500.
But the maximum amount you’ll be charge won’t be more than N2500 even if 1.5% of a transaction is more than that.
For International Transactions: 3.9% + NGN 100.
Withdrawal:
You will be charge N120.00 for withdrawal of N4000.00 or less
Other transaction:
Whenever you’re verifying your BVN, you’ll be charged N10.
And if you transferring money to anyone, you’ll be charge N50.
Note: These fees are receptive to change. More about their pricing.
Integration:
No integrating fee.
If you’re a developer, you can learn how to setup paystack on your website.
Companies that are using or once used Paystack:
PayLater, Taxify, God is Good motors, Nairabet, Bet9ja, and more.
Difficulty:
Easy to use.
Contact:
hello@paystack.com
4. rave by Flutterwave
rave, a product of the Online Payment Solution Provider, Flutterwave — A company that has processed more than $2.6B since 2016.
With Ravepay you can easily accept payment globally on your website here in Nigeria. You are not limited to naira or dollar, you can charge a customer in any currency.
Similar to Paystack, customers can pay you with their cards, mobile wallet, or directly from their bank accounts.
If you used Paystack on your website before, you’ll find it easy using rave on your website. Their design and backend technology looks much the same.
This platform is currently used by internet companies like Garanntor web hosting and Megabet.
In 2017, they introduced a “Pay with PayPal” feature on their system, providing an option for businesses to accept payments from customers using their PayPal account.
They provide a demo for you to test their system.
Account setup:
They offer functionalities for starter business and companies.
Transaction:
1.4% when a customer makes a transaction in Naira.
The maximum amount charge won’t be more than N2500 even if 1.4% of a transaction exceeds that.
For International Transactions: 3.5%
Withdrawal and Payout:
You will be charge N45 per transaction. This included transfer to anyone.
Note: These fees are receptive to change. More about their pricing.
Integration:
No Integration and Setup fee.
They have support for several platforms like WordPress, Woocommerce, Prestashop, Magento, more.
Difficulty:
Easy to use.
Contact:https://flutterwave.com/contact-sales/
5. InterSwitch Web Pay
This is one of the oldest web Payment Gateways in Nigeria.
A product of Interswitch, the company behind Quickteller.
WebPay is an easy-to-use online payment gateway that integrates directly into your website.
With a simple payment page that can be called from any website seeking to offer visitors the facility to pay for goods or services by their bank-issued cards or other payment tokens.
Before the Treasury Single Account (TSA) was implemented by President Buhari’s administration, most higher institutions in Nigeria uses Webpay to collect tuition fees.
This gateway is still a great option for handling web payments in Nigeria.
Please note that Webpay is not suitable for a new business at all, when compare to other Payment Gateways.
Account setup:
They offer functionalities for starter business and companies.
Transaction:
1.5% when a customer makes a transaction in Naira.
The maximum amount charge won’t be more than N2000 even if 1.4% of a transaction exceeds that.
Integration:
N150,000
Difficulty:
Not that easy to use.
Contact:
PaymentProductIntegration@interswitchgroup.com
Find out more information integrating Webpay on your website.
6. Amplify Pay
This another smart way to accept payments on the web.
Amplify is a secure platform that focuses on providing one-time and recurring payment capabilities to businesses in order to help them thrive. Amplify also provides you with other tools that you need to grow your business online and offline.
Their user Payment Gateway interface looks so great, making it easy for customers to pay with their cards or directly from their bank accounts.
If you run an online business that sells service to subscribers monthly. You can easily handle subsequent monthly charges without prompting the user to enter their card information multiple times.
With their card correction technology, if there’s an issue with your customers’ card, Amplify will automatically retry until payment goes through, for up to 2 days.
You can accept payment in over 40 currencies from VISA, Mastercard, Verve, and American Express. Your customers will also be able to pay directly from their bank accounts.
AmplifyPay mostly focuses on subscription-based businesses.
Account setup:
Free to create an account.
And you’ll need a Certificate of Incorporation, Valid means of identification, Utility bills and a Corporate bank account.
Transaction:
1.4% + N20 when a customer makes a transaction in Naira.
The maximum amount charge won’t be more than N2000 even if 1.4% of a transaction exceeds that.
For International Transactions: 3.8% + N20
They offer volume discounts, should in case your business transfer large sum of money.
Withdrawal and Payout:
You will be charge N100 to transfer money to your registered bank account. This included transfer to anyone.
Your money is sent to your corporate bank account within 24 Hours from the time of a customer transaction.
Note: These fees are receptive to change.
Integration:
No Integration and Setup fee.
They have a wide range of plug-and-play plugins — Woocommerce, Drupal, WHMCS, Opencart and Magento.
Companies that are using or once used Amplify:
Companies such as Whogohost, OneFi, BusinessDay, Credit Direct Limited (Subsidiary of FCMB Bank), Mkobo Mfb, KudiMoney, Xslnce MfB, YOA Direct Limited, Ajebomarket, Payconnect, Advancer Fintech, and many more trust Amplify to process thousands of transaction for them on a daily basis.
Difficulty:
Very easy to use.
Contact:
info@amplifypay.com
You can find more about how their platform works.
7. PayU
Facebook has been using this Payment Gateway for years now to accept payment from customers in Nigeria.
PayU is a leading financial services provider in global growth markets, delivering innovative technology that enables billions of people and millions of merchants to buy and sell online.
Account setup:
They offer the following account for different business needs:
- Startups/Small Businesses
- Small to large Businesses
- Companies with specific needs
To get started with PayU, you’ve to contact them by filling their business enquiry form.
Transaction:
Not provided on their website, you need to contact them.
Withdrawal and Payout:
Not provided on their website, you need to contact them.
Integration:
Can be integrated on a your website. But their business style demands you contact them first.
Difficulty:
I haven’t integrated this gateway before. But you can find great reviews from their customers.
Need extra information about PayU? simply contact them.
8. Paypal
While this is a US company, they currently offer Nigeria Merchants the ability to accept credit card payment online.
Paypal is the Elephant in Payment Gateway space. Founded in 1995, they handle hundreds of millions of payment on a daily basis.
As you’re reading this, several hundreds of payment are been processed by PayPal.
In short, PayPal handles virtually all your payment needs, most especially international transaction.
This is what most bloggers and freelancers use to get paid online.
Account setup:
To create a business account with PayPal, I recommend you read this blog post.
Transaction fees:
PayPal transaction fee varies from countries to countries.
See fees.
Integration:
No Integration and Setup fee needed
They have support for several platforms like WordPress, Woocommerce, Prestashop, Magento.
Difficulty:
This is not hard to setup since almost every tips you need can be found online.
Contact:
9. REMITA
Remita is an electronic payment platform that enables anyone to receive and make payments easily.
This is the primary Payment Gateway the Nigerian government use to accept payment online — powering the Treasury Single Account.
Owned by SystemSpec.
They’re completely reliable and trusted.
Remita offers a wide range of payment methods including Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order and Electronic Purse.
One distinct feature of remita is that it enables you to handle staff payment seamlessly. Though this might not a considerable benefit for a small business.
I don’t know how much volume of transactions they handle per day, but I know they handle a lot.
Account setup:
Free to create an account.
Remita offers a Personal and a Business account.
Both account type allows you to process credit card on your website.
But just like all other Payment Gateways, the personal account is limited for a growing business.
Transaction:
2% when a customer makes a transaction in Naira. The maximum amount charge won’t be more than N2500 even if 1.4% of a transaction exceeds that.
For International Transactions: 4%
Withdrawal and Payout:
You will be charged N100 per transaction. This included transfer to anyone.
Note: These fees are receptive to change.
Integration:
No Integration and Setup fee needed.
You have access to a whole library of plugins ( OpenCart, Prestashop, Woocommerce, Magento, easydigitaldownloads) on Remita to make your eCommerce integrations to the platform easier.
Difficulty:
Relatively easy.
Contact:
support@remita.net
Conclusion
All this payment gateways discuss in this post can handle your basic online payment needs. But, modern business needs like recurring payments or subscription-based services. I recommend you use Amplify, Paystack, Remita, or rave.
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