Nigeria
Digital payments in Nigeria
Population
Online population
Banked population
What is a payment gateway?
A payment gateway is a digital tool that both merchants and their customers can use to facilitate online purchases around the globe through websites or mobile apps. It handles transactions between customers, banks and sellers — delivering encrypted, real-time payment approval. Without it, online checkouts can’t function.
Factors to consider when choosing a payment gateway in Nigeria
Businesses should consider the following before choosing a payment gateway in Nigeria:
- Rates and fees — Compare local and international fees, especially percentage caps in particular
- Accepted payment methods — Cards, USSD, bank transfer, wallets, and mobile money
- Settlement time — Try to find next-day or same-day settlement options
Security and compliance — Services should comply with PCI DSS, PA DSS, - and local standards
- Integration support — Ability to work with WooCommerce, Shopify, Magento
- Mobile accessibility — Especially important in a market where 50% of payments are made via mobile devices
- Customer service — Quick, convenient service can save you from money losses
- Currency support — Should support NGN and, ideally, USD or EUR for international exposure
Paystack
One of Nigeria’s most popular payment gateways used by over 80,000 businesses. Merchants can take payments through cards, transfers, USSD, Visa QR, Apple Pay and more — without a website. Paystack enables customers to generate payment links, invoices and instant integration with the most popular e-commerce platforms.
| Feature | Description |
|---|---|
| Requirements | Business registration, BVN, CAC document |
| Accepted payment methods | Card, bank transfer, USSD, Apple Pay, Visa QR, mobile money |
| Countries available | Nigeria, Ghana, South Africa, Kenya |
| Supported currencies | NGN, USD, GHS, ZAR |
| RequirementsBusiness registration, BVN, CAC document | |
| Accepted payment methodsCard, bank transfer, USSD, Apple Pay, Visa QR, mobile money | |
| Countries availableNigeria, Ghana, South Africa, Kenya | |
| Supported currenciesNGN, USD, GHS, ZAR |
Pros
- Easy setup with no fees
- Almost 100% transaction success rates
- Plenty of options for depositing and withdrawing funds
Cons
- Prohibits local transactions above ₦100 on low volume accounts
- Limited to Africa for now
Rave by Flutterwave
Rave is one of Flutterwave’s flagship products — a payment platform which operates in 36 countries across Africa and the rest of the world. With more than a million business users and clients including Uber and MTN, it’s one of the most influential payment gateways in Nigeria and beyond. It supports card, bank, PoS, and mobile money payments with the ability to customize payment links and include geolocation characteristics.
| Feature | Description |
|---|---|
| Requirements | Business registration, BVN, ID verification |
| Accepted payment methods | Card, bank account, mobile money, USSD, PoS, Visa QR |
| Countries available | Nigeria, Ghana, Kenya, Uganda, US, UK, more |
| Supported currencies | NGN, USD, GBP, EUR, and 20+ others |
| RequirementsBusiness registration, BVN, ID verification | |
| Accepted payment methodsCard, bank account, mobile money, USSD, PoS, Visa QR | |
| Countries availableNigeria, Ghana, Kenya, Uganda, US, UK, more | |
| Supported currenciesNGN, USD, GBP, EUR, and 20+ others |
Pros
- International support in 11+ countries
- Accepts over 20 currencies
- Rapid integration and developer-friendly APIs
Cons
- May require account verification for high-volume use
- Higher international card fees
RexPay
RexPay is a safe and convenient payment gateway in Nigeria developed by a leading African fintech company, Accelerex. It provides real-time online payment services via web and mobile apps, and supports the key payment methods in Nigeria like cards, bank transfers and USSD.
| Feature | Description |
|---|---|
| Requirements | CAC documents, bank verification, merchant form |
| Accepted payment methods | Card, bank transfer, mobile money, QR, USSD |
| Countries available | Nigeria |
| Supported currencies | NGN |
| RequirementsCAC documents, bank verification, merchant form | |
| Accepted payment methodsCard, bank transfer, mobile money, QR, USSD | |
| Countries availableNigeria | |
| Supported currenciesNGN |
Pros
- Quick signup and no maintenance fees
- Clear pricing with local transaction limit
- Compatible with both web and mobile integrations
Cons
- Currently restricted to Nigeria
- No advanced subscription tools for SaaS products
Interswitch WebPAY
Interswitch WebPAY is one of the oldest and trusted payment gateways in Nigeria with Domino’s and BetKing as its clients. It ensures secure online payment processing for domestic and global transactions. However, WebPAY has a relatively high setup cost and is best suited for developed companies.
| Feature | Description |
|---|---|
| Setup fee | ₦150,000 |
| Requirements | CAC registration, corporate bank account, onboarding form |
| Accepted payment methods | Card (Visa, Mastercard, Verve), bank transfer, USSD, QR |
| Countries available | Nigeria, international support |
| Supported currencies | NGN, USD (for international cards) |
| Setup fee₦150,000 | |
| RequirementsCAC registration, corporate bank account, onboarding form | |
| Accepted payment methodsCard (Visa, Mastercard, Verve), bank transfer, USSD, QR | |
| Countries availableNigeria, international support | |
| Supported currenciesNGN, USD (for international cards) |
Pros
- Trusted by the largest Nigerian corporations
- Robust infrastructure and broadband support
- Secure and compliant
Cons
- Setup cost of ₦150,000
- Flat ₦2,000 fee for big transactions
- Less flexible for SMB owners
Monnify
Monnify is a cost-effective payment gateway in Nigeria developed by Moniepoint. With its developer-ready APIs, Monnify can be integrated on mobile and web platforms. It also supports virtual accounts, checkout pages, and tailored payment flows.
| Feature | Description |
|---|---|
| Requirements | CAC documents, BVN, business verification |
| Accepted payment methods | Card, USSD, bank transfer, virtual account |
| Countries available | Nigeria |
| Supported currencies | NGN |
| RequirementsCAC documents, BVN, business verification | |
| Accepted payment methodsCard, USSD, bank transfer, virtual account | |
| Countries availableNigeria | |
| Supported currenciesNGN |
Pros
- Small transaction costs
- Rapid integration for developers
- Flexible settlement frequency
Cons
- Only operates within Nigeria
- No native support for foreign currencies
Remita
Remita is a strong and government -trusted payment gateway in Nigeria, created by SystemSpecs. Merchants can accept payments through cards, bank transfer, USSD, and PoS terminals, and have instant access to financial data and same-day settlement options.
| Feature | Description |
|---|---|
| Requirements | Business registration, account onboarding |
| Accepted payment methods | USSD, debit/credit card, bank transfer, PoS |
| Countries available | Nigeria |
| Supported currencies | NGN, USD (for foreign cards) |
| RequirementsBusiness registration, account onboarding | |
| Accepted payment methodsUSSD, debit/credit card, bank transfer, PoS | |
| Countries availableNigeria | |
| Supported currenciesNGN, USD (for foreign cards) |
Pros
- Trusted for large-volume and institutional payments
- Multiple integration options for websites and platforms
- Same-day settlement for bank transfers
Cons
- Transaction fee 2% (maximum fee is ₦2,500)
- +2% extra fee for foreign cards
- Less flexible for small retailers
Squad
Started in 2022 by HabariPay, Squad is a modern payment gateway in Nigeria that serves startups and large brands. It converts mobile devices into PoS terminals and facilitates online payments using multiple channels.
| Feature | Description |
|---|---|
| Requirements | CAC registration, BVN, account setup |
| Accepted payment methods | Card, transfer, USSD, virtual account, QR |
| Countries available | Nigeria |
| Supported currencies | NGN |
| RequirementsCAC registration, BVN, account setup | |
| Accepted payment methodsCard, transfer, USSD, virtual account, QR | |
| Countries availableNigeria | |
| Supported currenciesNGN |
Pros
- Instant payments via squadPOS
- Customized for Nigerian sellers
- No setup or maintenance fees
Cons
- Only available in Nigeria
- No support for recurring billing
- A system of different fee per method can be complicated
DusuPay
DusuPay is a Nigerian online payment gateway for cross-border payments that provides secure and reliable infrastructure for African merchants with international reach. Using the platform businesses can accept Visa, Mastercard, Verve and a number of global and local payment options, with setup designed for multi-country operations.
| Feature | Description |
|---|---|
| Requirements | Business profile verification |
| Accepted payment methods | Visa, Mastercard, Verve, Rupay, JCB, PayD, Amex |
| Countries available | Nigeria, Uganda, Kenya, Ghana, UK |
| Supported currencies | NGN, USD, GBP, EUR, others |
| RequirementsBusiness profile verification | |
| Accepted payment methodsVisa, Mastercard, Verve, Rupay, JCB, PayD, Amex | |
| Countries availableNigeria, Uganda, Kenya, Ghana, UK | |
| Supported currenciesNGN, USD, GBP, EUR, others |
Pros
- Suitable for any business with international clients
- Quick onboarding and API integration
- Supports card and bank rails
Cons
- Fees are higher than those of local competitors’ (up to 4.9%)
- Not great for very small businesses
- Limited documentation for non-technical users
Opay
Opay is a fast-growing payment gateway in Nigeria, especially popular among small merchants and informal businesses. With its strong mobile-first approach, Opay enables real-time payments via QR codes, USSD, and direct wallet transfers — making it highly accessible in Nigeria’s cashless drive.
| Feature | Description |
|---|---|
| Requirements | Phone number, BVN, CAC for business accounts |
| Accepted payment methods | Opay wallet, bank transfer, QR, USSD |
| Countries available | Nigeria |
| Supported currencies | NGN |
| RequirementsPhone number, BVN, CAC for business accounts | |
| Accepted payment methodsOpay wallet, bank transfer, QR, USSD | |
| Countries availableNigeria | |
| Supported currenciesNGN |
Pros
- Ideal for micro and small businesses
- No setup or annual fees
- Works even in areas with poor connectivity
Cons
- Wallet-based — not ideal for international cards
- Limited support for recurring payments
- Analytics dashboard is basic
FAQ
How do I receive payment in Nigeria?
There are several ways you can do it in Nigeria depending on your business structure: Local transfers: Open a business or personal bank account to get NGN payments through bank transfer (e.g., via NIBSS Instant Payment). Payment gateways: Nigerian payment gateways, such as Paystack, Flutterwave or Monnify, can be used to accept payments online on your website through cards, USSD, mobile money or bank transfer. International transactions: Use Domiciliary accounts to receive foreign currencies via SWIFT. There are some virtual accounts providers like Grey, and Geegpay that offer virtual USD/EUR/GBP accounts for freelancers and businesses.
Which banks allow international payments in Nigeria?
Many Tier-1 Nigerian banks allow international payments, especially if you have a Domicilary account. These include: GTBank Zenith Bank UBA Access Bank First Bank You will need to provide a SWIFT code, an account number, and domiciliary account details to receive international wire transfers. Bank-issued Visa or Mastercard debit cards can be used for card-based international payments (such as Stripe, or foreign marketplaces), but spending limits may be applicable due to CBN regulations.
