As Nigeria’s business landscape evolves, so does the demand for robust digital payment systems. With the growth of eCommerce, fintech innovations, and increasing internet penetration, there’s fertile ground for businesses to thrive in the digital economy. At the heart of these operations is the payment gateway—a vital component that ensures businesses can receive payments seamlessly and securely. In this post, we’ll explore the Top Payment Gateway Companies in Nigeria and how they’re shaping the way businesses transact online, creating new opportunities for both merchants and consumers in the digital space.
What are Payment Gateways?
A payment gateway is a technology that facilitates the secure transfer of payment information between a payment portal (such as a website or mobile app) and a bank. It ensures that businesses can seamlessly receive funds from their customers through various payment methods like credit cards, bank transfers, and mobile money. Payment gateways act as the intermediary, authorizing transactions and enabling businesses to operate efficiently. With the growing demand for digital transactions, Top Payment Gateway Companies in Nigeria are increasingly essential, providing reliable solutions that cater to both local and international payment needs.
What to Look Out for When Choosing Payment Gateways in Nigeria
When choosing a payment gateway for your business in Nigeria’s vibrant eCommerce sector, it’s essential to consider a few key factors to ensure a seamless payment experience. Here’s what to look for when evaluating the Top Payment Gateway Companies in Nigeria:
-
Transaction Fees: Understand the percentage or flat rate charged per transaction. Different gateways have varying fee structures, and these costs can significantly impact your bottom line. It’s wise to compare fees among providers.
-
Settlement Time: The time it takes for a gateway to transfer funds to your bank account varies. Some offer same-day settlement, while others may take longer. Fast settlement times can improve cash flow, which is crucial for businesses managing high transaction volumes.
-
Payment Options: Opt for gateways that support multiple payment methods, such as cards, USSD, bank transfers, and mobile money. The flexibility allows you to cater to a wider range of customers, accommodating different payment preferences.
-
Security: Ensuring the gateway complies with global security standards, like PCI-DSS, is critical for protecting your business and customers against fraud. Security should be a top priority when choosing a gateway.
-
Customer Support: Reliable, quick support can be essential when issues arise, especially if you handle large transaction volumes. Access to knowledgeable support can help resolve problems efficiently and maintain customer trust.
-
Recurrent Billing: If you run a subscription-based business, selecting a gateway that offers automatic recurring payments can simplify billing and improve customer retention.
-
Ease of Integration: Seamless integration with your website or app is vital. Look for gateways that provide comprehensive API documentation and plugins for popular eCommerce platforms to reduce the complexity of integration.
Evaluating these factors among the Top Payment Gateway Companies in Nigeria will help you make an informed decision tailored to your business needs, ensuring you select a reliable and efficient payment partner.
Nominate Your Company for the Cosmopolitan The Daily Business Awards!
Does your business deserve global recognition? Nominate now for the Cosmopolitan The Daily Business Awards and celebrate your achievements in innovation, creativity, and impact. This award is open to companies of all sizes and regions, from local innovators to global leaders. Stand out in your industry and showcase your success.
Top 10 Payment Gateway Companies in Nigeria
1. Paystack
Paystack has become a household name in Nigeria’s fintech ecosystem since its inception. Founded by Shola Akinlade and Ezra Olubi, Paystack was acquired by Stripe in 2020 for over $200 million. This payment gateway is integrated with multiple eCommerce platforms, including Shopify, WooCommerce, and BigCommerce, allowing businesses to process transactions smoothly.
Key Features:
- Cost: 1.5% + ₦100 for local transactions, 3.9% + ₦100 for international.
- Settlement Time: Next-day settlement.
- Security: PCI-DSS compliant.
- Payment Options: Cards, bank transfers, USSD, PoS, Apple Pay, and more.
- Recurrent Billing: Available for subscription-based businesses.
With over 80,000 businesses using Paystack, its reliability and high transaction success rate make it a top choice for many Nigerian businesses.
Official Website: Paystack
2. Flutterwave
Flutterwave, one of the top payment gateway companies in Nigeria, has revolutionized payment solutions for businesses across Africa. Founded by Olugbenga Agboola, this Nigerian fintech giant has processed billions of dollars in transactions and gained popularity for its scalability and flexibility. In 2021, Flutterwave achieved unicorn status, further cementing its position as a major player in Africa’s fintech landscape.
Key Features:
- Cost: 1.4% for local transactions, 3.8% for international transactions.
- Settlement Time: 24 hours.
- Payment Options: Bank transfers, cards, mobile money, Visa QR, PoS, and more.
- Security: PA DSS & PCI DSS compliant.
- Recurrent Billing: Available for card payments.
Flutterwave’s global reach and ability to process payments in over 20 currencies make it ideal for businesses with international customers.
Official Website: Flutterwave
3. Interswitch
Interswitch, one of the Top Payment Gateway Companies in Nigeria, has been a pioneering force in the fintech landscape, providing electronic payment solutions for over two decades. Known for its Verve card—a strong competitor to Mastercard and Visa—Interswitch has firmly positioned itself as a major player in local and international transactions, driving innovation and accessibility in financial services across the region.
Key Features:
- Cost: 1.5% for local transactions (capped at ₦2,000), 3.8% for international.
- Settlement Time: Next-day settlement.
- Payment Options: USSD, cards, bank transfers, and QR codes.
- Security: PCI DSS compliant.
- Recurrent Billing: Available.
Interswitch’s API integration allows seamless transactions across multiple channels, making it suitable for eCommerce and traditional brick-and-mortar businesses.
Official Website: Interswitch
4. Monnify by Moniepoint
Monnify by Moniepoint is one of the top payment gateway companies in Nigeria, offering a comprehensive solution for payment processing to businesses of all sizes. Known for its competitive transaction fees and flexible settlement options, Monnify enables seamless financial operations, making it a preferred choice in Nigeria’s thriving fintech landscape.
Key Features:
- Cost: 1.5% for local transactions.
- Settlement Time: Next-day or customizable options (daily, twice daily, instant).
- Payment Options: USSD, card payments, bank transfers.
- Security: PCI DSS compliant.
- Recurrent Billing: Not available.
Monnify is especially popular among startups and small businesses for its affordability and ease of integration.
Official Website: Monnify by Moniepoint
5. SeerBit
Founded in 2020, SeerBit aims to be Africa’s go-to payment solution for businesses. Currently operating in eight African countries, it has quickly grown to serve over 15,000 merchants. SeerBit’s white-label solution allows businesses to provide customized digital banking and payment options to their customers.
Key Features:
- Cost: 1.5% for local transactions, 3.8% for international.
- Settlement Time: Next-day settlement.
- Payment Options: Cards, bank transfers, PoS, mobile money, USSD.
- Security: Level 1 PCI-DSS compliant.
- Recurrent Billing: Available.
SeerBit’s ability to process payments in 13 different currencies makes it appealing for businesses with international clients.
Official Website: SeerBit
6. Remita
Remita is well known for its use in Nigerian universities and public institutions for fee payments. It is also popular among private organizations for payroll processing and invoicing. Remita supports multiple payment channels, ensuring businesses receive payments in a variety of ways.
Key Features:
- Cost: 2% transaction fee capped at ₦2,500.
- Settlement Time: Same-day for most transactions.
- Payment Options: Cards, bank transfers, PoS, USSD.
- Security: PCI-DSS compliant.
- Recurrent Billing: Available.
With its deep integration into Nigeria’s public sector, Remita is a trusted solution for government payments and large organizations.
Official Website: Remita
7. RexPay by Accelerex
RexPay by Accelerex stands out as one of the Top Payment Gateway Companies in Nigeria, providing a seamless payment experience for businesses. As a leading fintech, Accelerex ensures that RexPay integrates smoothly into web and mobile applications, allowing merchants to accept payments from customers via multiple channels, including cards, bank transfers, USSD, and more. This versatile solution enables businesses to streamline their payment processes, offering reliability and convenience in one of Africa’s most dynamic financial markets.
Key Features:
- Cost: Zero setup fees, competitive transaction rates.
- Settlement Time: Real-time for some transactions.
- Payment Options: Cards, USSD, bank transfers, and QR code.
- Security: Advanced fraud detection and PCI-DSS compliant.
- Recurrent Billing: Available.
RexPay’s advanced features for real-time transaction monitoring and fraud prevention make it a favorite among businesses seeking robust security.
Official Website: RexPay by Accelerex
8. Kora
Kora is a payment gateway that offers businesses easy integration with web and mobile platforms. It provides payment solutions for businesses both in Nigeria and internationally, including GIG Logistics and MyXalary.
Key Features:
- Cost: 1.5% on local transactions (capped at ₦2,000).
- Settlement Time: Next-day settlement.
- Payment Options: Cards, mobile money, bank transfers.
- Security: PCI DSS Level 1 certified.
- Recurrent Billing: Available.
Kora’s ability to facilitate transactions across borders and its seamless integration with major eCommerce platforms make it an excellent choice for businesses looking to scale globally.
Official Website: Kora
9. Squad by GTCO
Squad, a new contender in the Nigerian payment gateway sector, has been making waves since its launch by GTCO through its fintech subsidiary, HabariPay. Positioned among top payment gateway companies in Nigeria, Squad has gained rapid traction with competitive pricing and seamless integration with GTCO’s extensive banking network. This strategic alignment not only boosts Squad’s visibility but also places it in strong competition with established players in Nigeria’s payment gateway landscape.
Key Features:
- Cost: 0.1% for virtual accounts, 1% for USSD and payment links.
- Settlement Time: Next-day settlement.
- Payment Options: Cards, USSD, bank transfers.
- Security: PCI DSS compliant.
- Recurrent Billing: Not available.
Squad’s flexible transaction fees and reliable integration with the broader GTCO banking ecosystem make it an attractive option for businesses across Nigeria.
Official Website: Squad by GTCO
10. Paga
Paga is one of Nigeria’s most successful fintech startups, originally founded to provide mobile payment solutions to the underbanked population. However, it has since grown into a full-fledged payment gateway, offering businesses various payment processing services. Paga provides both web and mobile integrations, making it versatile for different business needs.
Key Features:
- Cost: 1.5% on local transactions.
- Settlement Time: Same-day settlement.
- Payment Options: Bank transfers, mobile wallets, cards, and USSD.
- Security: PCI DSS Level 1 compliant.
- Recurrent Billing: Available.
Paga’s wide reach, especially among Nigeria’s unbanked and underbanked populations, makes it a compelling choice for businesses looking to tap into broader segments of the market.
Official Website: Paga
Conclusion
Nigeria’s payment gateway landscape is rich with options, each catering to different business needs. From small eCommerce startups to large multinationals, businesses can choose from Top Payment Gateway Companies in Nigeria to find the perfect fit for their operations. Leading providers such as Paystack, with its reliable integrations, Flutterwave, known for its international reach, and Interswitch, boasting longstanding credibility, allow businesses to offer customers a seamless and secure payment experience, ensuring smooth transactions and fostering growth.
By carefully evaluating factors like cost, settlement time, security, and available payment methods, businesses in Nigeria can make informed decisions and select the most suitable gateway from the top providers to meet their needs and drive success.
Disclaimer:
The list of entities provided here is intended for informational purposes only and does not constitute a recommendation, endorsement, or advice. We make no representations or warranties regarding the accuracy, reliability, or completeness of the information. Readers are strongly encouraged to perform their own research and due diligence before making any decisions related to these organizations. This list is a generic compilation and is not associated with Cosmopolitan The Daily Business Awards or its award winners. We assume no responsibility or liability for any outcomes resulting from actions taken based on this information, including, but not limited to, financial or contractual commitments.