Top 10 Payment Gateways in Nigeria
Top 10 Payment Gateways in Nigeria
Gone are the days when buyers /clients had to go through serious hassle before they could be able to
pay for products and services online. Business owners either had to travel place to place to collect
payments before delivery of goods, or customers walking into banking halls before they could make
payment and goods be transported to them.
This burden in carrying out transaction has be eliminated since the introduction of online banking. And
over the years, there seems to be quite a number of payment gateways launched in Nigeria trying to
relief customers from the payment hassle and make transactions more convenient in the best ways they
see fit.
In this article, we will be highlighting the best ten payment gateways working in Nigeria. If you are an
entrepreneur, you should be (at the end of the article), choosing one or two to help facilitate your
transactions with clients.
1. Interswitch
Interswitch is one of the oldest and arguably the most popular payment gateway in Nigeria. Founded in
2002, the payment processing platform has expanded beyond the ordinary payment services most
gateways offer; they have their payment system integrated into ATMs all over the country. They own
and run other subsidiary payment companies like Quickteller, Retailpay, and Smartgov. They are also the
regulators behind the popular Verve ATM card. This is payment gateway on one could say is for big
business owners that expect large volumes of transactions daily. The setup fee is ₦150000, you should
take this into consideration before making a final decision.
2. Remita
Remita launched in 2005, is a payment gateway developed by SystemSpecs in Nigeria. The payment
system is majorly used government accounts to receive payments from the public transacting with
government establishments like state boards of revenues, schools, etc. The major clients being the
government clearly indicates that is a reliable platform that can handle quite a large volume of
transaction per day. They operate on a free setup fee, but commission per transaction is 2%.
3. Paystack
Paystack was launched in 2016, and has since then grown to become one of the biggest and most
successful company in the payment processing industry. It’s being used as the primary payment gateway
by major companies in the gambling and online shopping industry because of its security in serving OTPs
to customers and functionality in helping customers to save debit cards, speeding up subsequent
transactions. They offer free setup, charge just 1.5% on local debit cards, and 3.9% for international
cards. It’s one of the few big payment gateways that encourages start-up businesses into its platform.
4. Flutterwave
Flutter wave was launched in 2016, and is one of the fastest growing payments gateway in Africa. They
support payment from over 150 countries, making them a great choice for businesses targeting clients
outside the shores of the country. They operate with a system similar to Paystack, integrating banks and
payment providers, easing the stress of business owners having to do this manually. They also offer
feeless setup, charges 1.4% for local transactions, and 3.8% for international. They currently accept 26
currencies, more than Paystack, Remita or even Interswitch.
5. VoguePay
VoguePay by Vogue Web Solutions was launched in 2012 with a vision of providing buyers and sellers to
do transactions seamlessly and safely. Just like Flutterwave, they accept a wide range of currency
payments, making it ideal for international business owners. Their terms for setting up is ₦1500 for CAC
certificate owners and ₦2500 for users with only ID cards. Their commission package is quite complex;
they collect a 1.5% on Naira transactions and charges 1.5% + ₦30 for payments above ₦2500. For
international transactions, they charge a commission of at least 3.8%, which may increase depending on
transaction amount. They also charge a withdrawal fee of 0.99% + ₦99.
6. CashEnvoy
CashEnvoy founded in 2009, is a payment gateway that pitches itself as the best platform to perform
cash payment transactions. The platform is secure, allows account (business) owners carry out
transactions without exposing financial information. This payment processing platform is one of the
affordable options for start-up businesses; account users gets to spend less on transaction fees. They
charge 1.5% + ₦25 for local transactions and 3.9% + ₦12.6 for international. Aside supporting all
Nigerian debit cards, they also have integrated other payment gate ways like eTranzact, Flutterwave,
Interswitch, etc.
7. GT Pay
GT Pay a subsidiary of Guarantee Trust Bank PLC, is a payment platform that enables registered business
owners to receive payments from all customers owning a debit card powered by Interswitch. The
platform is very secure and business owners gets payments for purchases credited to their account
within 24h hours.
8. UBA Collect
Here’s another payment solution platform owned by United Bank Of Africa PLC; a commercial bank. This
gateway works with business owners , financial institutions and buyers to ensure smooth and safe
transactions. Just like CashEnvoy, they don’t support regular bank cards alone, they have integrated,
other top payment systems in Nigeria.
9. GlobalPAy
This payment solution is owned by Zenith Bank PLC. It helps entrepreneurs seamlessly perform
transactions with clients around the world. The platform, like some of them above supports full
integration, allowing business owners to receive payments from a wide range of cards.
10. eTranzact
eTranzact is one of the few old payment gateway that’s still active to this day. The platform gives
business owners to the ability to receive payments for products on a wide range of debit/credit both
nationally and international. Just like Interswitch, it can perform other transactions like; ATM
withdrawal/transfer, POS transactions, etc.
