Payment Gateways in Nigeria
Consumers in Nigeria have turned to making payments online rather than the traditional way of making payments. As it is safe, fast, secure and convenient. Therefore, merchants are expected to be able to meet up with these needs.
As a result, there is a wide range of payment gateways to choose from, as a merchant. Before making your choice, proper consideration must be made. You have to know the solutions each provide,the pricing,the payment methods. Is it local or international? Is it safe and secure? Also, go online to know what people are saying about each payment gateway.
In this article we’ll discuss the most popular payment gateways in Nigeria, with their features and pricing:
- Paystack
- Flutterwave
- GTPay
- Interswitch Webpay
- eTtranzact
- VoguePay
- CashEnvoy
- FirstPay Link
- GlobalPay
- PayU
- U-Collect
- DusuPay
- Remita
- Payant
- Paylink.ng
- Monnify
- Amplify
Paystack
Paystack is one of the most popular payment gateways at the moment. It allows merchants accept debit and credit card payments online from their customers. It is an easy and reliable way to accept payments across multiple channels, use payment pages to run online campaigns for your products and services without writing code, with an option to run your subscription business with ease.
As a Paystack merchant, you can payout money directly from your Paystack dashboard to any bank account in the country.
Pricing:
Setup Fee: Free
Local Cards: 1.5% + ₦100
International Cards: 3.9% + ₦100
₦100 fee is waived for transactions less than ₦2500.
Flutterwave
Flutterwave makes it easier for banks and businesses to process payments across Africa. The service allows consumers to pay for things in their local currency; Flutterwave takes care of integrating banks and payment-service providers into its platform so businesses don’t have to take on the expense and burden.
Rave is a product of Flutterwave which allows website owners accept debit/credit payments from customers in 154+ countries. Visa, MasterCard, Verve are supported. Your customers in the United States of America, South Africa and Nigeria can pay you directly from their bank accounts.
Pricing:
Local Payments:
Payment method: MasterCard, Visa, Bank Account, USSD- 1.4%Processing fee
International Payments:
MasterCard, Visa, American Express-3.5% Processing fee
GTPay
GTPay is a product of GTBank one of Nigeria’s top banks.
GTPay is a secure internet payment gateway targeted at facilitating payments online. It plugs in with the existing websites of customers and acts as a bridge between the customer’s website and financial institutions. It also accepts both locally and internationally issued cards including Interswitch, MasterCard and VISA.
Merchants get value next working day after transaction takes place for local transactions and 48 working hours for international transactions
It allows merchants view transactions as they occur.
Pricing:
Setup fee: N75,000
MasterCard/Visa (local): 1.5% of transaction amount (subject to a maximum of N2,000)
Interswitch Verve (local): 1.5% of transaction amount (subject to a maximum of N2,000
MasterCard/Visa (International): 3% of transaction amount; no cap
International Gateway Monthly Charge: N5,000
Interswitch Webpay
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis. A web merchant can receive online payment from cardholders via Interswitch WebPay or Webpaydirect.
Pricing:
Setup fee: N150,000
There is a one-time integration fee of N150,000 and for every subsequent successful transaction, a fee of 1.5% of the value of the transaction subject to a cap of N2,000 is charged. (i.e. for transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333).
eTtranzact
eTranzact is one of Nigeria’s multi-application and multi-channel electronic transaction switching and payment processing platform.
eTranzact has operations in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Cote d’Ivoire, and UK and is currently expanding to many other countries.
Its services includes all types of e-payment from ATM, Internet, POS, and Mobile.
eTranzact also accepts all cards issued locally from Nigerian banks eg cards like Visa and Master Cards.
VoguePay
With VoguePay a website owner can receive payment for their goods and services on their website without any setup fee. VoguePay’s global coverage allows consumers and businesses to safely make and receive payments in all major currencies, regardless of location.
It allows merchants give their customers more ways to pay online ranging from internet banking (direct pay), wallet transfers, mobile payment, subscription billing to Bitcoin payment. Receive and make online payment from anyone even if they have Voguepay account or not.
Pricing:
Setup fee:
N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards)
Verve Card/ Naira MasterCard: 2.5%
Visa (Vpay) integration: 2.5%
International Payments( USD Debit/Credit Card Visa and MasterCard): 4.5% (No Gateway Fees Applicable)
Withdraw Funds:
1% + 120 Naira
CashEnvoy
CashEnvoy is a payment service in Nigeria that allows businesses receive payment online.
Websites that accept CashEnvoy can accept payment from all the main Nigerian debit cards and also from the CashEnvoy wallet.
CashEnvoy facilitates the transfer of money from person-to-merchant using the web application and personal email addresses.
With CashEnvoy you can send money without sharing your financial information and also it has the flexibility of making payment using their bank accounts and debit cards. CashEnvoy registration and making payments is free of charge.
Pricing:
Send/Make Payments (To business account only): Free
Withdraw funds: N120.00 (fee for withdrawals of ₦4,000.00 or less)
Receive payments:
Local: 1.5% + N25.00 |
Intl: 3.9% + N12.60
FirstPay Link
FirstPayLink is a solution that enables internet payments on merchants and ecommerce websites. It is a multi-platform internet payment.
It allows internet payments using InterSwitch, eTranzact, Visa and MasterCard cards.
FirstPayLink is a product of First Bank Nigeria.
Pricing:
Setup fee:
A one-off implementation cost of N50,000 per Switch (Card scheme), to be borne by the Merchant.
Transaction fees:
Transaction charge of 1.5%, subject to a maximum of N2,000. To be borne by the Merchant
GlobalPay
With a one-time integration, GlobalPAY enables merchants receive payments via MasterCard, Visa and Verve cards from any part of the world.
With GlobalPAY, your website will also have the functionality of accepting and monitoring mobile payments made via mobile phone.
An online log is available to view all transactions as they occur on your website.
GlobalPAY accepts MasterCard, Visa, Verve and eTranzact cards. GlobalPay is a product of Zenith Bank Nigeria.
Pricing:
Setup fee (Local): ₦75,000.00
Transaction fee: 1.5% of transaction amount (subject to a maximum of ₦2,000
Setup fee (International): ₦75,000.00
Transaction fee: 3.5% of transaction amount; no cap
Monthly Access Fee: ₦5,000.00
Foreign Settlement Charge: $50 (per settlement)
PayU
PayU is a secure, easy and convenient way for your customers to pay you. All you need is the customer’s email address or phone number to send the payment link to your customer and allow them to easily pay via card. The current payment methods include credit cards and e-commerce enabled debit cards.
Click on this link: https://www.payu.com.ng/business to choose a plan that is best for your business.
U-Collect
U-Collect is a solution which allows merchants to accept card payments from customers who desire to do online purchases using their various cards. It is a gateway that connects merchants, cardholders, and financial institutions, offering the assurance of secure transactions and timely payments.
It processes all local types of card payments (Verve, Genesis, MasterCard, Visa and eTranzact. Also, international payment from MasterCard and Visa are accepted.
Pricing:
Setup fee: Free
Free monthly fee.
Transaction fees: 1.5% (with a maximum cap of N2000) per transaction.
DusuPay
DusuPay provides the most secure, efficient, simple and fast infrastructure to process payments globally with Africa. get started for free.
It accepts payments from Visa, MasterCard and Verve.
Pricing:
There are 4 plans available. Check out their pricing page: https://www.dusupay.com/pricing, to choose which suits your business best.
Remita
Remita is one of the top payment gateways in Nigeria. It’s the number one choice from the government to collect digital payments meaning its a reliable party to work with.
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.
Pricing was not disclosed at the time of writing.
Payant
A payment gateway for websites and mobile application developers to accept instant online payments from their users directly from their applications. They operate just like Paystack, flutterwave and other recently built payment solutions. But they are predominantly in the Northern region of Nigeria. Payant also have invoicing feature for their merchants.
Transaction Fee: Local payments 1.4% (Transaction fees capped at ₦2,000). International Payment: 3.5%
Paylink
Paylink is a payment solution for you to receive money INSTANTLY into your bank account from Anyone, Anywhere, Anytime.
Whether you run your business on Instagram, Twitter, Facebook, Snapchat or you have a website which customers visit to pay you, this solution is a perfect fit for you. All you have to do is get a link customized to your business or personal profile name and logo, and send them to your customers for payment.
With Paylink, you can easily:
- Receive Payments for Goods & Services
- Receive Donations & Fees.
- Receive Events’ Contributions.
- Receive Payments instantly
Using paylink also allows you to conveniently receive payments through various channels, including:
- USSD- Debit/Credit Card
- Internet Banking- Wallets
Monnify
Monnify is a payment gateway for businesses to accept payments from customers, either on a recurring or one-time basis. Monnify offers an easier, faster and cheaper way for businesses to get paid on their web and mobile applications using convenient payment methods for customers with the highest success rates obtainable in Nigeria.
Using Monnify, your customers can make payment to you on your website or app by initiating a simple interbank transfer using USSD, internet banking or their mobile banking app.
Pricing:
Account Transfer: 0.75% Fee is capped at ₦200 per transaction or ₦100 Flat rate
For Cards: 1.3% fee is capped at ₦2,000 per transaction/
Amplify
Customers in 100+ countries can pay through Amplify. Amplify is one of the sways to accept and manage recurring payments in Nigeria. All there transactions are processed via a PCIDSS compliant and 3D Secure payment gateway via an SSL encrypted channel. Also, they operate a 24-hour settlement timeline. Payments made through Amplify will be in your company bank account within 1 day.
Pricing: Amplify charge a fixed fee of ₦100 for any settlement to users’ registered bank account.
LOCAL CARDS: 1.5% + ₦20
INTERNATIONAL CARDS: 3.8% + ₦20
At Accounteer, we encourage our customers to have at least one payment gateway in use, which can be integrated to our platform to enable them get paid 3X faster.
The Nigerian payment gateways that are currently available on our platform are: Paystack, Rave, Interswitch, SimplePAY, DusuPay.
