Best Payment Gateways in Nigeria

Making online payments is now easy with technology. In fact, some of the finest payment gateways in Nigeria continue to grow in popularity.

Everybody knows the importance of payments and revenues when it comes to running a successful business, especially in a country like Nigeria.

As a matter of fact, being able to get paid when a business makes sales is essential. In fact, it’s the only way to generate revenues to grow the business.

In other words, nothing arguably affects a business operation more than the ability to be able to generate sales and receive payments.

However, this is not a straightforward affair and in most cases, businesses will have to use a third-party company to be able to achieve this.

Best payment gateways in Nigeria

In the past, you could only accept cash payments if you are running a business in Nigeria. However, the options available to you have grown significantly nowadays because modern technology has changed everything.

Furthermore, the popularity of the new generation digital banks in Nigeria continues to have game-changing effects on the country’s fintech and banking sector.

However, the introduction of payment gateways in Nigeria has brought about digital payments which means businesses can offer their customers more options.

Consequently, this also means that business owners will be able to boost their revenue generation, improve their profits and cash flow in the process.

Also, the adoption of modern technology is moving fast in Nigeria. With over 123 million internet users, businesses in the country are now positioned to generate more sales online via ecommerce or social commerce.

In fact, ecommerce in Nigeria has witnessed a massive growth both in revenue generation and business expansion in the recent years. As a result, more business owners are now launching online stores to sell their products.

However, businesses may struggle to choose the best payment gateways because of limited knowledge of payment infrastructure. Below are some of the options for business owners in Nigeria to grow their business.

#1]. Paystack

Established in 2015,  Paystack  has rapidly grown to become one of Africa’s leading payment processing platforms in Nigeria. That is to say, the company helps businesses to easily process payments via innovative solutions and services.

Paystack, which was later acquired by Stripe in a deal worth over $200 million, claimed to have processed over ₦10 billion monthly transactions.

In essence, Paystack is a growth engine for innovative companies and currently boasts of over 200,000 businesses using the payment gateway. It relentlessly focuses on providing tailored payment solutions for businesses.

Today, Paystack boasts to be the payment processor of choice for some of the fastest-growing businesses in Nigeria. Moreover, it offers the fastest, simplest way for businesses to start accepting online payments instantly.

 

#2]. SeerBit

 SeerBit  is another popular online payment gateway in Nigeria that people are using to power their business growth. In essence, it provides secure payment solutions for online and offline payments for businesses across the continent of Africa.

In other words, Seerbit Payments enable businesses to seamlessly collect online payments from customers via debit or credit cards. Also, it allows online payments via transfers, bank accounts, USSD, mobile phones, and etc.

Furthermore, businesses without a website can accept payments by generating a payment link which they share with customers. Also, it offers a recurring payment solution for businesses with subscription products.

SeerBit offers simple tools for your business to accept online payments and grow quickly. Moreover, the platform is built to help businesses to quickly collect online payments from their customers any way they want to pay.

 

#3]. Kora

 Kora  is a fintech company in Nigeria that claims to be a pan-African payment infrastructure company. Essentially, the platform makes it easy for business owners in different African countries to easily trade and pay each other.

The payment company is headquartered in Canada with offices in Nigeria and the United Kingdom. In essence, it helps simplified payments, settlements, collections for your business to easily boost revenues and growth.

With thousands of businesses on the platform, Kora creates solutions that simplify payments and power a future void of digital financial barriers.

Now, you can grow your business beyond your borders and accept payments in any currency from anywhere on the planet. With Kora, you can offer a variety of payment methods for your customers to settle their payments.

 

#4]. Interswitch

Established in Lagos in 2002,  Interswitch  is an household name when it comes to financial services in Nigeria. Basically, the company claims to have created solutions that enable individuals and businesses to prosper across Africa.

The payment infrastructure company doesn’t charge a fee to set up an account on the platform. However, local transactions usually attract a 1.5% fee.

Also, its Verve card is accepted across all payment channels in Nigeria. Also, its Verve Global Card is accepted in over 185 countries across the globe.

The company creates a payment ecosystem that helps businesses to grow and individuals to thrive. Also, its widely accepted card scheme connects everyday people to accessible payment options within and beyond the continent.

 

#5]. Flutterwave

 Flutterwave  is a popular name when people talk about fintech startups in Nigeria. Most of all, the company offers a host of seamless products for individuals, ensuring smooth transactions, endless payment possibilities, and efficient money management.

The platform offers one of the easiest ways for businesses to make and accept payments from customers anywhere in the world. Also, it currently provides payment solutions for over a million businesses across Africa.

Furthermore, the fintech company is driven by the desire to solve problems for businesses and individuals to rapidly grow. It has built the payments infrastructure that connects African businesses to the global economy.

At present, Flutterwave is available in 11 countries and enables merchants to accept payments in more than 20 currencies. Moreover, it aims to simplify payments for endless possibilities for businesses and individuals.

 

#6]. Squad

Powered by HabariPay,  Squad  was launched in 2022 to help businesses to accept payments on any device through any channel. Basically, the payment platform is one of the new names when we talk about fintech startups in Nigeria.

This means you can get the most out of your online transactions by giving your customers a quick and easy checkout experience without any friction.

Additionally, the cost of using this service varies and depends on the method of payments. For instance, it charges 0.1% for virtual accounts, 1% for USSD and payment links, 3.5% for international transactions, etc.

Basically, the payment gateway offers a comprehensive payments solution for businesses of every scale. In addition, it claims to be a reliable, secure, and affordable payment platform for businesses of all sizes.

 

#7]. Monnify

Founded in 2019,  Monnify  is another payment gateway in Nigeria that offers diverse ways for businesses to get paid. In other words, the platform simplifies how businesses accept digital payments both online and offline.

So, this means that businesses can accept payments from their customers on a recurring and one-time basis. Also, businesses can easily, quickly, and affordably pay customers via their mobile and web applications.

In other words, Monnify is a payment gateway for businesses to accept payments from customers, either on a recurring basis or one-time.

Essentially, the platform lets merchants receive offline payments via Moniepoint PoS terminals. Also, it offers a checkout option and virtual accounts. However, it currently only processes payments for customers within Nigeria.

 

#8]. Remita

 Remita  is an electronic payment platform for people to receive and make payments with ease. So, this means businesses can generate more revenues by allowing their customers to conveniently pay via a variety of payment channels.

In other words, Remita is a payment solution that helps individuals and businesses to make and receive payment, Also, you can easily pay bills and manage your finances across multiple banks on a single platform.

Remita lets merchants receive payments via multiple payment sources including USSD, cards payments, PoS terminals, and etc. Moreover, customers get access to their financial data to understand their business finances.

Opening account with Remita is free, however, local transactions normally attract a 2% with extra 2% charge on foreign cards. Also, it supports eCommerce platforms like WooCommerce, Wix, Magento, and OpenCart.

 

#9]. DPO Pay

 DPO Pay  is a fintech company that offers a payment gateway for businesses in Nigeria to grow their revenues. Also, the company is present in more than 20 countries and it’s one of the Africa’s favourite payment service providers.

It offers multi-currency DPO Card that gives you instant access to your funds for in-store or online purchases to help your business grow.

With the DPO Virtual Card, qualified merchants can receive same-day settlement. Additionally, you can easily create a single or multiple use Virtual Card, securely used for online purchases worldwide.

With DPO Pay, businesses can collect online payments from shoppers in Nigeria and internationally. Besides, this means you can get paid NGN, USD, GBP, mobile money payments, PayPal or any other currency of your choice.

 

 

References / Resources

• 👉 Nigerian fintech, SeerBit, wants to build the future of payments . Written By: Chimgozirim Nwokoma. Published On: March 23, 2023.
• 👉 Kora is shaping a future without digital financial barriers in Africa. Written By: Uma Edwin. Updated On: February 26, 2024.
• 👉 What is Remita? Top 10 things you need to know about the platform. Written By: Adrianna Simwa. Published On: August 15, 2023.
• 👉 Payment Gateways in Nigeria for your Business in 2024. Written By: Uche Anaga. Published on: January 20, 2024.
• 👉 16 payment switching and processing companies in Nigeria. Written By: Samson Akintaro.

 

 

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