This article will discuss the payment gateways in Nigeria and some of the best online payment platforms in Nigeria.

Today, many card processing companies in Nigeria let small businesses accept card payments in retail stores, on the Internet, and even with a cell phone. However, finding the right one for your company isn’t easy.

This article will focus on our top payment gateways in Nigeria and highlight their features. All products/services are listed in no particular order.

Payment Gateways in Nigeria

1. Kora

Kora, formerly known as Korapay, is one of the leading payment gateways in Africa, offering exceptional support to businesses of all sizes. Whether you’re a small startup or a large corporation, Kora ensures seamless operations through its versatile payment solutions.

Kora empowers local businesses to expand across Africa while also enabling global companies to provide localized payment experiences for their African customers.

Why Choose Kora?

Think of Kora as a one-stop shop for all your payment needs. Here’s what it offers:

• Accept Payments: Multiple options, including mobile money, debit/credit cards, and bank transfers.
• Process Payouts: Smooth payment solutions to streamline business operations.
• Verify Customer Identities: Simplify compliance and trust-building with Kora’s identity verification tools.
• Virtual USD Cards: Issue virtual debit cards for your customers or create corporate virtual cards for business expenses.

Key Benefits

1. Multiple Payment Methods
   Accept payments via:
   • Mobile money (M-Pesa, MTN Mobile Money, etc.)
   • Debit and credit cards
   • Bank transfers
   • QR codes

   Provide customers with flexible, convenient options to pay, enhancing their experience.

2. Global Payment Support
   Accept international payments through widely used cards like Mastercard, Visa, and Verve, enabling effortless cross-border transactions.
3. Seamless Integration
   Kora integrates smoothly with platforms like WooCommerce, WordPress, Joomla, and Drupal. Its developer-friendly APIs and plugins simplify the integration process.
4. Intuitive Dashboard
   Monitor transactions, access real-time updates, and manage payments efficiently with Kora’s user-friendly dashboard.
5. Strong Security
   Kora is PCI DSS Level 1 certified, ensuring encryption and fraud detection for secure transactions.

Activating Paystack Live Payment

Individual Accounts

• Business profile (properly filled)
• Valid government-issued ID
• Proof of address (utility bill, rental agreement, etc., within the last 3 months)
• Bank Verification Number (BVN)
• Personal bank account

Registered Entities

• Business profile (properly filled)
• Incorporation documents and shareholding/UBO structure
• Valid IDs for all directors and shareholders
• Operating license (if applicable)
• SCUML certificate (if applicable)
• Proof of address (last 3 months) for directors/shareholders
• Due Diligence Questionnaire (properly filled)
• BVN of a director/shareholder/UBO
• Business bank account

NGOs

• Business profile (properly filled)
• Incorporation documents and shareholding/UBO structure
• Valid IDs for directors, trustees, and shareholders
• SCUML certificate
• Constitution of the NGO
• Proof of address (last 3 months) for directors, trustees, and shareholders
• Due Diligence Questionnaire (properly filled)
• BVN of a director/trustee/UBO
• Business bank account

Fees

Kora has no setup fees, though charges vary depending on your industry. For specific details, contact Kora at korahq.com/contact-us.

1. Paystack

Paystack is a Nigerian fintech company that provides payment processing services to businesses. It was founded in 2015 by Shola Akinlade and Ezra Olubi. In 2020, Stripe acquired Paystack for $200 million. Paystack is headquartered in Lagos, Nigeria, with offices in Ghana, South Africa, and the United Kingdom.

Paystack offers a variety of payment processing services, including online payments, mobile payments, and in-person payments. It also offers fraud prevention, settlement, and other financial services. Paystack is used by businesses of all sizes, from small businesses to large enterprises.

Documents Needed to Activate Paystack Live Payment

• Form CAC 1.1
• Memorandum and Articles of Association
• Certificate of Incorporation
• Registration Number
• Tax Identification Number
• Proof of Business Address
• Proof of Identity and Address for Directors
• Proof of Identity and Address for Shareholders that own up to 51% of your company

For Proof of Address, Paystack can accept one of the following Documents:

• Bank statement
• Utility bills (e.g electricity, water or DSTV bills)
• Tax assessment
• Letter from a government authority

Charges

Setup Fee: Free
Local Cards: 1.5% + ₦100
International Cards: 3.9% + ₦100
₦100 fee is waived for transactions less than ₦2500
Payment Method Accepted: Card, Bank account, Bank transfer, USSD, Visa QR, Mobile money, POS (coming soon)
Accepted Currencies: GHS, NGN, USD

Paystack is a popular payment processing solution for businesses in Africa. It is easy to use, affordable and has a wide range of features. If you are a business in Africa looking for a payment processing solution, Paystack is a great option to consider.

2. Flutterwave

With Flutterwave, you can accept Debit/Credit payments from customers in 154+ countries. Visa, MasterCard, Verve, all supported, your customers in the United States of America, South Africa and Nigeria can pay you directly from their bank accounts and your customers in Nigeria (M-Cash), Kenya (M-Pesa) and Ghana (soon) can pay you directly from their mobile wallets.

Documents Needed to Activate Flutterwave Live Payment

Individual account

• Valid means of ID
• Bank Verification Number
• Web URL/Social Media page
• Residential address
• Personal bank account details
• Estimated Monthly Sales

Business (Limited Entities)

• Full MEMART Document
• Directors’ IDs & BVN
• Corporate Bank Account details
• Operational Business Address
• Verifiable website URL showing business activities
• Operating License (where business is regulated)
• Estimated Monthly Sales

Business (Sole Proprietorship)

• CAC Certificate & Application for Registration for Business Name form (CAC/BN/1 or Form A)
• Proprietor’s Name, ID & BVN
• Corporate Bank Account details
• Operational Business Address
• Verifiable website URL showing business activities

NGOs

• Full CAC Documents
• Trustees’ Names, IDs & BVN
• Corporate Bank Account details
• Operational Business Address
• Verifiable website URL (where required).
• Constitution/Memorandum of Guidance
• SCUML Certificate
• Estimated Monthly Sales

Accepted IDs (coloured copies only)

Driver’s License, International Passport, Identity Card, Permanent Voter’s card

Charges

Setup: Free
Local Cards: 1.4% per transaction
International Cards: 3.8% per transaction
Payment Method Accepted: Local – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR
International – Mastercard, VISA, AMEX
Accepted Currency: BIF, CAD, CDF, CVE, EUR, GBP, GHS, GMD, GNF, KES, LRD, MWK, MZN, NGN, RWF, SLL, RWF, SLL, STD, TZS, UGX, USD, XAF, XOF, ZMK, ZMW, ZWD

3. VPay

VPay is a payment solution designed to help businesses in Nigeria accept payments online and through mobile applications. It integrates seamlessly with the WooCommerce platform, allowing you to accept payments via:

• Credit/Debit Cards: Visa, Mastercard, Verve
• Bank Transfer: Real-time confirmation of payments without manual reconciliation
• USSD: Mobile phone-based payment system popular in Nigeria

Features

• Easy Integration: Simple setup process with clear instructions and a user-friendly interface.
• Multiple Payment Methods: Cater to a wider customer base by offering various payment options.
• Real-time Confirmation: Get instant notifications of successful payments, eliminating the need for manual reconciliation.
• Fraud Detection: Advanced security measures to protect against fraudulent transactions.
• Detailed Reporting: Track your sales and payment performance with comprehensive reports.
• 24/7 Support: Get help from VPay’s customer support team anytime you need it.

Benefits

• Increase Sales: Offer convenient payment options to attract more customers and boost sales.
• Improve Efficiency: Automate payment processing and save time on manual reconciliation.
• Reduce Fraud: Protect your business from fraudulent transactions with advanced security features.
• Gain Insights: Track your sales performance and make informed business decisions with detailed reports.

Charges

VPay offers transparent pricing with no hidden fees. The exact pricing structure may vary depending on your transaction volume and chosen payment methods. However, you can generally expect:

• Monthly Subscription Fee: Starts at ₦1,500 per month.
• Transaction Fees: Variable depending on the payment method (e.g., 1.5% for credit/debit cards, ₦50 for bank transfers).

How to Get Started

• Sign up for a VPay account: Visit the VPay website and create a free account.
• Install the VPay plugin for WooCommerce: Download and install the VPay plugin from the WordPress plugin directory.
• Configure the plugin: Enter your VPay API credentials and enable your desired payment methods.
• Start accepting payments: You’re now ready to accept payments from your customers through your WooCommerce store!

4. VoguePay

VoguePay is a unique online payment gateway for Nigeria whose vision is to offer buyers and sellers a secure and easy-to-use means of transacting business online also VoguePay allows site owners to start accepting card payments online for their goods and services on their website without any setup fee.

Furthermore, the Gateway can process local and international Visa, Mastercard and Verve cards. The setup process is faster as customers don’t have to go thru the Interswitch Certification process.

Fees:

Merchant Verification: N1,500 (with Certificate of business registration and N2,500 )
Verification Fee: 1.5% for transactions under N2500, 1.5% + N30 for transactions above N250
Withdrawal Fee: First withdrawal of the day is free. Subsequent withdrawals attract the fee below:
Withdrawals below N50,000 = N10
Withdrawals above N50,000 = N25
Wallet-to-Wallet Transfer Fee: Free
Integration: Free (fees may apply for customisation)
Payment Methods Accepted: Visa, MasterCard, Bank Transfer, VoguePay Wallet
Accepted Currencies: Naira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR)

5. PayU

PayU is a global fintech company with over 50 markets, including several African countries like Nigeria. PayU has local operations spanning 17 markets: Asia, Central and Eastern Europe, Latin America, the Middle East and Africa.

They Primarily focus on payment gateway solutions for online businesses, offering various payment methods like credit/debit cards, bank transfers, mobile wallets, and local payment options. They also provide financial services like consumer credit and merchant cash advances in some markets.

They accept Local and International MasterCard, Visa, and Verve, as well as other alternative payment methods – Online electronic bank transfer (EFT) and offline, they are also being used by Facebook to collect payment in Naira

However, they have 2 packages which are as follows

Setup: It is free but their White-label package has a fee
Local Cards:  not disclosed by them
International Cards: not disclosed by them

In conclusion, there are still other payment gateways in Nigeria available however we have compiled this list based on functionality and affordability, are you using a better online payment platform in Nigeria? Let us know your experience by commenting below.

Summary

Article Name

Payment Gateway in Nigeria

Description

Read this article to find out the top 7 Payment Gateway in Nigeria including their description, set-up fee and pricing

Author

Anaga Uche

Publisher Name

Anatech

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