E-commerce has grown so much in Nigeria and Africa over the past decade. This has been one of the driving forces behind the emergence of online payment gateways. Today, there are many top players in this industry.
The business world is changing rapidly into a digitalised one where transactions are made virtually. Businesses offer their services online while consumers pay for these goods and services the same way as it is fast, convenient and safe.
Due to the increase in online transactions, business owners are expected to meet up with increasing demands.
There are a lot of online payment platforms to consider for your business. However, before deciding on one, you must put into consideration important details about the gateways such as the payment methods, features, security, pricing and so on to enable your customers to perform their transactions seamlessly.
Here is a list of the top online payment gateways in Nigeria for E-commerce:
Please note that the list below is in no particular order.
It is one of the most popular payment gateways for small businesses in Nigeria. It requires zero integration and maintenance fees and only charges a little amount per transaction.
It allows customers to use any payment method like a bank account, card, Visa QR and so on. It can be used by both local and international customers.
Paystack was bought by Stripe in 2020 for a reported fee of $200 million. They now have a new payment feature that has been missing in a lot of African payment gateway systems. Paystack can now receive and process your Apple Pay transactions.
Paystack charges its local transactions at 1.5% + #100 (waived for transactions less than #2500). Its international transactions are charged 3.9% + #100 and the pay-out is #50 per transaction.
Flutterwave has made amazing strides over the years and their recently attained unicorn status is proof.
They are another fast-growing payment gateway in Nigeria. They help business owners accept payment both locally and globally.
Rave supports payment with any currency of the world. It allows cross-currency conversions as well. It accepts card and bank account payments.
Rave offers a white-label solution free to businesses and companies.
Local transactions are charged at 1.4% + #50 (#100 is waived for transactions less than #2000). It charges 3.5% for international transactions and the pay-out is #45 per transaction.
It is a product of First Bank of Nigeria which enables internet payments on e-commerce websites. It allows payment using eTranzact, InterSwitch, MasterCard and Visa cards.
One notable thing about this payment gateway is that it is quite easy to navigate and integrate. FirstPay Link is accessible in Nigeria and Abroad 24/7. It is also a very secure mode of payment.
Its setup fee is #50,000 per switch (Card scheme). Its transaction fee is charged at 1.5%, subject to a maximum of #2,000.
This is the oldest and one of the most reputable and reliable payment gateway services in Nigeria.
Interswitch is used by big corporations, including banks.
Its integration fee is a one-time payment of #150,000. Transaction fee for every transaction below #133,333 is 1.5% and #2000 flat fee for transactions above #133,333.
It enables customers to make payments safely in all major currencies both at home and abroad. It also accepts payment in Bitcoin.
One thing notable about VoguePay is that it has a simple API that makes integration easy, even for non-developers. There is no integration fee but charges apply for customization.
Local transactions are charged at 1.5% and international transactions at 3.8% + 0.50 of currency transaction. Merchant verification fee is #1,500 with CAC and #2,500 with government-issued ID cards.
It affords users a secure and fitting way to receive payments from customers. To use PayU, all you have to do is set up an account on their website. To receive payment from a customer, you will have to send a payment link to the customer’s email address or phone number. The customer can then make the payment via a debit or credit card through the link.
PayU has different flexible plans streamlined for various businesses.
GTPay is one of the most popular and secure internet payment gateways in Nigeria. It was developed by GTBank to ease online payments.
One limiting factor of GTPay is that you can only use it if you have a GTBank account.
GTPay accepts both international and local debit or credit cards. It takes about 24 hours for local transactions carried out by merchants to be processed. International transactions take about 48 hours to process.
GTPay has a setup fee of #75,000.
Local transactions are charged at 1.5% of the transaction amount (maximum of N2,000). International transactions are charged at 3% of the transaction amount (no cap). There is also a monthly gateway charge of #5,000 for international transactions.
Amplify isn’t probably the first name you’d hear when you talk about internet payment gateway in Nigeria. But it is one of the smartest ways to carry out recurring payments in Nigeria.
All payments made through Amplify are usually processed within 24 hours. Amplify also have a card correction technology whereby incomplete transactions are retried for up to 2 days.
Amplify can receive payment from up to 40 currencies from Mastercard, VISA, American Express and Verve. Customers are also able to pay directly from their bank accounts.
It is also possible to accept payment without a website.
There is no setup fee for Amplify. But local transactions are charged at 1.5% + #20 (maximum of #2,000). International transactions are capped at 3.8% at #20.
Founded in 2014, Remita is an online payment gateway that allows you to receive and make payments on your apps and websites. They also have ready-to-use plugins, SDKs and APIs that make setting up developer-friendly.
With Remita, you can receive payments from customers in various methods: Inline Payments, Mobile SDKs, eCommerce Plugins, and Recurring Payments.
You can also get paid by simply generating payment requests or invoices.
One of the cool features of Remita is its Payroll management system. It can help you manage your payroll and HR management needs.
Set up and support fee is free for Remita. Local transactions are charged at 2% (Min ₦100 – Max ₦2,500) while international transactions are charged at 4%.
How To Choose the best Payment Gateway provider For You in Nigeria
Choosing the best payment gateway provider for your eCommerce website in Nigeria can be a difficult task. However, by ensuring a smooth, fast, and secure customer payment experience, you can increase trust among customers and encourage repeat business.
Here are six factors to consider when making your selection:
Payment gateway providers must adhere to regulations set by the Central Bank of Nigeria and should have secure payment schemes provided by the government.
Payment and customer support:
Choose a provider that offers reliable 24/7 customer support and quick turnaround times, as well as business solutions to measure and improve merchant growth.
Multi-currency and international usage:
If you plan to target a foreign customer base, look for a provider that allows customers to pay in their local currencies and supports multi-currency and cross-currency conversions.
Mobile App and CMS Support:
Some providers offer mobile SDKs and dedicated apps for merchants, with features such as live tracking, dashboard management, and on-the-go status updates.
Safety and security features:
The provider should be PCI service provider level 1 certified and have advanced fraud detection mechanisms, including automatic and manual fraud systems, to protect against fraudulent transactions and chargeback claims. Transactions should also be conducted over HTTPS using TLS 1.2 (SSL) for added security.
The provider should have digital merchant onboarding with easy, fast, and automated processes, without cumbersome documents and red tape. Look for a platform that offers various API integrations, SDKs, and e-commerce platform integrations to make the process more convenient for merchants.
There are several top online payment gateways in Nigeria. Each has its own unique features and selling points so it is up to you to choose the best option for your e-commerce business. Our list of payment gateways in Nigeria will help you decide which is best for you.
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