A payment gateway is an application that makes the online payment process very simple and easy. It is actually a medium that connects a merchant's mobile application or website with the bank.
When you make payments through a payment gateway, the merchant's website sends your debit/credit card details to the gateway for confirmation. The payment gateway then verifies the details from the bank and the amount gets transferred from your bank account to the merchant's bank account.
If you are running a startup or building a small business brand, it could be quite difficult to choose a Payment Gateway that best suite your business needs. So here is a list of the best online payment gateways in Nigeria curated by our team.
Paystack is one of the top fintech companies in Nigeria that provides businesses with everything they need to accept and make payments online. It's simple, secure, affordable and fast for either small, medium or large business. Over thirty thousand businesses in Nigeria including big brands like MTN, Taxify, Domino's, Iroko TV, and GIGM use Paystack for accepting online payments.
It is easy and free to get started: You can easily setup Paystack on your site or app even without the aid of a developer in a few minutes.
Paystack provides tools to help you grow: Apart from payments, you can get reliable support and business solutions that you can use to measure and improve your growth.
It ensures you get paid: Payments can be completed in 2 to 3 steps. Your customers can make payments directly on your website.
Setup fee – free
Maintenance fee – None
Local transaction charge – 1.5% + ₦100 (The ₦100 fee is waived for transactions less than ₦2500).
International Transactions of 3.9% + ₦100.
Payouts: ₦50 per transaction.
2. Rave by Flutterwave
RAVE by Flutterwave is the second fastest growing payment gateway in Nigeria after Paystack. The online payment solution makes accepting of online payment for both business and individual easy, safe and secure for its customers. With Rave, you can receive and make payments locally and globally with no hassles and zero set up fees.
Multi-currency support: Rave supports payment with any currency of the world. It also supports cross currency conversions.
It allows card and account payments. So you can directly debit your customers' bank accounts.
Rave has a white label solution offered absolutely free to businesses and companies.
Setup fee – free
Maintenance fee – None
Local transaction charge – 1.5% + ₦100 (The ₦100 fee is waived for transactions less than ₦2000)
International transactions charge – 3.8%
Payouts: ₦45 per transaction.
3. InterSwitch WebPay
Interswitch is the oldest and most reputable online payment service provider in Nigeria (mostly used by big brands including banks). 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 organizations on a timely and consistent basis. When it comes to online payment in Nigeria, Interswitch has managed to harvest the largest share of the market to itself.
It is powered by Interswitch, a trusted name in payments.
Integration to WebPAY using an InterSwitch Certified WebPAY Integration Partner (CWIP) at no extra cost.
One-time integration fee: ₦150,000.
Transaction fee: 1.5% subject to a cap of ₦2,000 is charged. (i.e. for every transaction below ₦133,333, attracts a fee of 1.5% ), and ₦2,000 flat fees (for transactions above ₦133,333).
VoguePay is another simple, safe, and secure way to receive online payments in Nigeria. It gives consumers and businesses the opportunity to safely make and receive payments in all major currencies, irrespective of your location. Furthermore, VoguePay also accepts payment in Bitcoin. You can accept one-time payments, set up subscriptions, and even receive donations.
It has multiple payment channels, thereby leaving your customers with lots of options
You easily integrate payment to your website through the use of plugin libraries and extensions
You can easily manage a business or personal accounts based on your needs.
Vogue has simple API documentation to make integration easy, even for non-developers.
It supports all currencies for payments. You get paid in your default currency.
Integration fee: Free ( however, fees may apply for customization)
International transactions fee (USD MasterCard & Visa cards): 3.8% + 0.50 of currency transaction
Merchant Verification fee: ₦ 1,500 (with CAC) and ₦ 2,500 (with Govt. issued ID cards)
GTPay is a payment gateway solution developed by GTbank, one of the top banks in Nigeria. The payment solution is a secure internet payment gateway developed to facilitate payments online using Debit Cards issued by banks on the Interswitch Network. GTPay plugs in seamlessly with the existing websites of customers and acts as a bridge between the customer's website and financial institutions (Banks).
Provides a convenient alternative payment channel to all customers.
Enables cardholders to pay merchants (our customers) for internet purchases of goods and services from the comfort of their offices/homes by supplying details of their local debit/credit cards.
Ensures transaction amount is deducted from cards instantly and merchant's account credited within 24 hours.
One-time integration fee: ₦75,000.
Local transactions fee: 1.5% of transaction amount (subject to a maximum of ₦2,000).
International transaction fee (MasterCard, VISA): 3% of transaction amount; no cap.