Detailed Review of Top 10 Payment Gateways in Nigeria

When you intend to take advantage of the growing digital economy in Nigeria, choosing the right payment gateway can make a world of difference.

To help you decide which one to use, we give an elaborative review of the top 10 best payment gateways in Nigeria.

With all those gauging numbers, getting hold of the best payment gateway in Nigeria could be all your sales and overall customer experience need.

Most businesses would also want an international payment gateway in Nigeria that would handle international customers too.

This would place you in a better position to make informed decisions that guarantee seamless transactions and instil confidence in your clients.

Whether you are looking for a local solution or an international payment gateway in Nigeria, understanding the various payment gateways in Nigeria will help you make informed decisions that will enhance seamless business operations.

Let’s examine the details and review these top 10, highlighting what makes each one stand out in the tough market of Nigerian payment gateways.

1What are Payment Gateways?

2How Secure Are Payment Gateways in Nigeria?

3What Are the Top 10 Payment Gateways in Nigeria?

4What Are the Advantages of Using Payment Gateway in Nigeria?

5How Do Payment Gateways in Nigeria Handle Refunds and Chargebacks?

6What Factors Should You Consider When Choosing a Local or International Payment Gateway in Nigeria?

7Final Thoughts

8Frequently Asked Questions

9Reference

10Recommendations

What are Payment Gateways?

A payment gateway is a technology that safely connects the customer and the merchant in conducting business transactions via the Internet.

In Nigeria, a number of solutions are available, including domestic and international payment gateways.

These payment gateways ensure high reliability and security in customer transactions.

The most suitable payment gateway in Nigeria may differ depending on factors such as cost and the types of payments it supports.

Also, payment gateways like Paystack and Flutterwave are integrated, meaning that Nigerian businesses are capable of accepting payments worldwide.

In general, payment gateways are very important in the context of e-commerce and improving customer satisfaction in Nigeria.

How Secure Are Payment Gateways in Nigeria?

In general, online payment gateways are safe in Nigeria, as different measures are being used in the payment solution to ensure the security of transactions.

These include data encryption, the piracy standard laid down by PCI DSS, and the installation of fraud detection systems to protect sensitive information.

Major players like Paystack and Flutterwave boast strong security features, including two-factor authentication and real-time transaction monitoring.

However, fraud and chargebacks are claimed to be rather common and require continuous vigilantism on the part of both the service provider and the user.

Overall, while the security measures are in place, users need to exercise caution and select the right gateways carefully.

Also Read – Zone, Nigerian Payments Startup, Raises $8.5m in First Funding as a Standalone Business

What Are the Top 10 Payment Gateways in Nigeria?

With manifold options available, selecting an appropriate payment gateway has a great bearing on a business’s success in offering a seamless checkout experience, multiple payment methods, and robust security features.

Here are the lists of the top 10 payment gateways in Nigerian businesses across various fields:

Paystack
Flutterwave
Interswitch
Remita
Monnify
SeerBit
VoguePay
GTPay
PayU
Quickteller

Now let’s dive into the detailed review of each of these top 10 payment gateways in Nigeria

1. Paystack

Paystack by all standards can be described as one of the international payment gateways in Nigeria available with strengths in easy integration, beautiful user interface, and good security features.

The payment gateway is the best, especially for business people in Nigeria, as it provides a seamless way of checking out from the business.

Businesses can pay without a website using the services available in Paystack’s starter account. Paystack also connects with CMS such as WordPress, Shopify, and WooCommerce.

Features of Paystack

Cost: No setup fees
Transaction Fees: 1. = 0. 05 + 100N for local transactions, 3. 9 % + N100 for international transactions
Settlement Time: 24 hours
Payment Options: Bank account/USSD/Cards/Po S/mobile money/ Apple Pay etc.
Security: The payment service provided by offers is PCI-DSS level 1 compliant.

2. Flutterwave

Based in Nigeria, Flutterwave is one of the top 10 payment gateways in Nigeria, allowing companies to make payments in more than twenty currencies.

It is their global payment processing service, which enables people to receive payments online through links without a website.

It also supports CMS platforms such as WordPress, Shopify, WooCommerce, among others, to enhance shoppers’ experience.

Features of Flutterwave

Cost: No setup fees
Transaction Fees: 1.3% of locals for the overall satisfaction with the quality of services the public hospitals provided. 8% for international transactions
Settlement Time: 24 hours
Payment Options: Such as bank transfer, mobile money, cards, mobile money and so on.
Security: Other certifications: PA-DSS & PCI DSS

3. Interswitch

Interswitch is one of Nigeria’s best payment gateways, enabling businesses to collect payments online without stress.

Interswitch is amongst the leading payment gateways in Nigeria, where customers can pay using cards or payment tokens. It is easy to work with websites and mobile applications, which makes it desired by many.

Features of Interswitch

Cost: N150,000
Transaction Fees: 1. 5% for local transactions up to a maximum of ₦2000 and 3. 8% for international transactions
Settlement Time: 24 hours
Payment Options: Bank transfer USSD, card and QR code
Security: PCI DSS compliant

4. Remita

Remita is the most used international payment gateway in Nigeria. The gateways are accepted by most universities, government agencies, and service providers.

It is best for enabling businesses to take customer payments and enabling users to access financial data for business finance analysis. Integrate it with websites, including WooCommerce, Magento, and Wix.

Features of Remita

Cost: No setup cost
Transaction Fees: 2% for local transactions (maximum of ₦2,000), additional 2% for international cards
Settlement Time: 24 hours
Payment Options: Bank transfer, USSD, cards, POS, and more.

5. Monnify

Monnify is a product provided by Moniepoint, a payment gateway through which businesses can securely and conveniently accept payments.

Businesses create an easy way to make transactions on websites and mobile applications.

Features of Monnify

Cost: No setup fee
Transaction Fee: 1.5% per transaction
Settlement Time: 24 hours
Payment Options: Card, USSD, bank transfer

6. SeerBit

SeerBit provides businesses with acceptance services and systems for making payments in Nigeria and across Africa.

Rated as a top payment gateway in Nigeria, it offers various modes of payment to increase sales.

SeerBit’s API tools integrate with a business of any size and will provide access to customer buying behaviour analysis.

Features of SeerBit

Cost: No setup fee
Transaction Charges: 1.5% for local transactions, with a cap of N2,000; 3.8% for international transactions
Settlement Time: 24 hours
Payment Methods: Bank payments, USSD, card, POS, etc.

7. VoguePay

VoguePay makes it easy for businesses to receive and make payments from customers across Nigeria and internationally.

This is the best payment gateway in Nigeria for businesses as it enables flexible payments and ensures real-time monitoring of transactions.

With VoguePay’s API tools, businesses of all sizes can gain insight into customer purchasing behaviour.

Features of VoguePay

Cost: No setup fee
Transaction Fees: 1.5% for local transactions (maximum of N2,000), 3.5% for international transactions
Settlement Time: 24 hours
Payment Options: Bank transfer, USSD, card, POS etc.

8. GTPay

GTPay makes payment processing for myriad organizations in Nigeria easier. Merchants benefit from customized payment needs and services and customer support in Nigeria’s most used payment gateway.

Through API integration, businesses will be able to access various payment channels using GTPay, expediting their revenue enhancement and sales.

Features of GTPay

Cost: No registration, or sign up fee (One has to use a GTBank account for this purpose).
Transaction Fees: 1.5% for local transactions up to ₦2,000
Settlement Time: 24 hours
Payment Options: Bank transfer, card

9. PayU

PayU helps organizations to cope with all the intricacies of payment solutions in Nigeria and other African countries.

It is described as an international payment gateway business in Nigeria that offers international payment solutions and professional fraud prevention mechanisms.

PayU’s API tools can be implemented in SMEs and other companies as an analytical instrument to analyze clients’ behaviour.

Features of PayU

Cost: No setup fee
Transaction Fees: 2. 5 % for local transactions with maximum limits of ₦2,500, 3.5% for international transactions
Settlement Time: 24 hours
Payment Options: Bank Transfer, USSD, card, POS and so on.

10. Quickteller

Quickteller eases cashless payments for Nigerian businesses. As the best payment gateway in Nigeria, it provides features such as automatic matching and payment tracking.

Further, its use of an API that various business channels can implement eliminates some paperwork.

Features of Quickteller

Cost: No setup fee
Transaction Fees: 1.5% of the amount charged for local transactions, subject to a maximum of ₦2,000.
Settlement Time: 24 hours
Payment Options: Bank transfer, USSD,card,POS etc.

What Are the Advantages of Using Payment Gateway in Nigeria?

Payment gateways offer several benefits for businesses in Nigeria:

1. Convenience and Speed

The payment gateways in Nigeria allow customers to safely purchase goods and services online without entering their credit card details every time.

They also help reduce the time taken at check-out since customers can complete the process quickly.

2. Security

Payment gateways safeguard customers’ details through great encryption.

This is because it saves the customer details on a secure server rather than on the merchant server, minimizing hacking risks.

Another aspect is that highly developed fraud detection saves merchants from fraud charges.

3. Global Reach

Local or international payment gateways enable customers around the world to order goods or services for themselves, creating new markets for merchants.

For this reason, the systems support multiple currencies, a factor that makes it easy for businesses to make sales to customers in various countries.

4. Efficiency and Cost Savings

Moreover, establishing online payment gateways requires little investment, and the cost per transaction is considerably lower than that of established payment methods.

Business people can automate their billing process to enhance cash flow and minimize operational expenses.

5. Increased Revenue

This implies that pointing to an appropriate online payment solution is likely to garner more clients, enhancing sales.

The best payment gateways in Nigeria also allow merchants to provide subscription services; this assists in managing and increasing customers’ repetitive invoices.

Despite the advantages, some of the drawbacks associated with using payment gateways include service fees, disputed transactions, and the prevalence of fake identities.

However, if these risks are well mitigated and managed, businesses can enjoy the usual benefits of some of the best payment gateways in Nigeria.

How Do Payment Gateways in Nigeria Handle Refunds and Chargebacks?

Refunds and charge-backs in payment gateway Nigeria are handled differently.

Merchants are the ones who request refunds, which are usually a process of returning money to consumers.

Chargebacks, on the other hand, happen when customers challenge a company’s bill through the bank. This causes the bank to reverse the payment automatically.

Payment gateways issue chargeback alerts, and the merchants are expected to respond to a claim within a day or 24 hours at most.

Merchants must abide by Payment Scheme Rules for chargebacks, and they may be charged fees.

Also Read – Moniepoint: From a Small Startup to an Online Payment Giant

What Factors Should You Consider When Choosing a Local or International Payment Gateway in Nigeria?

When choosing a local or international payment gateway in Nigeria, consider the following factors: When choosing a local or international payment gateway in Nigeria, consider the following factors:

Business Requirements: Determine what your buyers buy and your requirements such as the payment options supported in PayPal and system compatibility with your environment.

Fees and Costs: Setting, transaction, and even possible concealed costs must be considered from the viewpoint of your budget.

Security: Make sure it meets the PCI DSS guidelines and provides adequate security features, such as encryption and fraud prevention.

Settlement Time: It is also important to note how fast the balance is settled in the account.

Customer Support: Efficient customer service is very important since people’s concerns must be addressed immediately.

Bearing these factors in mind, you can choose a payment gateway solution that is efficient and secure while meeting your business requirements and keeping your customers and their transactions happy.

Final Thoughts

Looking at the top 10 payment gateways in Nigeria, various options are available for different types of businesses.

Every gateway mentioned, including Paystack and Flutterwave, has strengths that make it among the best payment gateways in Nigeria.

They include implementing smooth transaction payment systems, such as international payment gateways, in Nigeria, thus enabling businesses to exist in the digital economy.

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Frequently Asked Questions

Which is the best Online Payment Gateway In Nigeria?

This is relative since it depends on the specific features you are interested in in a particular payment gateway. Hence, the fee, security, and mode of payment accepted or permitted act as guidelines to the most appropriate payment service provider.

Which of the two is cheaper to use, between haystack and Flutterwave?

The local transaction fee of Paystack is cheaper than that of Flutterwave. However, it is important to know that the international transaction fees are lower on Flutter Wave than on Paystack.

How Can I Select The Payment Gateway For My Business?

To select an appropriate payment gateway for your business, you can briefly weigh aspects such as transaction charges, Time taken for settlement, modes of payment offered, and transaction success rate.