Fast-forward to today, and the impact is undeniable. The cashless policy has been a catalyst for the rapid growth of online businesses, unlocking new opportunities for payment infrastructure development. The emergence of payment gateways has streamlined transactions across various channels, including card payments, bank transfers, Point of Sale (PoS) payments, and USSD transactions. This shift has not only enhanced payment efficiency but also opened doors for innovation and financial inclusion, paving the way for a more dynamic and interconnected economy.
What is an Online Payment Gateway?
A payment gateway is a service that makes it easier for businesses and their clients to send money or even make electronic payments. Another name for it is an interface that enables consumers to pay for goods and services through a variety of channels, methods, or both. A customer will be taken to the payment gateway’s website to enter their credit card details and personal information when they make a purchase or complete any other transaction. The transaction will be finalised once this information has been validated and returned to the company’s website.
Top 8 Best Online Payment Gateways in Nigeria
The Nigerian fintech industry has witnessed tremendous growth, driven by innovative payment gateways that have transformed the way businesses transact online. Here are some of the leading payment gateways in Nigeria, offering seamless payment solutions for businesses and individuals alike.
8. Paystack
Paystack, acquired by Stripe, is one of Nigeria’s pioneering payment gateways. Founded by Shola Akinlade and Ezra Olubi, Paystack offers businesses a range of payment methods and robust security features. With its presence in over four African countries, Paystack has processed over ₦10 billion in monthly transactions. Its standout feature is the ability to receive payments without a website, using payment pages and invoices. Paystack integrates with popular eCommerce platforms like Magento, Wix, WooCommerce, Shopify, BigCommerce, and Drupal. We have published a comprehensive guide and Paystack Review that I highly recommend you check out.
7. Rave by Flutterwave
Flutterwave, Africa’s largest fintech company, provides payment solutions for over one million businesses across Africa. Its Rave payment gateway offers versatility and compatibility with various payment methods, including card and mobile money. With a presence in 11 countries and support for over 20 currencies, Rave enables merchants to accept payments online without a website. Its integration with eCommerce platforms like Shopify, Joomla, WooCommerce, PrestaShop, and Ecwid makes it a top choice for businesses.
6. RexPay by Accelerex
RexPay, powered by Accelerex, is a leading online payment gateway in Africa. It provides seamless payment services to merchants, enabling real-time debits and credits. RexPay supports multiple payment channels, including cards, accounts, transfers, USSD, and QR Code, across major payment schemes and card brands in Nigeria.
5. Interswitch WebPAY
Interswitch WebPAY, a product of Interswitch Group, offers a secure and straightforward way for businesses to accept online payments. With its extensive network and innovative technology, Interswitch WebPAY is a reliable payment gateway for e-commerce and brick-and-mortar businesses. Its integration with WordPress sites via plugin enables customers to pay by cards or payment tokens. However, its setup cost of N150,000 and transaction fee of 1.5% may be a drawback.
4. Monnify by Moniepoint
Monnify, created by Moniepoint, is an all-in-one electronic payment service provider. Prominent businesses like Cowrywise, Thrive Agric, and Bankly utilize Monnify for its secure, uncomplicated, and convenient transactions. Monnify offers development-ready platforms, web and mobile SDKs, and API documentation for custom projects. Its affordability and flexibility in settlement options make it an attractive choice for businesses.
3. Remita
Remita, developed by SystemSpecs, is a versatile payment gateway catering to government institutions, educational organizations, corporate clients, and more. Its structured financial management capabilities make it a preferred choice for entities requiring precision and reliability.
Key Features of Remita Payment Gateway:
- Supports various payment channels: USSD transactions, debit/credit cards, PoS terminals, and bank transfers
- Provides access to financial data for clear business insights
- Compatible with e-commerce sites like WooCommerce, Wix, Magento, and OpenCart
- Same-day payment settlements for most transactions, with card transactions settled the next day
- Transaction fees: 2% capped at ₦2,500, with an additional 2% charge for foreign cards
How to Sign Up:
- Visit the Remita website and click on “Merchant Registration”
- Fill out the registration form with your business details
- Provide required documents, such as business registration certificates and identification
- Submit your application and await verification
- Once verified, you’ll receive your merchant ID and login credentials
2. Squad by GT Bank
Squad is a revolutionary payment gateway designed by HabariPay, a Guaranty Trust Holding Company subsidiary. Launched in 2022, Squad empowers small businesses and large corporations with flexibility and convenience.
Key Features:
- Transforms mobile phones into powerful point-of-sale devices
- Offers fast, secure payments through USSD, virtual accounts, and shareable links
- Provides unique infrastructure for developers, enhancing easy integration opportunities
- Supports multiple payment channels, including card and mobile payments
How to Sign Up:
- Download the Squad app from the Google Play Store or Apple App Store
- Register for an account with your business details and identification
- Verify your account through the OTP sent to your phone number
- Set up your payment preferences and start accepting payments
Developer Integration:
Squad provides APIs and SDKs for developers to integrate its payment gateway into their applications. Documentation and support are available on the Squad website.
1. Opay is now the best online payment gateway in Nigeria
OPay is a mobile payment platform that has evolved into a super app, offering ride-hailing, food delivery, and other on-demand services. Its payment gateway is designed for developers to accept payments on their websites or apps.
Key Features of Opay:
- Fraud prevention and automatic chargeback prevention
- Two-factor authentication and HIPAA compliance
- Supports various payment methods, including cards, QR payments, and OPay Wallet
- Compatible with different types of businesses, including restaurants, digital agencies, and online retailers
How to Sign Up:
- Visit the OPay website and click on “Merchant Registration”
- Fill out the registration form with your business details
- Provide required documents, such as business registration certificates and identification
- Submit your application and await verification
- Once verified, you’ll receive your merchant ID and login credentials
Developer Integration:
OPay provides APIs and SDKs for developers to integrate its payment gateway into their applications. Documentation and support are available on the OPay website. TheÂ
Conclusion about Best Online Payment Gateways in Nigeria
Nigeria’s payment gateway landscape has witnessed significant growth, driven by innovative solutions that cater to diverse business needs. From Remita’s structured financial management to Squad’s mobile point-of-sale capabilities and OPay’s super app features, each payment gateway offers unique strengths. By understanding the features, benefits, and integration processes of these payment gateways, businesses can make informed decisions to streamline their payment processes, enhance customer experience, and drive growth. Whether you’re a small business or a large corporation, Nigeria’s payment gateways have something to offer, paving the way for a more efficient and interconnected economy.
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