Top 10 Best Payment Gateways in Nigeria

Get complete information on the best payment gateway service providers in Nigeria.

Top-10-Payment-Gateways-Devathon

Top 10 payment gateways you should choose for your

E-Commerce store in Nigeria?

Payment GatewayPayStackFlutterwaveVoguePayCashEnvoyDUSUpayRemitaInterswitch Webpay2CheckoutAmplifyPaypal
Setup FeeFreeFreeN1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards)FreeFreeFreeNGN 150,000FreeFreeFree
Annual feeFreeFreeFreeFreeFreeFreeFreeFreeFreeFree
Commission per transactionLocal Cards: 1.5% + NGN 100

International Cards: 3.9% + NGN 100

NGN 100 fee is waived for transactions less than NGN 2500

Other fees: NGN 10 – 50 depending upon the amount

BVN Resolve API: NGN 10 per API call
BVN Match API: NGN 15 per API call

Local – 1.4%

International – 3.8%

Naira cards = 1.5%.
(Transactions above NGN 2,500 = 1.5% + NGN 30)Withdrawal: 0.99% + NGN 99VoguePay wallet & Walletfund transfer: 1% 

International currencies:

Transaction fee: 3.8% +
Withdrawel fee: 1.5% +

Withdraw funds: NGN 120.00
(fee for withdrawals of NGN 4,000.00 or less) 

Receive payments:

Local: 1.5% + NGN 25.00 |

International: 3.9% + NGN 12.60

Card – 4.9%

Bank – 3.5%

Local – 2%

Foreign – 4%

Minimum – NGN 100

Maximum – NGN 2500

For transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,3333.9 % + $0.45 USD

1.5% cross-border fee

1.4% + NGN 20 when a customer makes a transaction in Naira.

The maximum amount charge won’t be more than NGN 2000
even if 1.4% of a transaction exceeds that.

For

International Transactions: 3.8% + NGN 20

3%
Payment methods acceptedCard, Bank account, Bank transfer, USSD, Visa QR, Mobile money, POS (coming soon)Local – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR

International – Mastercard, VISA, AMEX

Visa, MasterCard, Bank Transfer, VoguePay WalletMasterCard, GTBank, Interswitch, eTranzact, Visa, Verve, Suregifts, Flatterwave, Cashenvoy Wallet, Mobile moneyRupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many moreInternet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order and Electronic Purse.Nigerian cards, Verve, MasterCard and VisaAmerican Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswitch VerveVISA, Mastercard, Verve, and American ExpressCredit/Debit Card
Visa, MasterCard, Discover
American Express, Bank Transfer
Fraud & Risk managementYesYesYesYesYesYesYesYesYesYes
Accepted CurrenciesGHS, NGN, USDBIF, 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, ZWDNaira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR)Multi-currency supportThese countries local currencies – Ghana, Nigeria, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South AfricaNaira, USDNaira onlyAll major
Currencies
More than 40 currenciesAll major currencies
Set up typeOnlineOnlineOnlineOnlineOnlineOnlineOnlineOnlineOnlineOnline
Onboarding & Approvals time30 minutesImmediate1-5 daysNANANA1 – 2 weeks24-48 hours1 day1-2 days
Recurring BillingYesYesNoNoNoYesNoYesYesYes
Charges on RefundsNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra chargeNo extra charge
SDK StacksPHP, Android, Nodejs, iOS, Java, Python, R, ReactJS, React Native, Ruby, VueJS, Xamarin, Yii, NativeScript, Groovy, Erlang, Flutter, Angular, Cordova,PHP, Node, Python, Android, iOSPHP, .net, JavaPHPJSON.Net, Java, Android, PHP, PythonJavaScript, iOS, AndroidJava, Ruby, .net, C#, PythonJSONJava, .net, PHP, Python, Node, Ruby
Settlement timeWithin 24 hoursWithin 1 dayFor local transactions, this is T + 1 days while it is for T + 5 for international transactions)InstantWithin 1 day1 dayNAWeekly – Transfer to Bank Account1 dayPayment into PayPal Account Instantly.
Payouts supportNoNoNoYesNoNoNoYesYesYes
Split paymentsYesYesYesNoNoNoNoYesYesYes

1. Setup Fee

Payment GatewaySetup Fee
PayStackFree
FlutterwaveFree
VoguePayN1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards)
CashEnvoyFree
DUSUpayFree
RemitaFree
Interswitch WebpayNGN 150,000
2CheckoutFree
AmplifyFree
PaypalFree

2. Annual fee

Payment GatewayAnnual fee
PayStackFree
FlutterwaveFree
VoguePayFree
CashEnvoyFree
DUSUpayFree
RemitaFree
Interswitch WebpayFree
2CheckoutFree
AmplifyFree
PaypalFree

3. Commission per transaction

Payment GatewayCommission per transaction
PayStackLocal Cards: 1.5% + NGN 100

International Cards: 3.9% + NGN 100

NGN 100 fee is waived for transactions less than NGN 2500

Other fee: NGN 10 – 50 depending upon amount

BVN Resolve API: NGN 10 per API call
BVN Match API: NGN 15 per API call

Flutterwave

Local – 1.4%

International – 3.8%

VoguePay

Naira cards = 1.5%.
(Transactions above NGN 2,500 = 1.5% + NGN 30)

Withdrawal: 0.99% + NGN 99

VoguePay wallet & Walletfund transfer: 1%

International currencies:

Transaction fee: 3.8% +
Withdrawel fee: 1.5% +

CashEnvoy

Withdraw funds: NGN 120.00
(fee for withdrawals of NGN 4,000.00 or less)

Receive payments:

Local: 1.5% + NGN 25.00 |

International: 3.9% + NGN 12.60

DUSUpayCard – 4.9%

Bank – 3.5%

Remita

Local – 2%

Foreign – 4%

Minimum – NGN 100

Maximum – NGN 2500

Interswitch WebpayFor transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333
2Checkout3.9 % + $0.45 USD

1.5% cross-border fee

Amplify1.4% + NGN 20 when a customer makes a transaction in Naira.

The maximum amount charge won’t be more than NGN 2000
even if 1.4% of a transaction exceeds that.

For International Transactions: 3.8% + NGN 20

Paypal3%

4. Payment methods accepted

Payment GatewayPayment methods accepted
PayStackCard, Bank account, Bank transfer, USSD, Visa QR, Mobile money, POS (coming soon)
FlutterwaveLocal – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR

International – Mastercard, VISA, AMEX

VoguePay
Visa, MasterCard, Bank Transfer, VoguePay Wallet
CashEnvoyMasterCard, GTBank, interswitch, eTranzact, Visa, Verve, Suregifts, Flatterwave, Cashenvoy Wallet, Mobile money
DUSUpayRupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many more
RemitaInternet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order and Electronic Purse.
Interswitch WebpayNigerian cards, Verve, MasterCard and Visa
2CheckoutAmerican Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswirch Verva
AmplifyVISA, Mastercard, Verve, and American Express
PaypalCredit/Debit Card
Visa, MasterCard, Discover
American ExpressIndonasian Bank Transfer

5. Fraud & Risk management

Payment GatewayFraud & Risk management
PayStackYes
FlutterwaveYes
VoguePayYes
CashEnvoyYes
DUSUpayYes
RemitaYes
Interswitch WebpayYes
2CheckoutYes
AmplifyYes
PaypalYes

6. Accepted currencies

Payment GatewayAccepted Currencies
PayStackGHS, NGN, USD
FlutterwaveBIF, 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
VoguePayNaira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR)
CashEnvoy
Multi currency support
DUSUpayThese countries local currenceis – Ghana, Nigeria, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South Africa
RemitaNaira, USD
Interswitch WebpayNaira only
2CheckoutAll major
Currencies
Amplify
More than 40 currencies
PaypalAll major currencies

7. Set up type

Payment GatewaySet up type
PayStackOnline
FlutterwaveOnline
VoguePayOnline
CashEnvoyOnline
DUSUpayOnline
RemitaOnline
Interswitch WebpayOnline
2CheckoutOnline
AmplifyOnline
PaypalOnline

8. Onboarding & Approvals time

Payment GatewayOnboarding & Approvals time
PayStack30 minutes
FlutterwaveImmediate
VoguePay1-5 days
CashEnvoyNA
DUSUpayNA
RemitaNA
Interswitch Webpay1 – 2 weeks
2Checkout24-48 hours
Amplify1 day
Paypal1-2 days

9. Recurring Billing

Payment GatewayRecurring Billing
PayStackYes
FlutterwaveYes
VoguePayNo
CashEnvoyNo
DUSUpayNo
RemitaYes
Interswitch WebpayNo
2CheckoutYes
AmplifyYes
PaypalYes

10. Charges on Refunds

Payment GatewayCharges on Refunds
PayStackNo extra charge
FlutterwaveNo extra charge
VoguePayNo extra charge
CashEnvoyNo extra charge
DUSUpayNo extra charge
RemitaNo extra charge
Interswitch WebpayNo extra charge
2CheckoutNo extra charge
AmplifyNo extra charge
PaypalNo extra charge

11. SDK Stacks

Payment GatewaySDK Stacks
PayStackPHP, Android, Nodejs, iOS, Java, Python, R, ReactJS, React Native, Ruby, VueJS, Xamarin, Yii, NativeScript, Groovy, Erlang, Flutter, Angular, Cordova,
Flutterwave
PHP, Node, Python, Android, iOS
VoguePayPHP, .net, Java
CashEnvoyPHP
DUSUpayJSON
Remita.Net, Java, Android, PHP, Python
Interswitch Webpay
JavaScript, iOS, Android
2CheckoutJava, Ruby, .net, C#, Python
AmplifyJSON
PaypalJava, .net, PHP, Python, Node, Ruby

12. Settlement time

Payment GatewaySettlement time
PayStackWithin 24 hours
FlutterwaveWithin 1 day
VoguePayFor local transactions, this is T + 1 days while it is for T + 5 for international transactions)
CashEnvoyInstant
DUSUpayWithin 1 day
Remita1 day
Interswitch WebpayNA
2CheckoutWeekly – Transfer to Bank Account
Amplify1 day
PaypalPayment into PayPal Account Instantly.

13. Payouts support

Payment GatewayPayouts support
PayStackNo
FlutterwaveNo
VoguePayNo
CashEnvoyYes
DUSUpayNo
RemitaNo
Interswitch WebpayNo
2CheckoutYes
AmplifyYes
PaypalYes

14. Split payments

Payment GatewaySplit payments
PayStackYes
FlutterwaveYes
VoguePayYes
CashEnvoyNo
DUSUpayNo
RemitaNo
Interswitch WebpayNo
2CheckoutYes
AmplifyYes
PaypalYes

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Choosing the best Payment Gateway provider in Nigeria

Choosing the best payment gateway provider for your eCommerce website is a tedious process. While choosing, you should ensure that customer payment experience is smooth, fast and secure. This helps to increase trust among the customers and come back to purchase other products or services in the future.

Here are six factors to consider before selecting the payment gateway:

Government-Regulations

Government Regulations

Payment gateway providers must adhere to the regulations imposed by the Central Bank of Nigeria which actively provides regulations through circulars to govern the activities of all players in the industry.<br /> Government has developed a variety of new secure payment schemes for gateway providers as consumers are becoming more aware of their security and privacy.

Multi-Currency-And-International Usage

Multi-currency and International usage

If you are looking to target a foreign customer base, pick a provider that allows customers to pay in their local currencies. There are quite a few gateways in Nigeria that support both multi currency and cross currency conversions. 2Checkout, Paypal, Flutterwave, DuduPay, Amplify etc. gives merchants flexible currency options.

Safety-&-Security-Features

Safety & Security Features

The gateway provider needs to be PCI service provider level 1 certified. Audit certification is an added layer of security. Advanced fraud detection mechanisms must be deployed including both automatic and manual fraud systems to protect you from fraudulent transactions and associated chargeback claims. The transactions that happen over HTTPS using TLS 1.2 (SSL) are more secured.

Payment-And-Customer Support

Payment and customer support

Choose a payment gateway that is beyond payments. Simply put, the provider must offer reliable 24*7 customer support and quick turnaround time while delivering business solutions to measure and improve merchant’s growth. Gateway providers such as Paystack, Flutterwave etc. have modern, frictionless, painless payment environments with live user support.

Mobile-App-And-CMS-Support

Mobile App and CMS Support

Some payment gateway providers offer mobile SDKs along with other options so that merchants can integrate their payment processing system into iOS and Android apps too. A few gateways also have a dedicated app for merchants with features such as on the go status, live tracking, dashboard management among other useful features.

Required-Documentation

Required Documentation

The Provider should have digital Merchant Onboarding which includes an Easy & faster onboarding process without cumbersome documents and red tape. A platform that is agile, supports 100% automated onboarding and offers various API integrations, SDKs and e-commerce platform integrations can be beneficial to specific merchants. The tedious, long, and inconvenient documentation process is just traditional.

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