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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 Gateway PayStack Flutterwave VoguePay CashEnvoy DUSUpay Remita Interswitch Webpay 2Checkout Amplify Paypal
Setup Fee Free Free N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards) Free Free Free NGN 150,000 Free Free Free
Annual fee Free Free Free Free Free Free Free Free Free Free
Commission per transaction Local 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 N133,333 3.9 % + $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 accepted Card, 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 Wallet MasterCard, GTBank, Interswitch, eTranzact, Visa, Verve, Suregifts, Flatterwave, Cashenvoy Wallet, Mobile money Rupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many more Internet 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 Visa American Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswitch Verve VISA, Mastercard, Verve, and American Express Credit/Debit Card
Visa, MasterCard, Discover
American Express, Bank Transfer
Fraud & Risk management Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Accepted Currencies GHS, NGN, USD BIF, 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 Naira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR) Multi-currency support These countries local currencies – Ghana, Nigeria, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South Africa Naira, USD Naira only All major
Currencies
More than 40 currencies All major currencies
Set up type Online Online Online Online Online Online Online Online Online Online
Onboarding & Approvals time 30 minutes Immediate 1-5 days NA NA NA 1 – 2 weeks 24-48 hours 1 day 1-2 days
Recurring Billing Yes Yes No No No Yes No Yes Yes Yes
Charges on Refunds No extra charge No extra charge No extra charge No extra charge No extra charge No extra charge No extra charge No extra charge No extra charge No extra charge
SDK Stacks PHP, Android, Nodejs, iOS, Java, Python, R, ReactJS, React Native, Ruby, VueJS, Xamarin, Yii, NativeScript, Groovy, Erlang, Flutter, Angular, Cordova, PHP, Node, Python, Android, iOS PHP, .net, Java PHP JSON .Net, Java, Android, PHP, Python JavaScript, iOS, Android Java, Ruby, .net, C#, Python JSON Java, .net, PHP, Python, Node, Ruby
Settlement time Within 24 hours Within 1 day For local transactions, this is T + 1 days while it is for T + 5 for international transactions) Instant Within 1 day 1 day NA Weekly – Transfer to Bank Account 1 day Payment into PayPal Account Instantly.
Payouts support No No No Yes No No No Yes Yes Yes
Split payments Yes Yes Yes No No No No Yes Yes Yes

1. Setup Fee

Payment Gateway Setup Fee
PayStack Free
Flutterwave Free
VoguePay N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards)
CashEnvoy Free
DUSUpay Free
Remita Free
Interswitch Webpay NGN 150,000
2Checkout Free
Amplify Free
Paypal Free

2. Annual fee

Payment Gateway Annual fee
PayStack Free
Flutterwave Free
VoguePay Free
CashEnvoy Free
DUSUpay Free
Remita Free
Interswitch Webpay Free
2Checkout Free
Amplify Free
Paypal Free

3. Commission per transaction

Payment Gateway Commission per transaction
PayStack Local 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

DUSUpay Card – 4.9%

Bank – 3.5%

Remita

Local – 2%

Foreign – 4%

Minimum – NGN 100

Maximum – NGN 2500

Interswitch Webpay For transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333
2Checkout 3.9 % + $0.45 USD

1.5% cross-border fee

Amplify 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

Paypal 3%

4. Payment methods accepted

Payment Gateway Payment methods accepted
PayStack Card, Bank account, Bank transfer, USSD, Visa QR, Mobile money, POS (coming soon)
Flutterwave Local – Mastercard, VISA, Bank Account, USSD, Bank Transfer, POS, Visa QR

International – Mastercard, VISA, AMEX

VoguePay
Visa, MasterCard, Bank Transfer, VoguePay Wallet
CashEnvoy MasterCard, GTBank, interswitch, eTranzact, Visa, Verve, Suregifts, Flatterwave, Cashenvoy Wallet, Mobile money
DUSUpay Rupay, Visa, MasterCard, Amex, JCB, Maestro, PayD and many more
Remita Internet Banking, Debit/Credit Cards, Bank Branch, POS Terminals, Mobile Wallet, Cash Agents, mPOS, Direct Debit, Standing Order and Electronic Purse.
Interswitch Webpay Nigerian cards, Verve, MasterCard and Visa
2Checkout American Express, Visa, MasterCard, JCB, Neteller, PO, Skrill, Paypal, Bank Transfer, Interswirch Verva
Amplify VISA, Mastercard, Verve, and American Express
Paypal Credit/Debit Card
Visa, MasterCard, Discover
American ExpressIndonasian Bank Transfer

5. Fraud & Risk management

Payment Gateway Fraud & Risk management
PayStack Yes
Flutterwave Yes
VoguePay Yes
CashEnvoy Yes
DUSUpay Yes
Remita Yes
Interswitch Webpay Yes
2Checkout Yes
Amplify Yes
Paypal Yes

6. Accepted currencies

Payment Gateway Accepted Currencies
PayStack GHS, NGN, USD
Flutterwave BIF, 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
VoguePay Naira (N), USD ($), Euro (€), GBP UK Pound (£), Ghanaian Cedi (GHS) and South African Rand (ZAR)
CashEnvoy
Multi currency support
DUSUpay These countries local currenceis – Ghana, Nigeria, Cameroon, Uganda, Kenya, Tanzania, Rwanda, Burundi, South Africa
Remita Naira, USD
Interswitch Webpay Naira only
2Checkout All major
Currencies
Amplify
More than 40 currencies
Paypal All major currencies

7. Set up type

Payment Gateway Set up type
PayStack Online
Flutterwave Online
VoguePay Online
CashEnvoy Online
DUSUpay Online
Remita Online
Interswitch Webpay Online
2Checkout Online
Amplify Online
Paypal Online

8. Onboarding & Approvals time

Payment Gateway Onboarding & Approvals time
PayStack 30 minutes
Flutterwave Immediate
VoguePay 1-5 days
CashEnvoy NA
DUSUpay NA
Remita NA
Interswitch Webpay 1 – 2 weeks
2Checkout 24-48 hours
Amplify 1 day
Paypal 1-2 days

9. Recurring Billing

Payment Gateway Recurring Billing
PayStack Yes
Flutterwave Yes
VoguePay No
CashEnvoy No
DUSUpay No
Remita Yes
Interswitch Webpay No
2Checkout Yes
Amplify Yes
Paypal Yes

10. Charges on Refunds

Payment Gateway Charges on Refunds
PayStack No extra charge
Flutterwave No extra charge
VoguePay No extra charge
CashEnvoy No extra charge
DUSUpay No extra charge
Remita No extra charge
Interswitch Webpay No extra charge
2Checkout No extra charge
Amplify No extra charge
Paypal No extra charge

11. SDK Stacks

Payment Gateway SDK Stacks
PayStack PHP, 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
VoguePay PHP, .net, Java
CashEnvoy PHP
DUSUpay JSON
Remita .Net, Java, Android, PHP, Python
Interswitch Webpay
JavaScript, iOS, Android
2Checkout Java, Ruby, .net, C#, Python
Amplify JSON
Paypal Java, .net, PHP, Python, Node, Ruby

12. Settlement time

Payment Gateway Settlement time
PayStack Within 24 hours
Flutterwave Within 1 day
VoguePay For local transactions, this is T + 1 days while it is for T + 5 for international transactions)
CashEnvoy Instant
DUSUpay Within 1 day
Remita 1 day
Interswitch Webpay NA
2Checkout Weekly – Transfer to Bank Account
Amplify 1 day
Paypal Payment into PayPal Account Instantly.

13. Payouts support

Payment Gateway Payouts support
PayStack No
Flutterwave No
VoguePay No
CashEnvoy Yes
DUSUpay No
Remita No
Interswitch Webpay No
2Checkout Yes
Amplify Yes
Paypal Yes

14. Split payments

Payment Gateway Split payments
PayStack Yes
Flutterwave Yes
VoguePay Yes
CashEnvoy No
DUSUpay No
Remita No
Interswitch Webpay No
2Checkout Yes
Amplify Yes
Paypal Yes

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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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