What is Payment Gateway | 10 of the best Payment Gateways In Nigeria | Considerations When Choosing The Best Payment Gateway Provider In Nigeria

Written by: Destiny Idika

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Published 3 Years Ago On Monday, September 6, 2021
Updated 3 Years Ago On Friday, November 12, 2021


A payment gateway is an online service that authorizes and processes debit/credit card or paypal payements for online marchants and businesses.

According to wikipedia, A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businessesonline retailersbricks and clicks, or traditional brick and mortar. The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such as a payment service provider.

A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank.

check wikipedia for more information



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.


International Transactions: 3.8% + NGN 20

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
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


Choosing the best payment gateway provider for your e-Commerce platform is alaways a difficult process. While choosing, you should ensure that customer payment experience is smooth, fast and secure. This will help to increase trust among the customers and ensure that they come back to purchase other products or services in the future.

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

  1. 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. Government has developed a variety of new secure payment schemes for gateway providers as consumers are becoming more aware of their security and privacy.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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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