Best Payment Platforms in Nigeria: Nigeria is a shining example of Africa’s financial progress in a country where innovation and tradition coexist.

The quick uptake of mobile banking and digital technology has significantly changed how Nigerians conduct business.

This article explores the top 10 payment platforms in Nigeria that are improving security and accessibility for millions of people while also redefining ease.

You can easily send and receive money using these platforms as an individual, business owner, or businessman.

A Payment Platform: what is it?

A payment platform is a type of service that lets businesses and their clients make electronic or transferable payments. It is also known as an interface that lets users pay for products and services through a variety of channels, methods, or both.

You can enter your credit card and personal information when you make a purchase or other transaction on any payment platform. The transaction will be finalized once this information has been validated and returned to the company’s website.

These businesses handle electronic transactions for a variety of companies, including social media businesses, eCommerce websites, corporate organizations like hotels, hospitals, and schools, and smaller companies like MSMEs.

Additionally, they work along with banks and credit card companies to guarantee the safe and effective exchange of money between sellers and consumers.

What to Consider Before Choosing a Payment Platform

Before selecting a payment platform, there are a few important things to take into account. Among the contributing elements are:

Setup Free

Businesses are always on the lookout for payment platforms. All entrepreneurs want to know how to increase their revenue or reduce expenses. Since payment gateways vary in price, pick the one that will work best for your company financially.

Commission Per Transaction

Commission Per Transaction is among the major factors to consider when choosing a payment platform.

Payment options

It would help if you offered your clients as many payment methods as possible. This covers USSD, bank transfers, card payments, and point-of-sale payments. If your company has clients from abroad, it may also entail offering them a variety of ways to make payments in different currencies.

Security

Digital payment methods are risky in addition to being handy. Make sure a payment gateway is secure before selecting it. It is a common security protocol to check if it complies with level 1 PCI-DSS.

What are the Best Payment Platforms in Nigeria?

Here are the best Payment platforms in Nigeria:

1. SendBit

First on our list of top payment platforms in Nigeria is SendBit. SendBit is a payment platform that allows its users to make transactions like creating invoices for businesses, purchasing data and airtime, trading gift cards, dollar cards for purchases, and creating PayPal payments through invoices.

One of the numerous wonderful features that set it apart from other payment platforms is its seamless setup process and user-friendly interface.

With the knowledge of data security and privacy relevance, SendBit provides a layer of security encryption that protects your personal and financial information. That means, once you’re on the platform, you can be sure your information is 100% protected. Also, you get notified instantly when you receive PayPal payments to your SendBit account.

To get started simply sign up for free and verify your identity to start using SendBit.

2. Flutterwave

Next on our top list of payment platforms in Nigeria is Flutterwave. Flutterwave as one of the best because of its setup process. You can easily set up a payment integration you can use to receive card payments.

Another interesting thing about Flutterwave is that they have an app that enables you to list products and advertise your services online in case you’re a business owner.

All you need is your BVN number, account number, and any identification ID. Flutterwave doesn’t come with any annual fee or hidden charges. Other features include:

Flutterwave commission per transaction is 1.4% for local and 3.8% for international.

It accepted payment methods like Mastercard, Visa, USSD, bank transfer, POS, and Visa QR for local transactions and MasterCard, Visa, and Amex for international transactions.

To get started simply sign up for free to start using Flutterwave.

3. PayStack

Next on our list of best payment platforms in Nigeria is Paystack. Over the years, Paystack has proven to be trustworthy. They have an easy-to-use system, which is the major reason most startups opt for them.

As one of the top payment gateways in Nigeria, Paystack is unquestionably setting the standard with incredible benefits and resources to assist customers in closing more e-business transactions.

Paystack currently provides a wide range of services and payment capabilities. Paystack is a leading expert in the field of online payment acceptance.

Just like Flutterwave, the Paystack setup process is free with no annual fee. commission per transaction is 1.5%with 100 naira for local and 3.9% for international. This platform accepts payment methods like mobile money, USSD, bank transfer, and Visa QR for local transactions. Also only three currencies; GHS, NGN, USD.

To get started simply sign up for free to start using PayStack.

4. Interswitch WebPay

One of the earliest payment service providers is Interswitch webPay, a fin-tech financial solution with its headquarters in Nigeria that has been around for a long time.

This accomplishment is undoubtedly a major factor in its widespread recognition and appreciation throughout the African continent, particularly in Nigeria.

The payment solution has a global network reach and well over 50,000 subscribers.

Interswitch webPay has successfully carried out strategic initiatives that more effectively provide small, medium, and big business owners and individuals with a well-organized digital payment infrastructure.

Unlike Flutterwave and Paystack, Interswitch WebPay setup is not free. The setup fee is 150,000 with free annual fee. For transactions below N133,333, a fee of 1.5% applies), and N2,000 flat fee (for transactions above N133,333)

The platform accepts only Nigerian cards, Verve, MasterCard, and Visa payment methods. To get started simply sign up for free to start using Interswitch WebPay.

5. VoguePay

VoguePay is next on our list of top payment platforms in Nigeria worth trusting. Why most people like VoguePay is because it can be easily integrated by businesses or individuals in a matter of minutes.

Every consumer of the financial institution that uses voguePay to collect credit card payments is given round-the-clock technical support.

Additionally, they provide incredibly cheap tax charge deductions to retailers who conduct business with the payment system.

When customers use voguePay for online transactions, they are assured of 100% top quality assurance.

VoguePay setup fee is N1500 (with Corporate Affairs Commission Certificate) and N2500 (with government-issued Identity cards) with no annual fee.

When it comes to commission per transaction, the platform charges 1.5% for Naira cards and 3.8% + 1.5% for Transaction fees and withdrawal fees respectively for international currencies or transactions.
And they accept only Visa, MasterCard, Bank Transfer, and VoguePay Wallet payment methods.

To get started simply sign up for free to start using VoguePay.

6. PayU

PayU is another Nigerian payment platform widely used. It operates in more than 50 locations, including several in Africa, including Nigeria. PayU operates locally in 17 markets: Latin America, the Middle East, Africa, Asia, and Central and Eastern Europe.

They provide a range of payment methods, including credit/debit cards, bank transfers, mobile wallets, and local payment choices, with a primary focus on payment gateway solutions for online businesses.

In certain locations, they also offer financial services like merchant cash advances and consumer lending.

Facebook uses them to collect payments in Naira. They accept MasterCard, Visa, and Verve both locally and internationally. They also accept additional payment methods, such as online and offline electronic bank transfers (EFT). To get started simply sign up for free to start using PayU.

7. Remita

The next top payment platform in Nigeria is Remita. Remita is well-known among Nigerian public university students because many of the nation’s universities accept it as payment.

Remita does charge for setup. You can set up your account for free. Similar to every choice on the list, there is no fee for creating an account; however, there is a 2% transaction fee, with a maximum of ₦‎2,500; international cards incur an additional 2% fee.

Remita is used by businesses including DStv, StarTimes, and the Enugu Electricity Distribution Company (EEDC) to handle consumer payments.

Remita merchants accept payments from a variety of sources, including bank transfers, USSD transactions, debit and credit cards, and point-of-sale terminals.

Clients can also view their financial information, giving them a comprehensive grasp of the financial health of their company. To get started simply sign up for free to start using Remita.

8. Monnify

Nigeria’s top fintech firm, Moniepoint, developed the payment platform Monnify. This Monnify is one of the Best Payment Platforms in Nigeria.

It is an all-in-one electronic payment service provider available for only Nigerians. This platform makes it easier, more convenient, and safer for retailers to process transactions.

The vendor offers platforms that are ready for development, including web and mobile SDK. The API platforms are well documented and provide developers with everything they need to create unique projects and incorporate Monnify into their applications.

Customers can select the settlement alternatives that they want to use with Monnify. In addition to the standard 24-hour payment processing time, users have the option of daily, twice-daily, or rapid settlements.

With Monnify, there is no setup fee or annual fee attached. The commission per transaction is 1.5%, and the payment methods accepted include USSD, card, and Internet transfer. To get started simply sign up for free to start using Monnify.

9. JumiaPay

Among the interesting Nigerian payment platforms is JumiaPay. JumiaPay is an e-commerce website platform that provides you with quick and safe payment reconciliations between merchants and buyers.

With this platform, you can recharge for mobile and WiFi data, Dstv/Gotv subscriptions, and make payment for electricity bills.

When JumiaPay sellers eventually make sales through the Jumia marketplace, they won’t have to worry about how they’re going to get paid for their cards.

The strategy gives merchants access to a wider range of online services while they use the platform to conduct business. To get started simply sign up for free to start using JumiaPay.

10. VPay

VPay is another popular and trustworthy payment Platform in Nigeria. It’s one of the best payment platforms that can help you as a businessman or an individual accept payment through mobile applications.

With the platform, you can accept payment through bank transfer, USSD, credit or debit cards (Mastercard, Verve, and Visa).

What makes it interesting compared to other platforms is its features. Its setup process is easy with a good user-friendly interface. You can get notifications immediately when your payment is successful and it has fraud detection.

The Monthly Subscription Fee starts at ₦1,500 per month and the transaction fees are variable depending on the payment method (e.g., 1.5% for credit/debit cards, ₦50 for bank transfers). To get started simply sign up for free to start using Vpay.