Promise Excel June 16, 2016
online payment in nigeria

Once upon a time, online payment in Nigeria use to be a kind of “mission impossible” which adversely erected the growth of online stores in Nigeria. Remember those days you have to go and queue in the bank to pay for an ebook of N3000? This was a serious concern for online entrepreneurs because many clients couldn’t take the trouble of going to stand in a long queue to make any payment.

About two years ago, PayPal came into Nigeria with bad good news. They accepted Nigeria to use their service like other countries BUT it came with some annoying limitations. Nigerians can only make payments online but can’t send or receive money directly with their PayPal account. Now, the story has changed. Various online payment gateways have been introduced into Nigeria which has made payment hassle free.  Anyone can receive or make payment online from the comfort of their house through a website.

If you’re like me who doesn’t like playing around with proxies or VPN just to use foreign PayPal account, you may consider these online payment gateways.

10 Best Online Payment Systems in Nigeria

1. Remita

Remita is an e-payment and e-collections solution which can be used by individuals or large organizations. They process over 500 billion Naira every month. Remita enables you to receive funds and make payments easily. Clients can choose one of the following channels to pay you:

  • Debit/credit cards (MasterCard, Visa, Verve)
  • POS
  • Direct debit
  • Digital wallet etc.

Company with 2-200,000 employees can use Remita Payroll & HR to pay their employees effortlessly. Remita can be trusted because even the Central Bank of Nigeria adopted it for the payment and collections of funds on behalf of the Federal government of Nigeria and used by all commercial banks and finance banks in Nigeria.

2. Payza (formerly AlertPay)

Payza is an online payment platform which allows individuals and businesses to use their services. An individual can send money around the world for free while businesses can accept online payments from over 190 countries on their website. They have a robust security and fraud prevention system put in place. When compared to Paypal, PayPal is better than Payza because it is widely used all over the world, more reliable and secure. You should note that you’ll be charged 2.9% + $0.30 USD transaction fee for receiving funds. With Payza, you can receive payment from account holders and from credit card holders.

3. VoguePay

VoguePay is an online payment processor that offers buyers and sellers a secure and easy-to-use means if doing business online. They allow site owners to receive payment for their goods and services on their website without paying for a setup fee.

VoguePay is secure, reliable and user-friendly. For businesses that want to receive payments, you will have to pay a small setup fee for verification purpose. N1500 with CAC Nigeria documents or N2,500 with government issued ID cards.

4. Simplepay

Simplepay is a simple online payment system in Nigeria that helps Nigerian businesses accept card payments (MasterCard, Visa and Verve). The pricing plans are quite affordable for any small or large business owner. Don’t worry about security because Simplepay is PCI-compliant Level 1, the highest security standard in the world for online transaction.

5. SimpleLink

Simplelink is a payment processor from simplepay. It is a link Payment solution for small business owners that do not have website. With SimpleLink you can create a payment link on the go and start selling on SMS, Social media (Facebook, twitter, whats-app etc) or just about  anywhere. Signing up for an account is free.

6. OnlineNaira

OnlineNaira is a trusted online payment gateway that is specifically designed  for people who do business with Africans. It is owned privately by two brothers.

Opening account with Onlinenaira is free and there are no credit checks involved. You just sign up, make a deposit and then start making payment online with the money you have deposited. You can pay for goods and services easily as an African using OnlineNaira.

7. 2Checkout (2CO)

2Checkout is a leading global payment system that allows companies to accept online and mobile payment from buyers worldwide with localized payment options. 2checkout is usually used by big businesses. As a small business owner with limited budget, this may not be the best option for you. However, you can go for it if you can afford a 1.5% fee to payments you accept from customers outside of Nigeria.

8. NetNaira

Netnaira is a robust, efficient and secure online payment system that allows small online business owners to accept payment directly on their website without having to share their bank information with their customers.

People who do not have debit card can also use NetNaira. Setting up a personal account is free. NetNaira also works fine for those with digital products (ebooks, videos etc) since payment made can be confirmed instantly, which ensures quick delivery of goods and services.

9. PayU

PayU is a leading online payment service provider that connects buyers and sellers by providing a fast and simple payment system. With PayU, payment can be made online on a computer, tablet, smartphone or even offline. PayU is present in 16 high growth markets in Asia, Latin America, Africa and so on. PayU makes up a division of Naspers Ltd, a multi-national media group founded in 1915.

10. CashEnvoy

CashEnvoy is a payment service approved by the Central Bank of Nigeria to process online payment for businesses. They accept payment from all the major Nigerian debit cards, international Visa/MasterCards.

Cashenvoy can be trusted by both buyers who want to make secure payment online and sellers who accept payment on their website. With a personal account you can only make payment online but with a business account, you can send money, make payment,  withdraw funds and receive payment.

In conclusion, these online payment systems in Nigeria have different terms and conditions that guide their business operation. Make sure, you do read them thoroughly and ask necessary question before using their services. Choose the service that fits your needs and situations.

Which other online payment gateway in Nigeria do you know? We would like to hear from you.

Remember to share this useful information with your friends.


10 thoughts on “Top 10 Lists of Online Payment Systems in Nigeria

  1. You’ve made some decent points there. I checked on the internet for more information about the issue and found most individuals will go along with your views on this web site.

  2. Wow.. This is is indeed an eye opener. The advent of the internet has brought along great opportunities. But despite this , Online method of paying and receiving funds in Nigeria is a big challenge. Thanks promise, you just revealed some secrets for business growths.

    1. Hey Abuku Orode, Im glad you found value in the article. Keep visiting for more interesting articles.

      You’re rigt, online payment in Nigeria is still a big challenge in Nigeria, that’s why smart entrepreneurs keep working morning and night to make sure they create the best possible option for people.

  3. This is a very comprehensive list.

    Definitely, there are alternatives to pick from despite PayPal not fully accepting Nigeria I to their programme.

    Which one do you think is best suited for SMEs in Nigeria? I heard VoguePay is very secure platform with several tools to accept international payment.

    1. Hey Startup,

      I am glad you found value in the article.

      For SMEs in Nigeria, I’ll recommend you go for VoguePay or OnlineNaira. They’re both good platforms.

      Thanks for visiting anyway.

  4. this is just to say thank you for this,i just followed you on facebook this week,and i have been looking for something like this to use to start selling on my website,i used to know of check out ,but today i now more than that now,so now is it possible to stay in nigeria and sell international with some on the brands you mentioned here,mr excel?

    1. Hi Onyeka,

      Thanks for following me on Facebook. Do shoot me a message so we connect more.

      YES! It is possile to stay in Nigeria and sell to the international market with these services.

      Thanks for visiting anyway

  5. You just said it all Promise, the list here is just it. I have experimented with voguepay and it was a great one.

    1. Hi Emmanuel Ekanem,

      Thanks for visiting. I’m glad you found it useful.

      Voguepay is a great service too

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