Top online payment gateways to use in Nigeria

Top online payment gateways to use in Nigeria

Online payment gateways are software solutions that allow businesses to accept payments online. They work by encrypting sensitive payment data, such as credit card numbers, and sending it to the customer’s bank for authorization. Once the authorization is received, the payment gateway sends the funds to the merchant’s bank account.

Since its establishment, the NIBSS Instant Payment (NIP) has experienced a substantial surge in transaction value. In 2012, transactions through NIP accounted for an estimated value of ₦3.9 trillion ($8.5 billion). However, as of January 2023, this value has multiplied tenfold, reaching approximately N38.7 trillion earlier this year. Thus, the growth in the value of NIP transactions has averaged an annual increase of 41.6% since 2012.

There are several online payment gateways available to businesses in Nigeria, each with its unique features and benefits.

Here is a list of the top 10 online payment gateways in Nigeria, in no particular order:

  • Paystack
  • Flutterwave
  • Remita
  • Interswitch
  • SeerBit
  • Monnify
  • VoguePay
  • GTPay
  • Quickteller Business
  • Amplify
  • OPay

These payment gateways offer a variety of features and benefits, including support for multiple payment methods, competitive pricing, and reliable customer support. When choosing an online payment gateway, it is important to consider the specific needs of your business and your customers.

What to look out for when choosing payment gateways in Nigeria  

Think of how you felt the last time you had to wait while a vendor confirmed your transaction or, even more likely, the last time your payment was delayed.

Sometimes, these inconveniences are caused by a business’ payment gateway. This section will explain some factors you should consider when choosing a payment gateway.


Every business owner is interested in how to make or save more money. Payment gateways are priced differently, so choose one that makes financial sense for your business. Some costs to consider include transaction fees, setup costs, and monthly maintenance fees.

Transaction success rate  

Customers want to complete their purchases with the least stress possible, so choosing a payment gateway with a high transaction success rate is crucial. Customers may be reluctant to conduct business with you when payments repeatedly fall through on your platform. However, discovering which payment gateway has a high transaction success rate is a bit tricky as you often have to depend on what the service provider says. But don’t take their word for it; check the customer reviews for a better understanding of their transaction success rates.

Settlement time  

Settlement time refers to how long it takes to receive your money. Unlike peer-to-peer payments, it could take some time before customer payments get to you. Most payment gateways have a settlement time of 1 to 7 days.  

Payment options   

You want to provide your customers with as many payment options as necessary. This includes payment channels like card payments, bank transfers, PoS payments, or USSD. It can also mean providing them with multiple currency payment options if your business has international customers.


As convenient as digital payment solutions are, they are also fraught with risks. Before choosing a payment gateway, ensure that it is secure. A standard security protocol to watch for is whether it is level 1 PCI-DSS compliant. Most payment gateway providers state this on their websites.

Recurrent billing  

If yours is a subscription business, you don’t have to run after customers at the end of each billing cycle to get them to pay. A payment gateway with recurrent billing functions will ensure that your customers are charged at the right time, freeing you up to handle other areas of your business.

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