Knowledge Payment Gateways in Nigeria and Africa

Knowledge Payment Gateways in Nigeria and Africa

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Payment gateways are essential for facilitating online transactions, enabling businesses to accept payments securely and efficiently. In Nigeria and across Africa, numerous payment gateways have emerged, each offering unique features tailored to the diverse needs of businesses and consumers.​:contentReference[oaicite:0]index=0

Top Payment Gateways in Nigeria

• Paystack
  
  
  
  • Founded: 2015 by Shola Akinlade and Ezra Olubi.
    
  • Features: Developer-friendly API, supports payments via cards, bank transfers, USSD, and QR codes.
    
  • Use Case: Ideal for businesses targeting both local and international customers.
    
  • Fees: Local transactions incur a fee of 1.5% + ₦100 (capped at ₦2,500); international transactions are charged at 3.9%.
    
  
  


• Flutterwave
  
  
  
  • Founded: 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji.
    
  • Features: Accepts payments through cards, mobile wallets, USSD, and bank accounts; offers payment links and pages for businesses without websites.
    
  • Use Case: Supports small and large businesses with a focus on mobile-first users.
    
  • Fees: Local transactions are charged at 1.4%; international transactions incur a fee of 3.8%.
    
  
  


• Interswitch
  
  
  
  • Founded: 2002.
    
  • Features: Supports local and international payments via cards, bank transfers, and mobile wallets; includes APIs for seamless integration and recurring billing options.
    
  • Use Case: Widely used by banks, government agencies, and e-commerce platforms.
    
  • Fees: Local transactions cost 1.5% (capped at ₦2,000); international transactions are charged at 3.5%.
    
  
  


• Remita
  
  
  
  • Founded: 2006 by SystemSpecs.
    
  • Features: Offers bulk payment options, invoice generation, and supports USSD, cards, and bank transfers.
    
  • Use Case: Best suited for institutions requiring detailed financial reporting and bulk payments.
    
  • Fees: 2% per transaction (capped at ₦2,500); international payments attract an additional 2%.
    
  
  


• Monnify
  
  
  
  • Founded: 2019 by TeamApt, now known as Moniepoint.
    
  • Features: Specializes in bank transfer payments, offering virtual accounts, automated reconciliation, and flexible APIs.
    
  • Use Case: Suitable for businesses handling large volumes of bank transfers and recurring payments.
    
  • Fees: 1% per transaction (capped at ₦250).
    
  
  


• eTranzact
  
  
  
  • Founded: 2003.
    
  • Features: Offers multi-channel payment options, including cards, USSD, mobile wallets, bank transfers, and POS terminals.
    
  • Use Case: Ideal for government institutions, utility companies, and businesses requiring secure and reliable payment solutions.
    
  • Fees: Local transactions are charged at 1.5%; international transactions incur a fee of 4%.
    
  
  


• PayU
  
  
  
  • Features: Provides fast, simple, and efficient payments across various devices, including tablets, phones, and computers.
    
  • Use Case: Suitable for merchants seeking a versatile payment solution.
    
  • Fees: Local transactions are charged at 2.5% (capped at ₦2,500); international transactions incur a fee of 3.5%.
    
  
  


• Quickteller
  
  
  
  • Features: Simplifies Best payment gateway in Nigeria cashless payments, offering automatic matching and payment tracking.
    
  • Use Case: Ideal for businesses seeking efficient payment processing.
    
  • Fees: Local transactions are charged at 1.5% (capped at ₦2,000); international transactions incur a fee of 3.5%.
    
  
  

Emerging Payment Gateways in Africa

• AfriGo Pay
  
  
  
  • Introduced: January 2023 by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS).
    
  • Features: Provides debit, credit, virtual, and prepaid card options.
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