7 Best Payment Gateway In Nigeria

The digital age has transformed the way businesses operate, especially when it comes to e-commerce and online transactions. In Nigeria, one of Africa’s most dynamic economies, this transformation is evident in the burgeoning e-commerce sector. With the increasing number of businesses offering their products and services online, the need for reliable and secure payment gateways has become paramount.
7 Best Payment Gateway In Nigeria
Recently, Akurateco published a comprehensive expert article on the Nigerian payment landscape, where they touched upon some of the popular payment gateways in Nigeria. However, in this PaySpace Magazine guide, we’re taking a deeper dive to introduce you to the 7 best payment gateways that are making waves in Nigeria. Join us on this journey as we explore their features, benefits, and their vital role in shaping the future of online businesses in Nigeria.

What are Payment Gateways?

Payment gatewaysare integral components in the online payment processing ecosystem. They facilitate transactions by transferring key information between payment portals such as websites or mobile apps and the acquiring bank or front-end processor. This process ensures that the transaction is secure, efficient, and successful.

Key Considerations for Selecting a Payment Gateway in Nigeria

Certainly, when evaluating a payment gateway for your business, especially in a dynamic market like Nigeria, it is essential to be thorough in your assessment. Here are the six primary considerations that businesses should take into account, each carrying its own weight in ensuring a seamless and efficient online transaction process:

Evaluating Costs

One of the first considerations when selecting a payment gateway in Nigeria is the cost associated with the service. It’s essential to analyze the setup fees, monthly fees, and transaction fees to ensure that they align with your business budget.

Analyzing Transaction Success Rates

Transaction success rates are crucial indicators of a payment gateway’s performance. A high success rate signifies a reliable and efficient service that can handle transactions without any hitches.

Assessing Settlement Times

Settlement times refer to the duration it takes for the funds to be transferred from the payment gateway to the merchant’s account. Faster settlement times are preferable as they ensure that businesses have quick access to their funds.

Exploring Payment Choices

Different customers have different payment preferences. What works perfectly in one geographical region will not necessarily fit the preferences of customers in another region. Therefore, a payment gateway should offer a variety of payment options, including credit and debit cards, mobile money, electronic payments, crypto, etc.

Ensuring Payment Security

Security is paramount in online transactions. A reliable payment gateway should adhere to the highest security standards, such as PCI DSS compliance, to protect customer data and prevent fraud.

Exploring Subscription Billing Options

For businesses that offer subscription-based services, it’s vital to choose a payment gateway that supports recurring billing. This feature facilitates seamless automatic payments, ensuring a steady cash flow.

Fraud & Risk management

Fraud and risk management features are essential in protecting both the merchant and the customer. A payment gateway should employ robust fraud prevention tools to mitigate the risk of fraudulent activities.

Akurateco as a perfect solution

While Akurateco is not a traditional payment gateway, it stands out as a white-label payment gateway solution that offers more than just ready payment gateway services. It provides businesses with the flexibility to create a tailored payment gateway that meets their specific needs.


  • Customizable solutions that cater to specific business requirements.
  • Comprehensive fraud prevention and risk management tools.
  • Support for multiple payment methods.
  • Seamless integration with various platforms.
  • PCI DSS compliance to ensure the highest level of security.

Top Payment Gateways in Nigeria 

When it comes to selecting the best online payment gateway in Nigeria, businesses are spoilt for choice. There are several providers offering a range of services that cater to different needs. In this section, we’ll explore the top payment gateways in Nigeria, delving into their history, features, and benefits, to help you make an informed decision.


The Squad is one of the best Nigerian payment gateway that has quickly gained popularity among businesses. It has developed a robust platform that caters to the diverse needs of businesses in the country. Their mission is to simplify payments and drive financial inclusion.


  • Multi-currency support allows businesses to accept payments in various currencies.
  • Secure transactions with PCI DSS compliance, ensuring the highest level of security for customer data.
  • A user-friendly interface that facilitates easy navigation and transaction processing.
  • Support for multiple payment methods, catering to the preferences of different customers.


DPO is one of the leading Nigerian payment gateway providers, serving businesses of all sizes. The company has a rich history of providing reliable and efficient payment solutions. Their commitment to innovation and customer satisfaction has made them a preferred choice for businesses in Nigeria and beyond.


  • Comprehensive fraud prevention tools that safeguard businesses and customers from fraudulent activities.
  • Support for various local and international payment methods, ensuring flexibility and convenience.
  • Seamless integration with e-commerce platforms, facilitating a smooth transaction process.
  • Customizable solutions that can be tailored to meet the specific needs of each business.


OPay is a leading mobile money platform designed to reach 60% of unbanked Africans, providing them with an extensive range of services that make financial transactions simpler and more accessible. Founded with a strong commitment to financial inclusion, OPay has rapidly expanded its customer base, currently serving over 5 million Nigerians. The platform operates on a user-friendly system where a customer only needs the phone number of another user to send payments, thus simplifying the transaction process. Additionally, OPay offers both online and POS merchant accounts, providing merchants with POS terminals to receive payments that have competitively low transaction fees, thereby catering to the diverse needs of its users.


  • Low Fees
  • OPay provides free POS terminals to merchants
  • Instant Transaction Settlement
  • Real-Time Transaction Tracking
  • A full range of merchant business services, including bill payments, transfers, and savings.
  • User-Friendly Mobile App
  • PCI-Compliant APIs, along with free developer documentation, SDK libraries, and Sandbox APK to facilitate API integration
  • 24/7 Support for merchants


Founded by former banking sector professionals, engineers, and entrepreneurs, Flutterwave is an international payment gateway in Nigeria but based in San Francisco. It aims to facilitate business transactions across the globe, focusing particularly on African businesses. The platform was crafted with the primary objective of simplifying the payment settlement process, thereby empowering local merchants to seamlessly accept international payments and, in turn, spur the growth and global expansion of African businesses.


  • International Business Registration in the US, UK, or Nigeria within a mere five days, thus eliminating the hassles associated with paperwork and legal procedures
  • Merchants who sign up for Flutterwave Grow can instantly obtain a corporate account and an international business card at no extra cost
  • Trusted by over 400,000 businesses, including prominent names like Uber, Flywire, and Transferwise
  • A wide range of payment methods, including Mobile Money wallets, MPESA, card payments, and over 150 currencies
  • A responsive, fast, and intelligent checkout process that significantly enhances transaction success rates by reducing waiting times for online orders
  • Professional invoices and track payments
  • Customizable tools designed to support business growth. The platform even allows small business owners to create an online store and sell their products with ease, covering all aspects of trading, including delivery.


This Nigeria-based payment gateway was founded with the mission to help African merchants get paid by anyone, anywhere in the world. The platform, which has revolutionized the online payment landscape in Nigeria, is renowned for its simplicity, security, and seamless integration process.


  • Easy-to-use API and seamless integration process, just a few steps.
  • Supports a wide range of local and international currencies, as well as payment methods, including credit and debit cards, bank transfers, and mobile money.
  • Offers a customizable checkout process.
  • Provides real-time reporting and analytics.
  • Paystack takes security seriously and employs a range of measures, including PCI DSS compliance, to protect both merchants and their customers.
  • The platform offers robust customer support, with a dedicated team available to assist merchants with any queries or issues they may encounter.
  • Merchants can accept payments from customers around the world.
  • Paystack integrates with popular e-commerce platforms like Shopify, WooCommerce, and Magento.
  • The platform supports recurring billing, which is ideal for subscription-based businesses.


Interswitch is a Nigeria-based technology-driven company specializing in payment processing and transaction switching. Established in 2002, this payment gateway in Nigeria is a pioneer in the African payment landscape, providing innovative solutions that facilitate seamless electronic transactions.


  • Offers a range of payment options including Verve, a popular payment card in Nigeria, along with other card types, bank transfers, and mobile money. Also supports multi-currency transactions.
  • Provides a secure and reliable platform, ensuring the safety of both merchants and customers through compliance with international security standards.
  • Integration with various e-commerce platforms and business management tools, simplifying the payment process for online stores.
  • A user-friendly dashboard that offers real-time reporting and analytics, as well as fraud detection and risk management.
  • Delivers exceptional customer support with a dedicated team ready to assist with any queries or issues.
  • Facilitates seamless integration.


VoguePay is a prominent Nigerian payment gateway renowned for its adaptability and user-friendly interface, catering to both website owners and those without a website. The platform accepts a variety of currencies and supports multiple transaction methods including bank transfers, card transactions, USSD, and cryptocurrencies such as Bitcoin.


  • Flexible and user-friendly platform tailored to meet diverse transaction needs.
  • Zero charges for account creation, making it a preferred choice for emerging businesses and SMEs globally.
  • Robust online portal equipped with integrated functionalities including sales analytics, inventory management, and compatibility with third-party add-ons.
  • Over a dozen web-based tools, widgets, and promotional services to enhance functionality.
  • Commitment to secure and transparent transactions for both buyers and sellers.
  • Provision of holistic managed solutions and professional services at domestic and international levels.
  • Advanced tech methodologies ensure meticulous and safeguarded e-payment mechanisms.


Summing up, the choice of a payment gateway is crucial for the success of your online business. It’s important to consider various factors such as cost, transaction success rates, settlement times, and security before making a decision. While there are numerous payment gateways available in Nigeria, the ones mentioned above stand out for their reliability, efficiency, and comprehensive features.

Furthermore, Akurateco offers a unique solution for businesses seeking a tailored payment gateway that meets their specific needs. By choosing the right payment gateway, you can ensure a smooth and successful online transaction process, ultimately leading to the growth and prosperity of your business.

Pay Space

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