Choosing the right payment gateway is essential for Nigerian online stores in 2025. The ideal provider offers smooth checkout experiences, low fees, fast settlements, and support for both local and international payments.
Below are the top payment gateways trusted by Nigerian businesses, with rates, strengths, and best use case recommendations.
1. Paystack – Best Overall for SMEs & Startups
Paystack, Nigeria’s homegrown fintech now part of Stripe, is a favorite among online businesses for its user-friendly dashboard, developer-friendly API, and reliability. It supports cards, bank transfers, USSD, QR codes, and mobile wallets.
Fees: ~1.5% + ₦100 (local, capped at ₦2,000); 3.9% + ₦100 (international)
Settlement: Typically 24 – 48 hours
Ideal For: Small and medium e‑commerce stores, Nigerian startups, WordPress/WooCommerce users
2. Flutterwave – Best for Pan-African & Global Reach
Flutterwave supports over 150 currencies and payment methods including PayPal and mobile money. Sellers targeting both local and international customers benefit greatly.
Fees: ~1.4% (local, capped ₦2,000); ~3.8% (international)
Settlement: Next business day
Ideal For: Businesses expanding regionally or globally via Shopify, WooCommerce, or custom APIs
3. Monnify (by TeamApt) – Best for Bank Transfer Payments
Monnify excels at accepting bank transfers and assigning unique virtual accounts perfect for recurring payments or businesses with regular customer payouts.
Fees: ~1.0% (local bank transfer, capped ₦500); ~1.3% (card payments, capped ₦2,000)
Settlement: Same-day
Ideal For: Nigerian businesses that prefer bank transfer settlement, fintech apps, and subscription services
4. Remita – Ideal for Larger Enterprises & Government Contracts
Built by Nigeria’s SystemSpecs, Remita handles payroll, invoicing, and mass payments with advanced reporting and compliance widely used by public and private sectors.
Fees: ~2% (local, capped ₦2,500); extra fee for international
Settlement: Next business day
Ideal For: Corporate businesses, organizations needing payroll billing or bulk transactions
5. Interswitch WebPay – Trusted for High-Volume Nigerian Firms
A pioneer in Nigerian fintech, Interswitch is well-suited to large-scale operations with advanced fraud prevention and high uptime.
Fees: ~1.5% (local); ~3.5% (international)
Settlement: ~24 hours
Ideal For: Large e‑commerce businesses, banks, and enterprise level clients
6. VoguePay – Great for Subscription Services & Cryptocurrency Payments
VoguePay offers support for cards, bank transfers, wallets, and Bitcoin. Its flexibility includes escrow features and subscription billing.
Fees: ~1.5% (local); ~3.5% (international)
Settlement: 1–3 business days
Ideal For: Freelancers and digital entrepreneurs offering recurring or digital services
7. OPay – Best for Instant Settlement & Rural Coverage
Designed for mobile-first users, OPay provides instant transactions, agent networks across rural Nigeria, and minimal fees.
Fees: ~1% per transaction (capped ₦50)
Settlement: Near-instant
Ideal For: Small businesses, informal merchants, and areas with limited banking infrastructure
8. Kora (formerly Korapay) – Developer-Friendly & Pan-African Capable
Kora offers API-first architecture, handling payouts, virtual cards, and multi-currency support ideal for tech-based businesses scaling across Africa.
Ideal For: Developers and startups building international payment workflows
Quick Comparison
| Gateway | Local Fee | Intl. Fee | Settlement | Best For |
|---|---|---|---|---|
| Paystack | ~1.5% + ₦100 | ~3.9% + ₦100 | 24–48 h | SMEs, WooCommerce, startups |
| Flutterwave | ~1.4% (caps ₦2k) | ~3.8% | Next day | Regional & international sales |
| Monnify | ~1.0% (caps ₦500) | ~1.3% | Same day | Bank-wire focused businesses |
| Remita | ~2.0% | ~2% + intl. fee | Next day | Enterprises, bulk payments |
| Interswitch | ~1.5% | ~3.5% | ~24 h | High-volume or corporate clients |
| VoguePay | ~1.5% | ~3.5% | 1–3 days | Freelancers, subscriptions |
| OPay | ~1.0% (caps ₦50) | — | Instant | Rural/local small merchants |
Which Gateway Should You Choose?
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Go with Paystack or Flutterwave if you’re running an online store or SME seeking multi-method payments and fast settlements.
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Choose Monnify for lower-cost bank transfers or subscription recurring billing.
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Opt for Remita or Interswitch for large transaction volumes or corporate-grade operations.
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VoguePay and Kora are flexible for digital products, subscription creators, or developers needing API-first capabilities.
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If most of your customers are in underserved or rural markets, OPay offers unmatched speed and access.
Final Thoughts
Selecting a payment gateway isn’t just about fees it’s about tools that help you accept payments reliably, securely, and efficiently from your customers.
Consider settlement speed, integration ease, support, and customer base profile. Testing two at once (with toggled checkout options) can be a smart way to compare.
Need help integrating or optimizing payments for your Nigerian online store? Feel free to contact us at Nytek Labs we’ll assist you in choosing the best fit.
