Before the emergence of online payment system, payment operations were manually done which lead to a slowdown in settlement of transactions. During the course of the past ten years the Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, launched the first major initiative to modernize the payments system. The starting point was to automate the cheque clearing system and make it a veritable platform for development of online/electronic payment channels. Hitherto, the nation’s quest of migrating from cash to cashless economy has been on the front burner. Analysts have posited that if Nigeria is to meet the target of becoming one of the leading world economies by the year 2020, efforts must be made to embrace online payment system in its entirety.
Being able to receive payment online means using a payment processor which involves using electronic funds, web processing solution as well as database updating when the process is successful. It means the transfer of funds from your buyer’s account to your account through a trusted platform. Imagine you as an entrepreneur or a non-profit organization in Nigeria, you developed a business idea and you intend creating a website for your market and sell your products and services online but all of a sudden, you got sucked and quit the business because there is no fast and easy means of receiving the payment of your products, services or donations from your customers or donors online.
Doing business online means having customers from virtually anywhere in the world. Once you have your website or shopping cart ready, the next thing is payment processing! Many thanks to all Nigeria Payment Gateway that has allowed Nigerians receive payment online at Affordable Pocket friendly setup fees.

For the purpose of documented research, I’ll be writing about the top 10 Nigerian Payment gateway in Nigeria (fees charged, available plugins/modules)





S/N Processor Setup Fee Transaction fee (local) Available Plugins Settlement
1 Interswitch 150,000 1.5% woocomerce, OpenCart, Prestashop and Magento Customer’s account
2 GTPay N75, 000 1.79% woocommerce, opencart,prestashop,magento Customer’s account
3 CashEnvoy Free 2.5% + 12.60 woocomerce, OpenCart, Prestashop and Magento CashEnvoy Wallet
4 Paga Free 1.5% Wordpress Paga Wallet
5 BizCheckout 5000 1.5% woocomerce, OpenCart, Prestashop and Magento Customer’s account
6 Zenith Globalpay 75,000 1.5 ` woocomerce, opencart, Prestashop and Magento Customer’s account
7 PayStack Free 1.9% + 100 Woocommerce, magento, shopify PayStack Wallet
8 Etranzact 60,000 1.3% Opencart Customer’s account
9 Voguepay 2500 2.5 % woocommerce, OpenCart, Prestashop and Magento Wallet
10 SimplePay 300 1.5% woocommerce, OpenCart, Prestashop and Magento Wallet

Disclaimer: the above documentation was gathered according to the amount of research done at the time and therefore subject to review.



From the above table, it can be deduced that Interswitch has the highest setup fee, with GTpay and Zenit Global Pay in the tie. SimplePay has the least Setup Fee (bank verification) while others are free.
Majority of this payment processors receive payment in a withholding wallet, waiting for registered merchants for withdrawal. However, a certain percentage is charged on withdrawal from Wallet to bank account from the likes of Voguepay, Simplepay etc.; usually averagely 1.5% + N10.
My favourite from the above is Bizcheckout (atleast for now). My justification remains the fact that it charges 1.5% transaction fee with settlement straight to bank account. Fantastically, it also supports all my favourite CMS with Easy integration.

What is your take?

Citation: ediaro.com