Nigeria Payment Methods

With the advanced technology and the rise of Internet use today, online payment is now a developing trend in the country. Aside from the usual bank payment methods that the people use to settle payments, the transactions done online in Nigeria is now increasing due to its accessibility and convenience.

With online payment solutions, Nigerians are able to enjoy various services offered internationally and transact with different merchants around the world.

Nigeria Payment Methods

Payment Options in Nigeria

In Nigeria, the biggest online payment methods are the mobile and web payment solutions.

Here, we give you a list of various payment options that cater to Nigeria:

GTBank: GT Pay

Guaranty Trust Bank is a Nigerian Financial institution that spans its services across Africa and the United Kingdom. This type of payment promotes cashless means between transactions.

Features and Benefits:

  • Safe, secure and one-stop internet payment gateway
  • Accepts both local and international payment cards including MasterCard, VISA and Interswitch
  • Enables merchants and customers to facilitate from both local and international online transactions using debit cards that are issued by banks
  • Allows merchants to view transactions as they occur through its online monitoring console.
  • Offers timely processing of transactions
  • Allows local merchants to reach global customers
  • Promotes cashless transactions

Alertpay/ Now Payza

Alertpay, now known as Payza is a leading global online payment platform that specializes services on corporate disbursements, e-commerce processing and remittances for clients around the world.

Features and Benefits:

  • Offers various online services such as fraud screening services, mass, and single remittances, fraud screening services, invoicing, and such
  • Operates in US Dollars
  • Available option for transferring money to your Nigerian bank account
  • Has instant payment notification feature that allows clients to know of any transactions that involve their account
  • Operational within Nigeria and in 197 countries in the world
  • Flexible and efficient loading with withdrawal methods such as global bank wire systems, credit and debit card system, local bank transfers and prepaid cards
  • Affordable and convenient way to receive international payments.

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eTranzact

eTranzact is an award-winning multi-application and multi-channel e-transaction and payment processing platform in Nigeria. It operates in most part of Africa and UK as well as to other countries.

Features and Benefits:

  • Operates in Nigeria, Ghana, Zimbabwe, Kenya, South Africa, Cote d’Ivoire, and the UK
  • Supports all major payment networks such as MasterCard, VISA and AMEX
  • Multi-channel electronic payment platform
  • Secured transactions through security checks that are run on payment cards

Simplepay

Simplepay helps clients from small businesses and online merchants that have an email to securely and adequately make and receive online payments.

Features and Benefits:

  • Offers free payment service that is available for use via PC and mobile devices
  • Cost-effective payment service
  • Renders its services to small and online merchants
  • Network formed on bank accounts and credit cards
  • Enables users to make free payments
  • Users can use Internet-connected PC and mobile devices to perform online transactions
  • Enables users to send and receive credits via email: one credit is equivalent to N100

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CashEnvoy

It is owned by Electronic Settlement Limited which focuses its services on providing a safe and convenient online payment platform.

Features and Benefits:

  • Safe, easy and convenient monetary transaction via online brought by the Internet
  • Account can be funded with Nigerian debit cards or bank transfer
  • Charges transaction fee for when receiving money (percentage from the amount received and fixed transaction fee)
  • Can be used to make a monetary donation
  • Can be used to transfer money via a web application and personal email address
  • Allows account owners to send money anonymously
  • Approved by the Central Bank of Nigeria to process web transactions

Interswitch: Internet Pay

Interswitch is an African-based integrated payment and transaction processing company that facilitates technology integration, payment processing, advisory services, and other electronic processing services to individuals and organizations on a timely and invariable basis.

Features and Benefits:

  • Provides online real-time transactions
  • Clients are able to have access to their funds across 24 banks in Nigeria, in ATMs, Point of Sale (PoS), Mobile phones, Online, and Bank Branches and kiosks
  • Supports major networks including MasterCard, Verve, China Union Pay and other partner networks
  • Uses relational database technology that offers clients portability and reliability

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UBAU: U-Collect

The United Bank of Africa is the largest banking and financial services group in West Africa in terms of asset, number of clients, profit and branch network. It provides personal and commercial banking, corporate investment banking, insurance, and other transaction processing services.

Features and Benefits:

  • Provides a number of financial processing services including wealth management, online banking, insurance processing and etc.
  • Operates in Nigeria, Cameroon, Cote d’ Ivoire, New York, Ghana, the Cayman Island, and London
  • Accepts multiple card types that are available in Nigeria including e-Transact, MasterCard, VISA, Verve
  • Available on online platforms which is the same as PoS (Point of Sale) for businesses with an online presence

Zenith Bank: Global Pay

The Zenith Bank is a leading financial service that offers its banking services using state-of-the-art banking technology. GlobalPay is a web-based payment platform that allows clients to transact on real-time online all over the world.

Features and Benefits:

  • Accepts local and international cards such as eTranzact, VISA, MasterCard and Interswitch
  • Real-time online payment processing, reporting, and management
  • Allows multiple cards from one-off integration
  • Enables users to view any transactions as they occur
  • Provides global reach for businesses
  • Safe and secure payments
  • Convenient payment option

2CheckOut (2CO)

2CO is known as an authorized reseller for many digital products and service. It provides e-commerce solutions to a thousand clients worldwide.

Features and Benefits:

  • Provides services such as financial reporting, tracking fraud prevention, customer service, and sales tracking
  • Renders its payment service to customers from 200 countries in the world

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Virtual Terminal Network (VTN), SoftPurse and FastCash

These payment methods assist in receiving payments from members that operate accounts that has a processor. This allows clients to make withdrawal and payments via bank account. These payment options also allow clients to send Naira online.

Features and Benefits:

  • Convenience in making payments in Naira
  • Holds electronic currency in Naira
  • Allows withdrawal and payments using a bank account
  • Allows sending Naira online to fund accounts such as Graphcard which is used for a number of purposes
  • Fastecash uses an IPN that enables merchants to satisfy customer’s virtual purchases using an IPN handler
  • Allows receiving and sending money from members using the same processor

Vogue Pay

Vogue Pay is considered one of the best payment platform that is widely used in Nigeria. This is a major payment option that helps users make payments online using visa cards and other payment processing services.

Features and Benefits:

  • Offers cheap transaction fees
  • Excellent customer service
  • Caters to users who do not have access to the website
  • Users can use a payment link to receive payment via electronic mail, SMS and social media
  • Accepts local and international transactions

PayPal

PayPal is a widely used online payment service that caters to many countries for almost any transactions online. This online payment service has only recently been available in Nigeria. Since its service is new to Nigeria, it only allows payments or sending of money to recipients.

Features/ Benefit:

  • Safe and secure transaction
  • Nigerian PayPal can only send and make payments online
  • Not available for withdrawal purposes in Nigeria
  • Fast processing of payments
  • Allows sending funds or payments using email

Skrill

Formerly known as Moneybookers, it is considered as the PayPal of Nigeria. Works just like PayPal which users can use to send and withdraw their funds to Nigerian Banks.

Feature and Benefits

  • Fast withdrawal to bank accounts in Nigeria
  • Allows withdrawal of funds in Naira and to be withdrawn to Nigerian Bank Account
  • Allows sending money via an email address
  • Safe and secure transactions
  • Recipients are notified of new balance
  • Low withdrawal fee (EURO 5.50)
  • Payments in Nigerian Naira

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Bank Wire Transfer

This requires linking a credit card to your account, alternatively you can fund your Paycom account through your bank.

Feature and Benefits

  • Safe, easy and reliable way to deposit funds into an online casino
  • Allows anonymity when making deposits
  • Secure transactions
  • Transaction fees may apply
  • Transaction time may vary depending on the processing time of the banks

Money Transfer

Sending cash directly to an online casino or sportsbook via money transfer is safer and more direct than using debit or credit cards. Money transfers are definitely should not be overlooked. Although it may take a bit more time for it to reflect, it is safe, direct and offers anonymity for punters when making payments.

Features and Benefits:

  • A transfer fee may apply
  • Secure and safe transaction
  • Allows sending funds directly to the online casino
  • Allows anonymity which allows you to choose not to share your personal info that comes from using a credit card
  • Uses transaction number

Nigeria Payment Methods Final Words

With Nigeria being an active country when it comes to gambling, the country is offered with a number of payment options that allow Nigerians to make their payments especially online. Through the different Nigeria payment methods the number of transactions done online is increasing every day.

With technology getting more and more advanced, making errands or funding your online casino can be fast and easy.

Funding your online casino account or sportsbook in Nigeria is easy as there are a lot of payment options to choose from. Your choice of payment method will, of course, depend on its convenience, availability, and compatibility.