Top 10 Online Payment Processing Platforms in Nigeria 2015

Nigeria, the Giant of Africa is really a place to have a successful online business. Infact, targeting Nigeria for any ebusiness is not likely going to fail because with a huge population of over 170million; change in political landscape, growth of banking sector and telecommunication industry, Schools introducing web portals and accepting debit/credit card payment for payments and general growth in online business – no doubt anybody with sound online business acumen who invest in Nigeria ecommerce industry in 2016 and receiving card payment is likely going to succeed merely by targeting Nigerian audience properly, even without an international target audince.

Nigeria merchants are getting to know more about online payment processing. Infact, many youths now understand that whenever you want to sell online, you need a payment processor to actually process the transactions. Since, the industry is just evolving, merchants need to sign up for a merchant/corporate account with a Bank and use their payment gateway to process payments which are the most reliable form of receiving payments in Nigeria.

Unfortunately, using a Bank as a payment processor come with so many hassle, that’s why Payment aggregators combine these functions, and simplify the entire account setup, Certification and KYC process, but in return charging extra than a standard Bank payment gateway.

Nigerian online payment processing industry is growing rapidly when compared to our 2014 and 2013 reviews, so many Nigerians, Nigeria companies and multinational payment processors and aggregators are striving to penetrate Nigeria payment processing industry. Infact, more than before receive highest level of client request to hire to setting up their payment gateway/aggregator successfully in Nigeria and also assist in facilitating license, technical, marketing and legal processing.

2016 is projected to be more expanded as Nigerians are rapidly adopting the epayment especially with the Treasury Single Account (TSA) of the Federal Government. Virtually all Ministries, Agencies, Schools, Departments are paying thru one online platform or the other using the Federal Government licensed partner REMITA developed by SystemSpecs Limited for collecting payments on behalf of the Federal Government.

One thing is uniform for virtually all payment gateways and aggregators – incomplete settlements. So merchant are strongly advised to always reconcile the amount on the transaction log, payment gateway log and compare to the amount credited to their Bank – else so many funds will be hanging, especially when the transaction volumes are huge. The merchant will have to take time to do this or dedicate someone to do it. Among the major thing that determines our rating is the time taken by the payment processor/aggregator to resolve customers issues and prompt settlement to customer fund to their nominated Bank account.

The rate of internet fraud using stolen or hacked international debit/credit cards on our payment gateways has become very alarming as it has cost payment processors and aggregators Millions of Dollars over a very short time. Some Banks and processors has to upgrade their security features, some deactivate all accounts on International payment processing, others request for extra due diligence and revalidation of the Merchant KYC – to be on the safe side. An interaction with some Banks Payment processor Product Managers, Payment processors and Payment aggregators reveal that this fraud come in different forms ranging from Non Governmental organisations (NGO), Online downloads website, ecommerce among others. So this has made getting international card acceptance difficult in some cases and customers in this industry should understand when they take their time to verify genuity of the Merchant before signing them up for International card acceptance.

Most of the payment processors and payment aggregators fail woefully in customer support, they need to understand the impact of excellent customer service and deploy relevant hardware and software – to offer dedicated support. If they want to focus on the technical part, they can outsource the support to an IT company who will be willing and able to assist customers having coding and other technical questions.

For example, we use to offer this service to United Bank for Africa customers on their UBA UCollect. We assist them to resolve Coding and Integration problems, Secured Socket Layer (SSL), work with the Customer programmer to guide them and even handle overall website development which is the core agreement we signed with the Bank. Hence, the Bank doesn’t need to bother about the technical coding issues (which they are not supposed to be doing) – they direct them to us.

So a Bank can adopt such a style or consider hiring a developer on a retainership consultancy basis. Their mandate can cover training of their staff in house, deploy relevant infrastructure to ensure good technical support, resolving integration issues, financial support for reconciliation of customers – website log, portal transaction log vs Bank account statement, deployment of hardware, telephone call centre, softwares among others – hopefully they will start getting it right soon.

Amazingly, we discover that some Nigeria Payment processors and aggregators such as Simplepay and Voguepay has the feature to manage recurrent billing – enabling your customers and members make payment with automatic recurring billing and subscription on merchant website. Customers wouldn’t have to enter their Debit/Credit card details every time they want to make payment or renew their subscription as the system stores it. This is good for premium site content subscription, newsletter fees, club dues and recurring donations.


1st Position.
GTBank GTPay
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GTBank GTPay maintain the 1st position three times in a row. The gateway has over 4000 customers using the gateway to process local and international transactions.

Guaranty Trust Bank Plc Approval for international card acceptance policy has been reviewed. To activate GTBank GTPay for international card acceptance, the customer has to open and maintain a corporate domicilliary account forgtpay 6 to 12 months, before been approved. This is quiet annoying, as the Bank did not inform existing customers about this nor tell new customer it would not be possible at point of submitting the GTPay form. A new customer of the GTBank we integrated GTBank GTPay to his website and completed the GTBank and Interswitch certification process with the hope of accepting International and Local cards got stucked; when he discovered the bank only activate them for local cards; and international acceptance require them to open a Domicilliary account and run for at least 6 months.

We contacted some web developers and programmers to ask their opinion about GTBank GTPay integration. They complain that the certification and approval process is quiet long and lengthy. Amazingly, after passing thru this whole process of GTBank GTpay, proceeded to Interswitch for certification, GTBank team are supposed to move the site to Go live stage. Amazingly, they just delay/stall the whole process indefinitely for no justifiable reason. We experimented this with integration of GTBank GTPay for a client – we confirm this is true.



  • GTPay customers commend that the Bank gateway is competitively better than the alternative
  • The bank has a dedicated Email to handle GTPay issues, so makes issues resolution more direct via emails.
  • GTBank GTPay support Nigeria and International cards
  • GTBank GTPay is much more stable.


Long process for GTBank GTPay and Interswitch certification process. After Interswitch approval, GTBank security team has to re-approve before the customer can go live , and they are known to delay the process. This mean no definite time to go live to receiving card payments online, even after passing both process.

Customer must maintain a corporate domicilliary account for at least 6 months before they can get activated for GTBank GTPay international card acceptance

The Bank need a dedicated customer service telephone for GTPay to improve their response to customers. Some of their customers don’t even put their phone numbers in their email signature.

The Bank need more experienced technical staff (preferably programmers) to advise them on technical impact and security during certification process
Setup Fee
N75,000 (Seventy Five Thousand Naira)


MasterCard/Visa (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
Interswitch Verve (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
MasterCard/Visa (International) – TRANSACTION FEE: 3% of transaction amount; no cap
International Gateway Monthly Charge – N5,000


About GTBank GTPay
GTPay is a secure internet payment gateway developed to facilitate payments online using debit Cards issued by banks on the Interswitch Network. GTPay plugs in seamlessly with the existing websites of customers and acts as a bridge between the customer’s website and financial institutions (Banks). The payment solution,
Provides a convenient alternative payment channel to all customers

Enables cardholders to pay merchants (our customers) for internet purchases of goods and services from the comfort of their offices/homes by supplying details of their local debit/credit cards

Ensures transaction amount is deducted from cards instantly and merchant’s account credited within 24 hours




  • International Acceptance: GTPAY accepts both locally and internationally issued cards including Interswitch, MasterCard and VISA.
  • Timely transaction processing: Merchants get value next day after transaction takes place.
  • GTPAY monitoring log: GTPAY comes with a unique, online monitoring console that allows merchants view transactions as they occur.
  • Reduced sign-on fee: GTBank is a certified developer partner so we take on GTPAY integration for our merchants and as such the integration fee is waived for them.



  • Convenient means of payment
  • Acceptance of both local and international cards
  • Global reach for merchants
  • Increased sales
  • Promotes cashless transactions
  • Instant value for successful transactions


Guaranty Trust Bank Plc (GTBank) Corporate Information

Guaranty Trust Bank plc is a foremost Nigerian financial institution with vast business outlays spanning Anglophone/Francophone, West Africa, East Africa and the United Kingdom.

The Bank presently has an asset base of over 2.54 Trillion Naira, shareholders funds of over 385 Billion Naira and employs over 10,000 people in Nigeria, Cote d’Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.

The Bank has a strong service culture that has enabled it record consistent year on year growth in clientele base and key financial indices since its inception in 1990.

Guaranty Trust Bank is recognized as one of the most profitable and well managed financial institutions in Africa for providing quality service, ethics, professionalism, integrity, innovation and internationally accepted corporate governance standards.




2nd Position
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Stanbic IBTC Bank payment gateway jump on the list to 3rd position on this year review. This are attributed greatly to the performance of other payment gateways and restrictions they place on accepting international cards on their gateways; which Stanbic IBTC simplifed. Stanbic IBTC Bank has two payment gateways: Consolidated Internet Payment Gateway (CIPG) and MasterCard Internet Gateway Service (MIGS). The two payment gateways of the bank have fantastic features, CIPG to us is a basic payment gateway, while the MIGS have extra premium features.

CIPG (Consolidated Internet Payment Gateway)- It is a secure payment gateway powered by Interswitch that
facilitates collections via a merchants website. CIPG support merchants receiving payments via multiple card variance cards; including MasterCard, Visa, Verve, and Etransact. It also allows receipt of payment via direct bank transfers with the use of CentralPay which rides on NIBBS instant payment platform. It clears and settle the funds to the customers/merchant Stanbic IBTC account. The cost of this payment gateway is cheaper than many banks gateway currently (excluding UBA UCollect which is free).



MIGS (MasterCard Internet Gateway Service) is the premium version of the CIPG. MIGS enables Merchants to process local and international cards using the MasterCard platform. As a premium service, It offers segregation of local and international transactions which makes processing easier, support selective profiling per risk level for merchants and comes with unique Payments Processing features; among which are: Purchase – outright authorization & settlement, Pre-Auth & Capture – Authorize now pay later, Void/ Reversals – Before settlement, Refunds – After settlement, Tokenization – card storage in the form of a token which would be used for future transactions, Recurring payments – Merchants can set recurring payments with historic data of the initial transaction done by card holder.

Another thing is the Security and Fraud Solutions that comes with MIGS; such as: Fraud screening – it offers a basic gateway fraud prevention tool which allows the Bank control merchants acceptance based on the type of transactions, black-list look-up and behavioural pattern blocking. Cardholder verification: MasterCard secure code, Verified by Visa, J/Secure (JCB), Enable 3D secure blocking.

During the cause of of our review, test, experimentation, integration and interaction with the customers actively using it, we discover that the gateway have good support for support their gateway. Setup for international cards is fast and seamless. Though some customers complain of downtimes, recent decline of cards (especially international cards) and settlements are delayed which is greatly affecting their business especially when they have to pay their vendors and suppliers weekly. When we contacted the bank they said they are already making some improvements on the gateway.



  • The Bank make collecting local and international transactions for merchants very easy to setup.
  • The Gateway support Verve, Visa and MasterCard.
  • The Bank has payment gateway is relatively cheap among Banks online payment gateway (excluding UBA UCollect which is free)
  • Stanbic IBTC has a dedicated email customer service – for customers receiving payment online
    Fast deployment speed for international card acceptance


  • The Bank is holding on to the fund of their customer that was processed on the platform; due to suspicion of fraud. Amazingly they are requesting for the Bank Statement, cardholder sending email to card issuing bank that they wouldn’t initiate chargeback among others – this are way too complex and long.
  • The Bank needs to respond to inquiries and complains faster. Prefferably have a dedicated telephone line for support; and share with customer at setup phase.
  • The bank need to fix delayed settlement issues and rejection of some cards for international transactions.
  • MIGS has a flat rate monthly transaction fee of N5000 (Five thousand naira only) which will be incurred either the organisation/merchant is using the gateway or not; is quiet discouraging.



Setup Fee
CIPG N50,000 (Fifty Thousand Naira)
MIGS N250,000 (Two Hundred and Fifty Thousand Naira)

MasterCard/Visa (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
Interswitch Verve (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
MasterCard/Visa (International) – TRANSACTION FEE: 4% of transaction amount; no cap.
International Gateway Monthly Charge (MIGS only) – N5,000


Stanbic IBTC Bank Plc Corporate Information
Stanbic IBTC is a leading provider of integrated financial services, pensions and wealth management products and services.
Our personal and business banking solutions let you spend more time living and less time banking. Our people and technology will help you move forward.
We offer all our clients a wide range of personal and commercial banking products through over 180 branches spread across every state in Nigeria and our online banking platforms.
We offer current, savings, and domiciliary accounts; personal loans, car loans and asset financing; MasterCard debit cards, Visa credit cards; home loans; internet banking; accounts for SMEs and the award-winning *909# MobileMoney.
We cater for individuals and businesses through carefully designed retail and business banking products. We also offer self-service channels powered by sophisticated technology to bring convenient banking to customers.
Our clients can also get custodial services through Stanbic Nominees Nigeria Limited, our custody arm and non-pension asset custodian, acting in a nominee capacity for clients’ transactions in securities and other investments.
We are a key player in financial inclusion and are poised to take banking to the doorsteps of our customers; taking care of the banking needs of different categories of persons and businesses.


Stanbic IBTC Bank is a Member of The Standard Bank Group, Africa’s largest banking group by assets and market capitalization, has been in operation for 153 years and has direct, on-the-ground representation in 20 African countries. Stanbic IBTC Holdings Plc is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.




3rd Position.
Interswitch Webpay
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Interswitch WebPAY move up from 4th in 2014 to 3rd Position in 2015. As we call them, they are the interswitch_webpay1Grandfather of online payment processing in Nigeria. Infact without Webpay as it is popularly called, there is very
little that can be done in online payment processing in Nigeria. The company has over 5000 customers using the gateway to receive payments. Their gateway support Verve cards, Visa and MasterCard.

Interswitch Limited process online and offline for virtually all commercial banks in Nigeria. To use the Interswitch WebPAY for accepting payment online, the customer has to register and be setup on the gateway in demo mode. Afterwards, the customer will go through a certification process, once this is passed, they will be migrated to a live mode and can start accepting real transactions on their website. To be enrolled, the customer require a bank to generate Merchant ID for the customer on their platform – before Interswitch will then synchronize them together.

Although the setup process is a bit long and also uses a DIY integration document, the payment processor has also partnered with many developers (including to assist customers thru the process.

Customers have the benefit of creating an account and linking their card, afterwards, they can make payment with the login details. Leveraging on their Subsidiary Card Company Verve International, Webpay customers also have the opportunity of enjoying VERVE REWARD program to give discount for customers. Upon been enrolled on the scheme, customers can enjoy free advertisements as Verve will advertise their products and services online, at partnering stores, Banks bulk email and SMS to their customers among others Verve/Interswitch advertisement channels.

  • Customer is not mandated to have account with a specific Bank before he/she will be able to use the platform – virtually all Nigerian banks accepts Interswitch to process their payment.
  • The payment processor are the major processor in Nigeria, hence, virtually all Banks will have to relate with them for all settlement issues related to using Interswitch cards and WebPAY platform.
  • They have partnered with developers to facilitate the integration process.
  • WebPAY has other complimentary products that can be added, in addition to receive payments from customers. Some are used to make payments, give reward to customers, receive payment from multiple channels. Some of the other channels includes Collegepay Bank Branch, Collegepay Web, Collegepay Aggregator Scheme, Paydirect Bank Branch, Paydirect Web, AUTOPAY, Quickteller among others.



  • Setup fee of N150,000 (One Hundred and Fifty Thousand Naira Only) is quiet high, especially for SME.
  • Webpay only support Nigerian cards, Verve, MasterCard and Visa.
  • Response to issues when using Interswitch WebPAY is slow.
  • Reconciliation is 2 ways; that is Bank Settlements and payment gateway portal transaction log.
  • There is delay in responding and resolving customer issues.


Setup Fee
N150,000 (One Hundred and Fifty Thousand Naira)

Interswitch Verve, MasterCard & Visa (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
About Interswitch WebPAY

WebPAY is an Internet Payment Gateway developed by InterSwitch to facilitate payments on the Internet using debit cards issued by member banks on the InterSwitch network.

WebPAY plugs-in seamlessly with existing websites and acts as a bridge between a merchant’s website and financial institutions (banks) to process payment transactions. Customer card details are captured online via WebPAY in order to make purchases on the merchant’s site. The card details are sent in an encrypted manner to InterSwitch for real-time authorization at the issuing bank.

WebPAY integrates directly unto customers website enabling funds to be received into their account, but no elaborate reporting is provided. Paydirect – Web (without reporting) offers cash deposit information and is often the product of choice for medium and small businesses.

Most Nigerian have an Interswitch card or local MasterCard (which comes with Interswitch), hence virtually all Nigerian banks have an Interswitch license for processing Interswitch cards Online and thru other platforms such as POS, ATM etc.


Interswitch Limited Corporate Information
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis.

The company started operations in 2002 as a transaction switching and electronic payments processing company Interswitchng new that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services throughout the African continent.

Today, Interswitch is at the forefront of creating intuitive ways to pay and transact using digital technologies. We see the distinction between traditional channels and customer touch points like bank branches, ATMs, POS Terminals, Kiosks, PCs, etc., gradually fading and giving way to a set of digital cloud services that can be assessed anywhere and anytime using mobile devices and wearables and delivering payment experiences like never before.

Our solutions and services are secure. They provide convenience and real value for consumers. They also reduce costs, improve operational efficiency as well as drive sustainable revenue growth for institutions.



4th Position
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2Checkout (2co) is an America based company, allowing Nigerian and other International Merchants to receive payments from customers using their Visa, MasterCard, Discover, American Express, Diners Club, JCB, PIN debit
cards and PayPal.2Checkout has been around for the past 14years, they have served over 50,000 Sellers across the globe. In addition to this, experience has taught them to build 300+ Fraud rules built over time and have also met PCI Level 1 compliance.

A merchant can choose to receive Payments in their preffered currency (e.g United States Dollar if set as default currency) at the admin backend. This is a solution to many Nigerians and International customers requesting for simplified payment option that will display USD or other preffered currency at checkout. Upon settlement of fund and maturity, the Merchant can request to receive funds in their Nigerian domicilliary account or transfer to their Payoneer MasterCard (which can be withdrawn at ATM machines or spent to place order online).

Since many Nigeria Banks now give customers International Visa and MasterCard tied to their usual Savings and Current account, Merchants can use the payment gateway to receive payment from Nigerian customers, only that it takes a longer time to access the fund.


Getting Started is quiet different from conventional Nigerian payment processors and aggregators. The Merchant has to setup a FREE 2checkout Merchant account by submitting an application. The application will be processed and the website will be reviewed by 2co underwriting team. During the review, they will look at the products and services, review the marketing techniques, understand the pricing, review the checkout process, refund and privacy policy). If the application is approved and the website is up and running, Merchant can start selling with 2Checkout.

  • No setup fees
  • No monthly or Annual fees
  • International gateway – means receiving payments globally is assured
  • Free fraud review
  • Easy payouts (receive your fund by bank transfer, international wire transfer, or on a Free Payoneer MasterCard)



  • Prohibited products list is long
  • Approval to use the gateway is discretionary and can be suspended/blocked at will
  • Higher percentage to receive payments online, plus other expense to access the fund from Nigeria.
  • Longer period to access fund compared to Nigerian payment processors and gateways.


Setup Fee
FREE SETUP (No setup fee paid by customers)

MasterCard/Visa (local) – TRANSACTION FEE: 5.5% + 45¢ successful transaction
Interswitch Verve (local) – TRANSACTION FEE: 5.5% + 45¢ successful transaction
MasterCard/Visa (International) – TRANSACTION FEE: 5.5% + 45¢ successful transaction


2Checkout Corporate Information
A worldwide leader in payment services, 2Checkout maximizes online sales conversions by giving global buyers localized payment options. Trusted by over 50,000 merchants, 2Checkout supports transactions in 196 countries through 8 payment methods, 26 currencies, and 15 languages, forming one of the leading processors of online transactions in the world. The service is simple to implement, including a pre-integrated payment gateway, a merchant account, PCI compliance, international fraud prevention, and plug-ins for 100 of the most popular carts.

2CO is the authorized reseller for thousands of tangible or digital products and services. Established in 1999 and headquartered in Columbus, Ohio, 2CO provides turnkey e-commerce solutions to thousands of business customers around the world. 2CO’s proprietary technology supports back-office functions including financial reporting, tracking, fraud prevention, affiliate tracking, customer service and sales tracking. Since inception 2CO has maintained a steady and maintainable growth. The company’s approach is geared towards providing quality service to new and existing clients without feeling the need to expand at a rate that would sacrifice service to our clients.




5th Position
ediaro Review
Zenith Globalpay is a product of Zenith Bank Plc, allowing the Bank customers to receive local and International card payments on their website.

The Bank gateway has a niche market. According to a staff of the Bank, it’s better to get it right and minimise fraud
than to make it open to everybody. So the bank takes its time to do due diligence on customers before enrolling them on their platform. This is even more thorough when the customer is requesting for International card acceptance just like every other bank in Nigeria presently.

zenith globalpay


We interacted with some website developers and programmers who have done integration of Zenith Globalpay recently, they commend their team for giving good service delivery during the enrolment process, probably because of manageable customer base.

  • Good customer setup process and technical support
  • Competitively priced setup fee
  • Support Local and International card acceptance



  • Monthly charge is discouraging for customers with international card acceptance
  • Customer verification, KYC and approval process for international card acceptance can be sometimes delayed

Setup Fee
N75,000 (Seventy Five Thousand Naira)

MasterCard/Visa (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
Interswitch Verve (local) – TRANSACTION FEE: 1.5% of transaction amount (subject to a maximum of N2,000)
MasterCard/Visa (International) – TRANSACTION FEE: 3.5% of transaction amount; no cap
International Gateway Monthly Charge – N5,000 (Access Fee)
Foreign Settlement Charge – $50 (per settlement)


About Zenith Globalpay
GLOBALPAY – Accept Card Payments Online

Make the transition from local business to global player with GlobalPAY, our online card processing platform that enables businesses with or without functional websites accept card payments from customers globally.

There are two ways to take advantage of GlobalPAY:

  • Direct Integration with Website: The payment gateway is integrated into your website enabling you receive card payments on the website from cardholders from any bank in Nigeria or internationally.
  • Storefront Page: A payment page is hosted for your business on the GlobalPAY Storefront at

Whichever approach is adopted, you will be able to receive payments from a wide variety of locally and internationally issued debit, credit and prepaid cards. This will ensure that your business can accept payments conveniently on its website from customers all over the world. Both the integrated payment gateway and the Storefront accept MasterCard, Visa and Verve cards. With GlobalPAY, your website will also have the functionality of accepting and monitoring mobile payments made via mobile phone.
An online log is available to view all transactions as they occur on your website.



  • Acceptance of locally and internationally issued cards: MasterCard, Visa and Verve Cards.
  • Online real-time log for monitoring transactions as they occur.
  • Real-time online processing of transactions i.e. instant debit of cardholder’s account immediately payment is made.
  • Multi-card acceptance with single integration
  • Multi-currency processing
  • Highest levels of data protection via PCI Compliance
  • Supports MasterCard Securecode and Verified By Visa
  • Multi-currency Settlement (Naira and Dollars)
  • Cards Accepted MasterCard, Visa and Interswitch


Zenith Bank Plc Corporate Information
Zenith Bank Plc was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO). Zenith Bank Plc currently has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE).

Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc. Zenith Bank also has subsidiaries in: Ghana, Zenith Bank (Ghana) Limited; Sierra Leone, Zenith Bank (Sierra Leone) Limited; Gambia, Zenith Bank (Gambia) Limited. The bank also has representative offices in South Africa and The People’s Republic of China. The Bank plans to take the Zenith brand to other African countries as well as the European and Asian markets.

Zenith Bank Plc blazed the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers. The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.

Zenith Bank Plc, founded by Jim Ovia in 1990, has, since grown astronomically to become one of the leading financial institutions in Africa. Zenith Bank Plc currently ranks as the 6th biggest bank in the continent. The Bank grew its shareholder’s fund of N20million in 1990 to N509.25billion as at year end 2013. Today, the Bank continues to thrive on the strong values, brand equity, corporate culture of professionalism and service excellence which are the foundations upon which the bank was built.




6th Position
ediaro Review
Voguepay is a Nigerian online payment aggregator. The Gateway can process local and international Visa, Mastercard and Verve card. The setup process is faster as customers doesn’t have to go thru the Interswitch Certification process. The gateway has feature to accept recurrent billing which simplifies the payment process for voguepay2both the customer and the merchant as the constant payment is automatically debited from the card at pre-defined time frame, a feature many Nigerian customers have been requesting for years.

Just like a standard payment gateway, Voguepay has a feature to auto-withdraw settled fund to merchant bank account. The Merchant can set a minimum and even maximum amount that can be auto withdrawn – to control limit funds auto-withdrawn and avoid paying higher withdrawal charges for multiple smaller transactions. This is an edge over other payment aggregators.

Voguepay has multiple security, such as SSL, IP monitoring, encryption, User ban and suspension management, risk evaluation management system, email and phone number verification among others. All this will minimise fraud – by monitoring fraudulent IP addresses, Securing the payment page, user authentication among others.

Voguepay has a feature that enables Merchants to display the paying currency for the customer at payment page – so merchant can choose to display Naira or United States Dollar. During our last review, it was impossible to change the display currency from Naira (NGN) to United States Dollar (USD), but now it’s possible.



  • Support Local and international cards
  • Support recurrent billing
  • Can display Naira and USD on payment page – so customers abroad can see their payment displaying USD when paying.
  • Comes with auto-withdraw to bank account feature
  • Has wallet Funds Transfer for local and international merchants



  • It’s a payment aggregator with higher risk than Banks and other payment gateways.
  • The transaction charge is higher at 2.5% compared with payment processors which are 1.5% with a cap of N2000.
  • The withdrawal charge of 1% + 120 Naira.
  • Voguepay setup fee is higher than Simplepay which is a payment aggregator


Setup Fee
N1500 (with Corporate Affairs Commission Certificate) and N2500 (with Government issued Identity cards)


Deposit Funds:
Verve Card/ Naira MasterCard – 2.5%
Visa (Vpay) integration – 2.5%
International Payments: USD Debit/Credit Card Visa and MasterCard 4.5% (No Gateway Fees Applicable)
Withdraw Funds – 1% + 120 Naira


ABOUT Voguepay
VoguePay is a unique online payment processor whose vision is to offer buyers and sellers a secure and easy-to-use means of transacting business online.
VoguePay allows site owners to receive payment for their goods and services on their website without any setup fee.
VoguePay distinguishes itself from other online payment processors with its array of features that are guided by its core values:
User Friendliness
VoguePay aims at continuous improvement of its services and consistent introduction of new value adding features and maintenance/upgrading of existing ones.
We believe that receiving money on your website should be easy enough for anyone to implement, this explains why we have carefully created several tools to make integration of VoguePay into your site a snap.
VoguePay International is owned and managed by Vogue Web Solution.




7th Position
ediaro Review
Cashenvoy move upward from 8th position to 7th position in this year review. The company is acclaimed to be the First web payment aggregator in Nigeria. The company is owned by Electronic Settlement Limited. CashEnvoy can settle fund to customers account within 24hours.

CashEnvoy vision is to create the magical payment process that customers always want to pay with and merchants always want to receive payments with. It is worth noting that CashEnvoy is the only Nigerian Payment Aggregator/Processor accepted on Shopify. The company also has multiple security features on their gateway for theft – to safeguard the customer and merchant using the gateway to make payment.

Cashenvoy doesn’t charge for online different variants of cards – merchants can accept local and international – VISA, MASTERCARD, eTranzact and Interswitch cards. The company simplifies the setup process – by just receiving basic details and forms.

One of the things that capture our attention on their website is their amazing fee structure. Everything is Free for Business account, except to receive payments with comes at a competitive rate of 2.5% + N12.60 fee for a Nigerian payment aggregator presently.

The Business account features includes: Accept payment on your online store via debit cards, internet banking and CashEnvoy wallet, Receive payment and donations online with ease, Easy to use, with complete transaction records, No integration, withdrawal or subscription fees and Easily pay and settle other merchants on your platform.


Send Money
To Business Account only – Free
Make Payments
To Business Account only – Free

Withdrawal Fund

Receive Funds
2.5% + N12.60

International Cards

Commission = 3.9% + ?2.60, maximum of ? 5000.
Corporate Information
CashEnvoy is a payment service that allows businesses receive payment online. The payment platform commenced operations in November 2009. Websites that integrate with CashEnvoy can accept payment from all the major Nigerian debit cards, international Visa/Mastercards and also from the CashEnvoy wallet.

CashEnvoy is owned by Electronic Settlement Ltd, an independent, private sector led, limited liability company located in Lagos, Nigeria focused on providing Innovative, Dependable, Easy-to-use, Affordable and Secure payment solutions.

CashEnvoy is approved by the Central Bank of Nigeria (BPS/PSP/GEN/PSM/02/010) to process web transactions and a member of Electronic Payment Providers Association of Nigeria.




8th Position
ediaro Review
Simplepay payment aggregator support merchants receiving payment from customers using their local and international cards. Cards supported includes Verve, MasterCard and Visa cards. The payment aggregator simplifies the setup process and enable merchants to avoid the hurdle of navigating the Interswitch certification process with no additional setup fee.

The company promise a smarter way to pay as customers doesn’t need to re-enter debit/credit card or address
information during payment to Simplepay Merchants; a system similar to PayPal. If you are interested in a refferal program that pays, Simplepay reward system was tested and they pay customers for sharing their refferal link; which later turn to consumated transaction.



When we contact some of their customers, they complain about the recent poor service delivery, delay and incomplete remittance of fund among others. When we engage the Management of Simplepay, they acknowledge that the ongoing challenge is true. But this is due to the ongoing upgrades on their entire infrastructure, certification, global expansion plan among others. Infact, the company is changing their entire website to, unveiling of a new logo, new integration codes, corporate re-structuring among others. All these are what led to the current challenge. Simplepay promise that after the whole process, customers will get to enjoy the benefit.



  • Accept local and international cards.
  • Simplepay setup process is fast and easy. No need for Interswitch certification that takes long time to approve.
  • Wonderful refferal reward earning reward points. Customer can redeem the point and convert to Naira, afterwards – withdraw the point to their Bank account.



  • Simplepay promise good support via email, support ticket and telephone. Unfortunately, this is not the case. The ticket support page link to we couldn’t find, there is no telephone number on the site and it takes so long to respond to customer queries via email – so their customer service is awful.
  • Customer complain that the transaction charge is higher than what’s agreed. When we engage them via email, their customer support team Comfort called to apologise and assure us the error will be corrected. But unfortunately, when we contact the customer to verify this, they argue it’s not yet refunded.
  • The system keeps debiting customers card severally for transaction charges once the submit button is clicked, this leads to so many complains.
  • The amount credited is lesser than amount withdrawn, all efforts to fix is not successful.
  • The system only allow N100,000 (One Hundred thousand naira) per withdrawal. With this, a customer withdrawing above that will have to do this multiple times and pay withdrawal charges several times as their customer complained about. So the charges are much higher if you are doing huge transactions
  • Redeeming points has to be done severally, this takes more time to withdraw. Unfortunately, when the fund is withdrawn to account, the total sum expected is not credited. When contacted to reconcile and refund the outstanding balance, no response was heard from them.


Setup Fee
N300 per bank account verification

Deposit Funds:
Verve Card/ Naira MasterCard – 1.5%
Etranzact Card/Web – 1.5%
Visa (Vpay) integration – 1.5%
International Payments: Debit/Credit Card Visa and MasterCard (Zenith Bank Transfer) – 5%

Withdraw Funds – Transfer money to your linked bank account – ?300.00 per transaction.
SMS Charges – N2
Receive Money – 1.00% plus N10.00 per transaction.
SimplePay Corporate Information
SimplePay allows any business or consumer with an e-mail address and a bank account to securely, conveniently and cost-effectively send and receive payments online or through their mobile phone. Our network provides a global, real-time merchant transaction processing solution. SimplePay for merchants is ideally suited for small businesses, online merchants, individuals, and others currently under served by traditional payment systems. SimplePay personal accounts are great for anyone who hates standing in line, going to the bank, or carrying cash with them everywhere.

SimplePay was Founded 2013. Started operations in 2014 in Abuja, Nigeria. We just received funding from Seedstars, a Swiss-based venture builder, and are now poised for explosive growth throughout Nigeria.


9th Position
ediaro Review
UBA UCollect is the official online payment gateway of United Bank for Africa Plc, allowing their corporate customers to receive online payment from customers using their local and international Visa and MasterCard.

The gateway technically simplifies the process by enabling merchants receive payments without the usual stress of ucollectInterswitch certification. Also when customers want to pay, the Merchant, they don’t need to enter the usual OTP password sent to phone or email before a transaction is authorised. This makes the payment process easier and faster for both stakeholders, amazingly the gateway is deployed FREE of charge.

Unfortunately, UBA UCollect slide back from 2nd Position in 2014 to 8th position in 2015. Many factors accrue to this including, this includes rapidly declining customer service for UBA UCollect, slow resolution of customers issues, deactivating customers from UCollect payment processing without informing the Merchant, cumbersome setup process and even delay of customer application for UBA UCollect without any reason given to the customer (especially when customer select local and international card acceptance). As a matter of fact, no customer we are aware of get approved for international card acceptance for UBA Ucollect.

In addition, this is further worsened by the new bank policy which makes running UBA UCollect more unappealing, even for existing customers having UCollect. The Bank sent a email requesting that all Web merchants (except top corporate) should be disabled until they have been evaluated in line with UBA Merchant Acquisition and Evaluation framework, though they’ve started deactivating accounts as at the time of going to press. Hence, the bank is requesting for so many irrelevant documents; which obviously is discouraging. All this constant changes complicated changes are unnecessarily making using UBA UCollect impossible to operate for a merchant.

  • Support local and international cards
  • Can display NGN or USD and settle the fund to different accounts – Naira of United States dollar
  • No need for OTP code sent to email or phone as the gateway is not powered by Interswitch
  • Free deployment to customers


  • UBA UCollect deactivated all international merchants, without informing them – which accrue to loss Merchant expecting clients to pay using their card online.
  • The bank International card acceptance process has become almost impossible with so many customers opening account but tossed around from Branch to branch, without approving their international card acceptance process. Majority have to abandon the UCollect process, to opt for alternative.
  • UBA UCollect document requirement is much cumbersome and complex.
  • Customer service is awful and response speed is slow in resolving UBA UCollect issues.
  • UBA UCollect claim to support VISA, Verve, MasterCard and e-Tranzact on the Bank website. Unfortunately, the gateway does not support Interswitch Verve cards (which is the indigenous and widely used card option in Nigeria).
  • Require Secured Socket Layer (SSL) which cost the merchant extra every year.


About UBA UCollect
U-Collect is a Consolidated Internet Payment Gateway Solution which integrates multiple payment solutions available in Nigeria – VISA, Verve, MasterCard and e-Tranzact.
Doing online business or e-commerce in the African market is plagued with so many risks to both merchants and consumers due to the sudden large amount of scams, identity theft, and fraudsters. U-Collect is a solution which allows merchants to accept card payments from customers who desire to do online purchases using their various cards. It is a gateway that connects merchants, cardholders, and financial institutions, offering the assurance of secure transactions and timely payments .


  • Simplified integration processes
  • Possible integration with corporate core business application if required.
  • Possible instant email/SMS notification (on phones of authorized personnel).
  • Supports multi-currency: dollar, Pounds, Naira, Euro, etc
  • Real-time comprehensive, searchable and downloadable reports accessible by authorised personnel as specified by Corporate.



  • Simplified integration processes
  • 24/7 support through our Customer Interaction center
  • A robust and scalable collection platform
  • Audit trail for transactions on the platform
  • Allows globally accepted means of payment – VISA and MasterCard
  • Secure means of collection
  • Reduced Collection Cost
  • Integration cost – NIL (No cost of Deployment to the customer)
  • Transaction cost: There is a transaction cost of 1.5% / Transaction (subject to a maximum of N2, 000


United Bank Plc (UBA) Corporate Information

United Bank of Africa (UBA) Plc is the West Africa’s largest banking and financial services group as measured by asset base, number of customers, branch network and profitability. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services. The bank employs more than 17,000 staff (Core and support) who serve their over 6 million personal, business, public sector and institutional customers through their offices in Nigeria, Ghana, Cameroon, Cote d’ Ivoire, New York, London and the Cayman Island.

As a leading player in the African financial services sector, the banks aspiration is to fly the flag of African excellence within the global financial community and to be a role model to other African businesses. The United Bank of Africa (UBA) Plc has largely been a Nigerian and West African Bank. As the largest financial services company (by balance sheet size, branch network, customer base and profitability) in West Africa and the biggest listed company in Nigeria (by market capitalization, December 2007), the group has been recognized as a leader within the financial services industry in the region and a key driving force of the region’s economic development. UBA now has presence in seven African countries, spanning West, Central and East Africa, with main operations in Nigeria and Ghana, two of the most vibrant economies of Africa.

Today’s United Bank for Africa Plc (UBA) is the product of the merger of Nigeria’s third (3rd) and fifth (5th) largest banks, namely the old UBA and the erstwhile Standard Trust Bank Plc (STB) respectively, and a subsequent acquisition of the erstwhile Continental Trust Bank Limited (CTB). The union emerged as the first successful corporate combination in the history of Nigerian banking.

UBA’s history dates back to 1948 when the British and French Bank Limited (“BFB”) commenced business in Nigeria and the erstwhile STB and CTB both in 1990. Following Nigeria’s independence from Britain, UBA was incorporated in 1961 to take over the business of BFB. Although today’s UBA emerged at a time of industry consolidation induced by regulation, the consolidated UBA was borne out of a desire to lead the domestic sector to a new era of global relevance by championing the creation of the Nigerian consumer finance market, leading a private/public sector partnership at supporting the acceleration of Nigeria’s economic development, and growing the institution from a banking to a one-stop financial services institution, while spreading its footprints across Africa to earn the reputation as the face of banking in the continent.

Today, United Bank for Africa Plc, is one of Africa’s leading financial institutions offering universal banking to more than 7.2 million customers across 700 Business Offices in 19 African countries. With presence in New York, London and Paris, UBA is your partner for banking services for Africans and African related businesses globally.




10th Position
ediaro Review
Remita is an electronic payment platform developed by SystemSpecs Limited, it enables Merchants and Customers to receive and make payments. Remita support multiple card variants includes: Verve, Visa, MasterCard, Unionpay aremita_payment_page1 compliment to revolutionise Nigeria payment industry. Remita advise that their platform can accept International Cards but they are yet to commence. A new customer can begin accepting payment online with Remita within five (5) working days once integration is completed.

Remita presents you with a “Push” and a “Pull” model to receive funds. The Push model empowers you to push an e-Invoice to your payers to empower them to pay you easily electronically. The “Pull” model empowers your payers to either visit your website and click a “Remita-Pay-Now” button or select you as a beneficiary at Either way, they would be requested to complete a pre-defined form requesting for their details before proceeding to pay you easily electronically.

Remita, is an award winning Software company which has received award from the Central Bank of Nigeria, Nigerian ICT Centenary Awards, Beacon of ICT awards (Nigeria Communications Week). From our investigation, their customers includes: University of Abuja, Department of Petroleum Resources, Vconnect, Manufacturers Association Nigeria, National Open University of Nigeria, Corporate Affairs Commission among others.

According to the Remita, security of transactions shouldn’t be a problem as there are multi-level security and control features on the platform. Such as: Application Secured server, Data encrypted (at rest and during transmission), multi-layer authentication features, authorization check and balance, pre-defined approval workflows (up to ten levels) and user validation (at the point of initiation and up to remittance). It’s also stated that they have a comprehensive multi-party and multi-channel transaction real-time monitoring, screening and reporting structure (inclusive of the above security features) e.g. No single person can initiate and finalize a single transaction on the platform. A combination of soft and hard tokens, biometric authentication and multiple approval levels among other security and control features are natively built into the system.

The platform is currently adopted by the Central Bank of Nigeria for the payment and collections of funds on behalf of the Federal Government of Nigeria. Recently, the company gateway has been making headline on virtually all National dailies, Televisions, Radios, blogs, online forums and even Nigerian Senate for the partnership with Federal Government and their receipt of 1% as transaction charges for the Treasury Single Accounts (TSA).

  • Support multiple card variants – Verve, MasterCard, Visa, Unionpay.
  • It support China Unionpay
  • It’s additional transaction charge of 2% is cheaper than many payment processors fee in Nigeria
  • No withdrawal fee, Admin fee and Activation fee



  • We attempted testing the Visa card option, but it was rejected
  • Minimum of N100 per transaction is higher than bank gateways whose charge is 1.5% flat on the average
  • Response to issues is slow when they are contacted



(Note Remita Prices are VAT exclusive)
Setup Fee
FREE SETUP (No setup fee paid by customers)

MasterCard/Visa (local) – TRANSACTION FEE: 1.5% of total transaction (subject to N100 minimum and N2,000 maximum)
Interswitch Verve (local) – TRANSACTION FEE: 1.5% of total transaction (subject to N100 minimum and N2,000 maximum)
MasterCard/Visa (International) – TRANSACTION FEE: Additional 2% (Minimum of N100 and a Maximum of N2,500)


Remita (SystemSpecs Limited) Corporate Information
Remita is an e-Payments and e-Collections solution on a single multi-bank platform.
Today, Remita is in use by many individuals, public and private sector organisations that process over 500 Billion Naira worth of transactions on a monthly basis.
Adopted by the Central Bank of Nigeria for the payment and collections of funds on behalf of the Federal Government of Nigeria and used by all 22 commercial banks and over 400 micro finance banks, Remita has significantly assisted to revolutionize the e-payment industry in Nigeria.
Remita also comes with an optional Payroll and HR solution for full integrated processing.

Remita, developed by SystemSpecs, and voted many times as Nigeria’s Software of the Year, is indeed a success story and a pride to Africa.

What Can Remita do for You?
Make Payments from All Your Accounts in All Banks on a single platform
Receive Funds through Debit/Credit Cards, Branches of all Banks Nationwide, etc
Automate your Payroll and deliver Payslips to all Staff
Who Can Use Remita?
Individuals to manage their personal finances
Public and private sector organisations of any size, structure and complexity.


About, a Proudly Nigerian, Truly International company has established itself as a industry leading ecommerce website development company. Our highly professional and flexible ecommerce platforms enables businesses to easily build and manage rich, multi-store and multi-device ecommerce websites with a significantly higher ROI. is trusted by leading National brands including Arts of Nigeria, Makinde Motors, Rosehill Group, Chartered Institute Customer Relationship Management (CICRM),  Asokoro Island Limited, Association of Environmental Impact of Nigeria, and other companies worldwide – see our customer testimonials here. professional website designers and web developers provides integrated ecommerce (online store) site development,  website development, website redevelopment, web hosting, domain registration, Secured Socket Layer (SSL) support and installation, Online payment Integration to your website.

Our Digital payments & collections services are complimentary, we help organisations with receiveing payments online and Bank branch (you can receive payment from all Nigeria commercial banks and some microfinance banks),Online, ATM, Mobile APP and others in Nigeria. To cut bank charges, minimise leakages, reduce waste of management time and improve profitability, you can also enjoy cheaper/lower bank charges when you pay your staff salaries, suppliers, affiliates, partners, distributors etc) – making use of services such as AUTOPAY, PAYDIRECT Bank Branch & WebWEBPAY and other relevant digital payment solutions to run a successful business.

Stanbic IBTC Bank Plc, Interswitch Limited and United Bank for Africa Plc among others have signed agreement with us, so we can help you facilitate and fast-track the setup process  FREE if you desire, click here to contact us.

If your concept is a means of making continuous residual income thru online membership website, ediaro eMembership is a custom built solution that manages online membership registration, members records, renewal (email & SMS alert),restrict contents access,ecommerce,hotel & event booking,donation,card payment, forum etc.It is designed to compliment existing professional associations, clubs and society process to make them successfull or work as a standalone online membership site.

It all starts with the quality infrastructure – partners with some of the best, tested and trusted companies across the globe to provide you with the reliability and performance needed for ecommerce store. Our ecommerce web servers support many merchant account services. You can even get a great deal by buying service packages directly from  us. And, if you ever require support, our team of skilled technicians are available to assist when you need them.

To develop or re-develop a website to accept online payment, contact ediaro TEAM today to setup your business, Club and Society or Company ecommerce website for you and start accepting payment online realtime. Click here to request a website price Quote, visit our webcentre, email or call (+234) 080-9502-9999  for more information.

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8 responses to “Top 10 Online Payment Processing Platforms in Nigeria 2015”

  1. This ranking looks cool but with some reservations:
    1. What is the parameter for the ranking?
    2. Most solution you placed at the bottom have less cons, so why at that level?
    3. Noticed you signed agreement with a new provider on the list and they got 2nd position (including the 3rd)….hmnnn?
    4. Even the 10th that just came on this year has less “Cons” and better benefits compare to those ahead….hmnnnn?

    Just my thought and it will be better you provide justification to give credibility to the work

    • Hello Seun,
      1. The parameters used for ranking can be deduced from the reviews and explanations, among which are ease of setup and use, support for international card acceptance, support, customer feedbacks amog others.

      2. Review is not just about combination of pros and cons, alot of things are checked simultaenously when reviewing.

      3. Stanbic Bluepay 2nd position arguably has everything to be where they are judging by what they offer and how. Please check the facts of what they offer objectively and compare to all other payment processors and aggregators on review.

      Meanwhile, you don’t seem to check Interswitch review history. For clarification, Interswitch Webpay was in 2nd position in 2013 review, slide 2 steps backward to 4th in 2014 review and move a step up to 3rd in this 2015 review, so what’s alarming in their current position?

      4. As for REMITA, as noted earlier, don’t be deluded by checking only the pros and cons. In addition to pros and cons, we check product features, customer service – by contacting them directly on several occassions, testing and making payment on their platform, access to relevant information, direct interaction with relevant stakeholders among others; those are part of what constitute their ranking (just like others). So, REMITA are ranked where they belong.

    • Hello Shola,
      The review were made based on the limited payment processors and aggregators available in Nigeria presently.

  2. Please can you suggest a good payment processing platform for a microfinance bank and what are the requirements for integrating to NIBSS. You can also provide the cost implication for these.

    • Dear Jude,
      Thank you for your interest in ediaro Payment services. We can help enlist your Microfinance Bank on the Switch to enable you make transfer from your bank to other Micro finance and Commercial banks in Nigeria, process your issuance of your bank ATM card to make your customers withdraw money on ATM Machine, Pay on POS terminal and use their card for online payment on many websites across Nigeria.

      We’ll need more details, to enable us proceed further so we’ve sent you an email with our questions, please check and reply. We await your response

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