July 12, 2020 All Things Fintech in Africa

Five Online Payment Platforms in Nigeria and How to Use Them

I would be writing on Five Online Payment Platforms in Nigeria and How to use them to make transactions on them.

The Central Bank of  Nigeria (CBN) in the year 2012 implemented a policy called the “cashless policy”. The cashless policy was introduced to aid the transfer of large sums of money from person to person or place to place for both individuals and corporate organizations.

Since the emergence of the cashless policy in Nigeria, many online payment platforms have been established to help consumers in Nigeria pay easily for goods and services without the physical exchange of cash. Consumers have now turned to making payments online as opposed to the exchange of physical money for purchasing goods and services, as it is more convenient, faster and safer.

Some of the online payment platforms in Nigeria are:

  1. INTERSWITCH WEBPAY

WebPay is a platform developed by Interswitch for customers that have websites and wish for payments to be made through that website. It facilitates payment on the internet for all banks registered to the network using Interswitch enabled cards or other payment tokens.

To set up this platform, you will need to pay a one-time fee of #150,000. For subsequent transactions, a commission of 1.5% is to be paid for transactions less than #133,333 and a commission of 1.5%+ #2,000 is to be paid for transactions above #133,333.

To get started on Interswitch webpay, send an e-mail with your name, phone number and company details to [email protected]

2. RAVE

Rave lets you receive and make payments anywhere in the world without any set up fees. It allows the customer to pay and receive payment for things in naira irrespective of the transacting country.

To use this service you will;

  • Sign up for a new account for free
  • Connect your bank account or debit card to your account by linking it
  • Start receiving and making payments.

Go to flutterwave.com/rave

2. PAYSTACK

Paystack allows a seller to receive payments for their goods and services from their customers. The customers can pay to the Paystack account using their debit cards, credit cards, bank accounts, mobile money and so on.

To use paystack to receive payments, you will have to:

  • Create a free account
  • Open a live payment page for what you want to sell.
  • Fill in the necessary details.
  • Publish the page.
  • Share the link of the page to your customers for payment.

After you create the payment page, customers can now buy your goods and services and payment will be credited to your paystack dashboard. You will also be notified of every transaction that takes place on your page provided you drop an e-mail address.

There is no set up cost for a paystack account as opposed to the interswitch webpay. However, there is a commission paid per transaction. For transactions within Nigeria, a commission of 1.5% is required for transactions less than #2,500 whilw a commission of 1.5% + #100 is required for transactions above #2,500.  For international transactions, a commission of 3.9% + #100 is required per transaction.

As a Paystack account holder, you can also make payments from your Paystack dashboard to any bank account in the country.

For more information, visit paystack.com

3. REMITA

Remita has been adopted by the Central Bank of Nigeria for the payment and collection of funds on behalf of the federal government. One can pay for license renewal, PHCN bills, JAMB fees, NYSC fees, school fees, Corporate Affairs Commission fees, Taxes and any other federal government fees easily with remita.

However, because it has been adopted by the federal government does not mean it cannot also be used by individuals and business; it can also be used to receive and make payments, buy airtime, pay employees and so on.

When remita is used to receive payments, the customers can pay to the seller’s remita dashboard via debit cards, bank account, pocket moni, POS, internet banking and the seller’s website.

Remita is free to set up; however, transaction fees are also to be paid on every transaction.

4. E- TRANZACT

E-tranzact is another platform used to make and receive payment. It can be used to pay bills, transfer funds, buy airtime (using either pin or pinless option), pay for airline tickets, pay shool fees, pay insurance premiums and so on.

To use e-tranzact, you either request the e-tranzact card from your bank or download the mobile application on your phone.

For more information, go to etranzact.com

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