February 27, 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

Related Read

 

Banner
Related Posts

Remitly Partner with Xpress Money to Expand Cross-border Money Services

December 2, 2019

December 2, 2019

Remitly is an online remittance service which allows users to transfer money from United states to Nigeria , while Xpress...

MOMO, the mobile money service, launched by MTN

September 5, 2019

September 5, 2019 2

On September 29th, 2019, MTN launched its mobile money business MoMo, in Hilton Abuja, Nigeria. The mobile money will allow...

How To Make Interswitch Payments Using Your Mobile Phone

April 16, 2019

April 16, 2019

How To Make Interswitch Payments Using Your Mobile PhoneMaking payments using your mobile phone can be a real headache. Trust me, I know. From USSD codes to apps and even websites, everything misbehaves at one point or the other.

6 Facts About Paystack Nigeria You Never Knew Before

April 19, 2019

April 19, 2019 2

6 Facts About Paystack  Nigeria You Never Knew Before As the new kid on the block when it comes to...

Uber Launches a Financial Product Known as Uber Money

November 28, 2019

November 28, 2019

  Uber, the ride company has announced a new expansion into a financial product which includes a digital wallet and...

PesaLink, Kenya’s Payment System

October 28, 2019

October 28, 2019

  What is PesaLink? Pesalink is a payment system launched by the Kenya Bankers Association (KBA). This is a digital...

World Remit: A FinTech Startup Revolutionizing Money Transfer and Remittance  

April 17, 2019

April 17, 2019 1

World Remit, in short, is money transfer and remittance made easy. Within minutes of transactions, funds are being directly deposited...

GONA Raises Multi-Million Dollar Investment in Nigeria

August 19, 2019

August 19, 2019

What’s GONA? Gona is a payment platform that enables seamless and cashless payment in public buses. The problem Gona is...

SafriCom has partnered with Ria Money Transfer to Improve International Money Transfers through M-Pesa

January 31, 2020

January 31, 2020

Safaricom has partnered with Ria Money Transfer, to empower more than 26 million M-PESA customers to receive international money transfers...

Zazu Raises $1.4m in an attempt to expand their user base

December 11, 2019

December 11, 2019 1

  Zazu fully started as a digital banking space in 2107.  Previously, Zazu was a platform where farms could connect...

FlutterWave  yet again secures a $35 million series round and a Partnership with WorldPay

January 24, 2020

January 24, 2020

  FlutterWave, a San Francisco and Lagos-based fintech startup has secured a $35 million Series  B round  and a partnership...

Carbon, formerly Paylater now charges One Percent Transaction fee.

August 25, 2019

August 25, 2019 1

  Introduction Carbon, the lending platform formerly known as paylater started an app which not only allows one to borrow...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

ORide; Nigeria’s Bike hailing Service launched by OPay

June 6, 2019

June 6, 2019 1

ORide, a bike-hailing app launched under the hub of OPay intends to make going around Lagos easier. On the average...

Carbon Plans to Launch a Micro Insurance and Digital Wallet in Kenya

October 24, 2019

October 24, 2019

  Carbon is a Nigerian instant loan, investment, and payment   digital service,  planning to launch new operations  in Kenya.   In...

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.