E-payment transactions in Nigeria surged by 88.09 percent, reaching N237 trillion in Q1 2024.
Cashless transactions exceeded N600 trillion in 2023, up from N395.38 trillion in 2022, as digital payment gateways gained popularity. ACI Worldwide noted that real-time payments are increasingly replacing cash as the preferred payment method in Nigeria, according to their report ‘Prime Time for Real-Time Global Payments.’
Analysts predict that e-payments will continue to grow as more Nigerians adopt them and fintech companies play a vital role. Dahlia Khalifa of the International Finance Corporation (IFC) stated that Nigeria’s fintech sector is driving economic development, financial inclusion, and innovation towards a digitally empowered economy.
ENTREPRENEURNG provides an analysis of key players in this sector:
Opay
Opay, a fintech platform owned by Opera Software, provides various financial services such as payments, loans, and ride-hailing. Its payment gateway in Nigeria is renowned for convenience and low transaction fees. Opay supports cards, bank transfers, and mobile money.
Flutterwave
Founded by Iyinoluwa Aboyeji and Olugbenga Agboola in 2016, Flutterwave is a top payment gateway in Nigeria and Africa. Known for its robust platform, it enables seamless cross-border payments.
Paystack
Paystack is a leading fintech company in Nigeria offering an easy-to-integrate payment gateway. Founded by Shola Akinlade and Ezra Olubi, it quickly became the preferred solution for Nigerian businesses accepting online payments. It supports credit/debit cards, bank transfers, and mobile money.
Monnify
Developed by Moniepoint, Monnify is a versatile new payment gateway in Nigeria supporting cards,
bank transfers, and USSD transactions.
Remita
Created by SystemSpecs and founded by John Obaro, Remita serves individuals, businesses, and government agencies. Best known for managing the Nigerian government’s Treasury Single Account (TSA), it supports internet banking,mobile wallets,and debit card payments.
E-Tranzact
One of Nigeria’s earliest payment gateways, E-Tranzact, was founded by Valentine Obi. It offers mobile banking,
onlinepayments, and e-commerce services, supporting cards, mobile phones, and ATMs. E-Tranzact promotes financial inclusionfor both the banked and unbanked populations.
Interswitch
Founded by Mitchell Elegbein Interswitch is a pioneer in Nigeria’s digital payment landscape. It started as a transaction switching and electronic payment processing company but has grownto become a major player in fintech space.
Seerbit
Founded by Omoniyi Kolade, Seerbit offers secure and reliable online payment solutions for small to large businesses. Its features include real-time payment tracking, fraud detection, seamless integration with websites or apps. Supports cards, bank transfers, mobile money transactions.
Paga
Established by Tayo Oviosu, Paga is a prominent mobile payment platform aimed at financial inclusion of unbanked Nigerians. Now offers gateway services allowing businesses to accept payments via mobilemoney, cards or bank transfers.
Fintava
Fintavais abanking-as-a-service startup enabling businesses to embed banking services via APIs without bothering about compliance regulations or licenses.
