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Top 10 Lists of Online Payment Systems in Nigeria

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With our guide on Top 10 Lists of Online Payment Systems in Nigeria, you will be able to find out the right platform to work with. Once upon a time, online payment in Nigeria use to be a kind of “mission impossible” which adversely erected the growth of online stores in Nigeria. Remember those days you have to go and queue in the bank to pay for an ebook of N3000? This was a serious concern for online entrepreneurs because many clients couldn’t take the trouble of going to stand in a long queue to make any payment.

About two years ago, PayPal came into Nigeria with bad good news. They accepted Nigeria to use their service like other countries BUT it came with some annoying limitations. Nigerians can only make payments online but can’t send or receive money directly with their PayPal account. Now, the story has changed. Various online payment gateways have been introduced into Nigeria which has made payment hassle free.  Anyone can receive or make payment online from the comfort of their house through a website.

If you’re like me who doesn’t like playing around with proxies or VPN just to use foreign PayPal account, you may consider these online payment gateways.

10 Best Online Payment Systems in Nigeria

1.     Remita

Remita is an e-payment and e-collections solution which can be used by individuals or large organizations. They process over 500 billion Naira every month. Remita enables you to receive funds and make payments easily. Clients can choose one of the following channels to pay you:

  • Debit/credit cards (MasterCard, Visa, Verve)
  • POS
  • Direct debit
  • Digital wallet etc.

Company with 2-200,000 employees can use Remita Payroll & HR to pay their employees effortlessly. Remita can be trusted because even the Central Bank of Nigeria adopted it for the payment and collections of funds on behalf of the Federal government of Nigeria and used by all commercial banks and finance banks in Nigeria.

2.     Payza (formerly AlertPay)

Payza is an online payment platform which allows individuals and businesses to use their services. An individual can send money around the world for free while businesses can accept online payments from over 190 countries on their website. They have a robust security and fraud prevention system put in place. When compared to Paypal, PayPal is better than Payza because it is widely used all over the world, more reliable and secure. You should note that you’ll be charged 2.9% + $0.30 USD transaction fee for receiving funds. With Payza, you can receive payment from account holders and from credit card holders.

3.     VoguePay

VoguePay is an online payment processor that offers buyers and sellers a secure and easy-to-use means if doing business online. They allow site owners to receive payment for their goods and services on their website without paying for a setup fee.

VoguePay is secure, reliable and user-friendly. For businesses that want to receive payments, you will have to pay a small setup fee for verification purpose. N1500 with CAC Nigeria documents or N2,500 with government issued ID cards.

4.

Remita

VoguePay

Simplepay

Simplepay is a simple online payment system in Nigeria that helps Nigerian businesses accept card payments (MasterCard, Visa and Verve). The pricing plans are quite affordable for any small or large business owner. Don’t worry about security because Simplepay is PCI-compliant Level 1, the highest security standard in the world for online transaction.

5.     SimpleLink

Simplelink is a payment processor from simplepay. It is a link Payment solution for small business owners that do not have website. With SimpleLink you can create a payment link on the go and start selling on SMS, Social media (Facebook, twitter, whats-app etc) or just about  anywhere. Signing up for an account is free.

6.     OnlineNaira

OnlineNaira is a trusted online payment gateway that is specifically designed  for people who do business with Africans. It is owned privately by two brothers.

Opening account with Onlinenaira is free and there are no credit checks involved. You just sign up, make a deposit and then start making payment online with the money you have deposited. You can pay for goods and services easily as an African using OnlineNaira.

7.     2Checkout (2CO)

2Checkout is a leading global payment system that allows companies to accept online and mobile payment from buyers worldwide with localized payment options. 2checkout is usually used by big businesses. As a small business owner with limited budget, this may not be the best option for you. However, you can go for it if you can afford a 1.5% fee to payments you accept from customers outside of Nigeria.

8.     NetNaira

Netnaira is a robust, efficient and secure online payment system that allows small online business owners to accept payment directly on their website without having to share their bank information with their customers.

People who do not have debit card can also use NetNaira. Setting up a personal account is free. NetNaira also works fine for those with digital products (ebooks, videos etc) since payment made can be confirmed instantly, which ensures quick delivery of goods and services.

9.     PayU

PayU is a leading online payment service provider that connects buyers and sellers by providing a fast and simple payment system. With PayU, payment can be made online on a computer, tablet, smartphone or even offline. PayU is present in 16 high growth markets in Asia, Latin America, Africa and so on. PayU makes up a division of Naspers Ltd, a multi-national media group founded in 1915.

10.CashEnvoy

CashEnvoy is a payment service approved by the Central Bank of Nigeria to process online payment for businesses. They accept payment from all the major Nigerian debit cards, international Visa/MasterCards.

Cashenvoy can be trusted by both buyers who want to make secure payment online and sellers who accept payment on their website. With a personal account you can only make payment online but with a business account, you can send money, make payment,  withdraw funds and receive payment.

In conclusion, these online payment systems in Nigeria have different terms and conditions that guide their business operation. Make sure, you do read them thoroughly and ask necessary question before using their services. Choose the service that fits your needs and situations.

Which other online payment gateway in Nigeria do you know? We would like to hear from you.

Remember to share this useful information with your friends.

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Ekemini Ekpo is a professional writer, blogger, and internet marketer. He is passionate about engineering, business, investment, entrepreneurship, finance, and personal development. When he is not managing web projects, he handles academic research writing and data analysis for individuals and organizations.

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Business Ideas

How to Make Money Online in Nigeria

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Nigerian government still struggles to provide enough jobs for its citizens. The unemployment rate is currently peaking at 27.10% in Nigeria (December, 2020). That is a whole lot of people without a job in the country. It might have contributed to the increase in the crime rate in the country. Even though it seems there is no job in the country, looking closer you would find there are various other opportunities to make money online in Nigeria.

The online space has provided us with many legit ways to make money online. Whether you are unemployed, a part-time worker, or fully employed, you can still take advantage of some of these ways to earn extra income for yourself.

Many are skeptical to engage with anything that deals with making money online. This is because there has been a lot of incidence of people getting scammed online. However, this article contains verified and legit ways you can follow to start making money online.  Note that some of these ways will require you to have or acquire certain skills to be able to make money with them.

How to Make Money Online in Nigeria

How to Make Money Online in Nigeria

5 Ways To Make Money Online in Nigeria Legitimately

1. Start Blogging

This is one sure way of making cool cash online. Blogging has turned out to be a big business in Nigeria with the likes of Linda Ikeji raking in millions in profits every year. It is as simple as just sharing information about your daily life online, or writing informative articles for people to read each day. These articles range from entertainment, politics, personal life, religion, and so on. It can be easy to start, and all you would need is a phone, laptop, or tablet plus a good internet subscription.

There are various tutorials that can teach you in minutes how to start blogging properly. Most bloggers get paid when they run an advert for people on their sites. You would need to have a reasonable number of visitors on your blog before you start getting clients to place their advert on it. Blogging can easily make you a millionaire with you earning in the range of N50,000 to N2 million per month depending on the amount of work you put into building your blog.

2. Become a Freelancer.

Do you have a digital skill you are very good at? Freelancing can be a profitable way for you to make that extra income. Freelancing is simply a way you offer your services online to clients who need it and they pay you for your hard work. A lot of employers nowadays are seeking out freelancers to work on their projects.

One great thing about freelancing is that you can choose your working hours. Even when you have your regular job, you can choose to freelance after work hours and make some extra bucks. Other benefits of being a freelancer include the ability to choose your clients as well as the kind of projects you want to work on. You can also choose to make freelancing a full-time job and be your own boss.

Skills you can offer as a freelancer include; graphic design, web design, app development, voice-over, etc. You can also get simple jobs like proof-reading, typesetting, transcribing, etc. There are many websites where you can offer your services, but the three most popular ones are Upwork, Fiverr, and Freelancer.

3. Start your own Website.

You do not need a degree in computer science to become a website owner. There are various online templates that can let you build a website without a single code. Just like blogging, you need to constantly upload relevant content on your websites to gather an audience. The more audience you have, the better your chances of making money with your website.

When you have quite an amount of audience, you can sign up on Google Adsense. Through this, you would be able to make money on your website by sharing ads for google on your posts. Your earning power depends on the number of traffic you can drive to your website per day. It is advisable to focus on one or two niches to be able to target a specific audience. This will keep them loyal to your website if you keep giving them the premium content they want.

4. Become a Digital Marketer.

A lot of businesses are starting to move onto the online space. Creating a virtual presence for themselves. They have blogs, social media pages and even applications designed particularly for them. Managing these platforms, the right way to generate profit for the business can be very technical and may require the service of a professional.

A digital marketer is someone that knows how to drive an audience to a particular platform or business with the aim of making a sale. As a digital marketer, you can offer your service to these business owners. Helping them manage their social media pages and offering them advice as it relates to promoting their businesses. If you know your craft, you can earn salary ranging from N180,000 to N350,000 per month.

5. Teaching an Online Course.

If you have a skill you can teach others online, this is another way to make money online. In fact, anything you know which can be valuable to others, you can teach. You don’t have to be an expert to teach others what you know. Once you have a good grasp of the topic or skill, you can easily teach others and get paid while doing that.

So, that’s it on avenues to make money online in Nigeria. There are other ways though but these are some of the highly legit and comprehensive ways to make money online in Nigeria today.

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Companies

Venture Capitalist Firms in Nigeria You Should Trust

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Venture capitalist firms popularly referred to as “VC” are mostly needed for small-scale services. They invest in people’s business and make sure it grows and brings a lot of profit. There are so many of Venture Capitalist firms in Nigeria and while some can be dangerous to ones business, there are others that can be very good and beneficial.

Examples of venture capitalist firms in Nigeria include Venture platform, SPARK capital, EchoVC Partners, Growth Capital Fund, SLA Accelerator LeadPath Nigeria, Lagos Angel Network (LAN), GreenTree Investment Company, Greenhouse Capital, Microtraction, to mention few.

Here is why some or all of these VCs are very good when it comes to investing with them. Some of the ones I list and explain below are what I deem to be the Venture Capitalist firms in Nigeria you should trust.

Venture Capitalist Firms in Nigeria You Should Trust

Venture Capitalist Firms in Nigeria You Should Trust

Top 10 Venture Capitalist Firms in Nigeria You Should Trust

The top 10 Venture Capitalist firms in Nigeria that I will be covering in this article are

  1. Venture platform
  2. SPARK capital
  3. EchoVC Partners
  4. Growth Capital Fund (GC Fund)
  5. Greenhouse Capital
  6. SLA Accelerator LeadPath Nigeria
  7. Lagos Angel Network (LAN)
  8. LeadPath Nigeria
  9. GreenTree Investment Company, and
  10. Microtraction

(1) Venture Platform

Venture Platform was founded by Kola Aina and their major role is to help start-up companies in Nigeria grow. The Company also extends its services and coverage to other parts of Africa which makes it a reliable company to consider when choosing a Venture Capitalist firm to invest in Nigeria. They have helped a number of startup companies to grow example of which includes Piggybank, MobileForms, Jalo, etc.

(2) SPARK Capital

SPARK Capital focuses on building companies mainly in Lagos and its founded by Jason Njoku. They have helped a lot of companies in funding and most of the companies include Paystack, OgaVenue, Drinks NG, etc.

Paystack Company was recently (2020) sold for 200 million dollars which improves the profit of SPARK Capital. Mostly, this venture capitalist receives 30% and more profit. Funding and making Paystack a global company to be sold at that huge amount suggests that they are a good company to invest with.

(3) Greenhouse Capital

Greenhouse Capital was founded by Venture Garden Group with the vision of becoming the biggest Fintech Company in the whole of Africa. It was founded in 2016 and they already have a strong stand when it comes to investment in business. They have helped popular companies from startups to established businesses to become a massive and major business to be reckoned with in Nigeria.

Examples of companies funded and helped by Greenhouse Capital include Flutterwave, Rensource, Riby, TalentBase and many more. Max NG is also one of the companies funded by Greenhouse Capital. Max NG is an okada business just like Opay. For Max NG to still be standing and operating well in Nigeria till date even with the emergence and disappearence of Opay’s Oride, it shows that the Greenhouse Capital is a strong Venture Capitalist to trust in starting and supporting of business.

Related: Why You Should Avoid Venture Capitalists And Angel Investors In Your Business

(4) Growth Capital Fund (GC Fund)

GC Fund just like other Venture Capitalists helps start-up businesses in Nigeria. They support innovative ideas and help to fund them. Their main purpose in funding businesses is building of infrastructure by using technology. Some of the companies that invest with Growth Capital are OMidyar Network, Bank of Industry, and Venture Garden Group. Remember that Venture Garden Group is the founder of another VC company called Greenhouse being discussed earlier. For a VC Company which is Growth Capital to fund Venture Garden Group which later founded another trusted VC Company is very remarkable and shows how strong and trustworthy they are.

(5) LeadPath Nigeria

Leadpath Nigeria company like other VC companies helps in funding other startup companies. But it’s not only startup companies that they fund. Any medium-sized company that is interested in more funding can also go to LeadPath Nigeria for funding.

They support majorly the growth of mobile technology idea and other software and web startup businesses. Leadpath supports with funds ranging from $25,000 to $100,000 for a start-up and several millions later as follow-up.

(6) GreenTree Investment Company

This, just like other investment companies also deal with start-up companies and invest in them to profit from them greatly. They provide a great framework for a company and also help in legal financial advice to the baby company. This company like also others have funded and invented in lots of companies and they were started in 2014. Examples of the companies being funded by GreenTree include Precurio and Big Cabal Media.

(7) Microtraction

Another example of a Venture Capitalist firm in Nigeria to trust is Microtraction. Microtraction also helps in funding of startup companies like others. Microtraction funds in billions of dollars which makes them a high funding company. It doesn’t take a fraud company to this stage of financially funding other businesses in billion dollars but a company that’s worth trusting when choosing a Venture Capitalist firm to invest in. They invest in ideas that are technology-driven and which are proven to be very smart.

Microtraction has funded a lot of popular companies in Nigeria which include Cowrywise, BuyCoins, Wallet.ng, ALLpro, etc. Most of these new companies deal with bank-related businesses and cryptocurrencies. So, if you have an idea about developing a business that deals with saving money or any cryptocurrencies, Microtraction is the venture capitalist firm to trust.

(8) Lagos Angel Network (LAN)

Moving further on the list of Venture Capitalist companies to trust is Nigeria is Lagos Angel Network (LAN). This is also a Venture Capitalist firm that deals with startup businesses and they are very active in Africa. Angel investors are individuals or professionals that come together and raise funds and to invest in startup businesses.

Since being a professional angel investor gives one the idea of a business to grow or not to grow, this venture is definitely among the companies to trust when investing with them. They were founded in Lagos and in the year 2014. Also, they are based in Lagos State, Nigeria and have funded a lot of startup companies located mostly in Lagos. In short, they have funded dozens upon dozens of startup companies.

(9) EchoVC Partners

This is another Venture Capitalist firm you can’t even miss even if you want to. The name speaks volume because the tagline, “VC” is already incorporated into the company name. EchoVC Partners is a Nigeria company that has extended its tentacles to other part of the world like sub-Saharan Africa and North America. It has become an international company which has proved reliable over time. They also help startup companies and invest hugely in them. EchoVC has proved to be a leading Venture Capitalist around the world by investing in some popular companies which include Hotels NG, Care45, Lifebank, MyPadi, etc.

(10) SLA Accelerator

Honorable mention includes the SLA Accelerator which has helped young African women with funding in ensuring a successful career for them. This company has been featured in CNN, CNBC Africa, and other important news outlet in the world.

When looking for a venture capitalist to fund your business ideas, these are some of the best ones to always look out for and you will never regret it.

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App & Software

Paystack Profile: About, Team, Contacts, size, Funding, and Salaries

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