With this plugin, businesses in Nigeria can simplify how they invoice and collect payments while offering end-to-end financial management, and improving operational efficiency.

With the Monnify plugin, available in Zoho Marketplace, businesses can generate invoices in Zoho Books and select Monnify as their preferred payment gateway.

Customers are then directed to a secure Monnify checkout page where they can conveniently pay using Nigerian debit or credit cards, bank transfers, or other supported payment channels.

This plugin allows real-time reconciliation of payments within Zoho Books, helping merchants reduce administrative overhead, manual effort involved in recording payments, and gain better visibility into their cash flow.

“We believe that payments should be seamless, efficient, and reliable,” said Ifeanyi Duru, senior vice president of Enterprise Network Sales at Moniepoint Inc. “The Monnify plugin for Zoho Books helps simplify how businesses receive payments while offering customers multiple options to settle invoices. With this, entrepreneurs and SMEs can focus on running their businesses with confidence that their collections and financial records are always in sync.

“At Zoho, our goal is to provide comprehensive, and connected financial ecosystem that reduces operational complexity for growing businesses,” said Prashant Ganti, vice president of Global Product Strategy, Finance and Operations BU, Zoho. “As Nigerian businesses scale, they need their accounting and payment systems to work together seamlessly. With Zoho Books and Monnify, businesses can move from invoicing to collections without the friction, while maintaining accurate financial records with better visibility into their cash flow.”

A payment gateway enables businesses, governments, NGOs, charities, and others to receive payments from their websites or other digital touchpoints through cards, transfers, USSD, wallets, etc, for themselves or on behalf of their customers.

While there are a number of payment gateway providers in Nigeria, the 10 prominent players are listed below:

1. Remita
2. Paystack
3. Flutterwave
4. Interswitch
5. Seerbit
6. Fincra
7. Kora
8. Moniepoint
9. eTranzact
10. HabariPay

1. Remita

Launched in 2005, the Remita payment gateway is offered by Remita Payment Services Limited, a subsidiary of SystemSpecs. It is robust and resilient and is in use by many SMEs, corporates, religious institutions, NGOs, governments, fintechs, etc.

Selected by the Central Bank of Nigeria, it serves as the payment gateway for the National Treasury Single Account (TSA) initiative, processing millions of local and foreign transactions across multiple channels. Remita processes more than N60 trillion in transaction value annually.

2. Paystack

Founded in 2015, Paystack is a leading payment gateway provider. Its payment gateway enables customers to easily activate collections on their digital touchpoints.

By July 2024, Paystack announced it had processed a staggering N1 trillion in a single month – a milestone that spoke volumes of its rapid adoption among startups and enterprises.

Founded by Nigerian entrepreneurs, Paystack was acquired by global payment company Stripe in October 2020.

3. Flutterwave

Founded in 2016, Flutterwave is a pan-African payments company providing payment gateway services to merchants, fintechs, and other entities. Merchants use Flutterwave payment gateway to receive payments in different currencies through cards, mobile money, USSD, and bank transfers. Flutterwave processed US$31 billion in transaction value in 2024.

4. Interswitch

Founded in 2002, with an initial focus on card switching and processing, Interswitch expanded into providing payment gateway services that enable customers to receive money digitally through different payment channels. Interswitch processed 1.2 billion transactions in March 2023.

5. Seerbit

Founded in 2019, Seerbit is a Nigerian fintech startup with a mandate to bridge Africa’s offline–online payment divide. The Seerbit payment gateway enables its customers to receive payments digitally through multiple payment channels. As of 2025, Seerbit is active in 12 African countries.

6. Fincra

Founded in 2021 with a grand vision to create a borderless Africa seamlessly connected to global finance. It provides multiple APIs for pay-ins (payment gateway, payment links, virtual accounts) and pay-outs (bulk disbursements, IMTO‑licensed transfers). Between 2023 and 2024, Fincra processed over US$10 billion in transaction value.

7. Kora

Founded in 2017, Kora is among the 10 leading payment gateway providers in Nigeria. It initially started as a blockchain remittance platform before pivoting to B2B Payment infrastructure services.

In addition to its payment gateway service, it now offers pay-ins, payouts, virtual accounts, and card issuing across Africa – helping local and global businesses scale in multiple currencies.

8. Moniepoint

Founded in 2015 as Teamapt, Moniepoint has evolved into a leading payment company. Its Monnify payment gateway allows merchants to receive payments through multiple channels, including cards, bank transfers, USSD, etc. As of 2025, Moniepoint processes roughly US$17 billion monthly.

9. eTranzact

Founded in 2003, eTranzact is a leading payments company that provides a wide-array of payment solutions. Its payment gateway Webconnect, enables businesses to accept payments via cards, USSD, bank transfers, etc.

Merchants on Webconnect benefit from seamless integration, a transaction dashboard, and prompt settlements. eTranzact processes trillions of Naira in payment value annually.

10. HabariPay

Founded in 2021, HabariPay is the fintech subsidiary of GTCO. Its Squad payment gateway allows merchants to collect payments from a variety of payment channels, including cards, bank transfers, USSD, etc. HabariPay processed N27.4 trillion in 2024 alone.

Moniepoint started with a virtual account service that automated payment or transfer and allowed customers and businesses to make and receive payment seamlessly through transfers.

But speaking during a lead presentation at the inaugural edition of Payments Forum Nigeria (PAFON 1.0) held last week at Oriental Hotel, Lagos, Ikenna Ndugbu, chief compliance officer at Moniepoint said for instance, Monnify, its payment platform, offers a wide variety of payment options to businesses.

Represented by Isoken Aigbomian, the Regional Sales Manager, Moniepoint, Ndugbu said: “There is the online payment platform, there’s the in-person payment option, and then there is the cash payment via our agent network, which I think Moniepoint has the largest agent network.

“We have a wide variety of payment options that we offer to businesses today. Today our online payment options cascade to all sectors, from agriculture to savings to investment. We have several businesses that we currently provide online APIs where they can receive car payment transfers, pay for their phone bills; where customers can process transactions seamlessly via different channels.”

Ndugbu further stated that the bank has its disbursement API that allows businesses to carry out bulk transfers to customers in real-time, seamlessly, without any manual verification required.

“These options that we offer businesses stand us out as a force to reckon with in the payment space today. Monnify, our payment gateway, is among the top three payment platforms for businesses today,” he said.

Explaining further what Moniepoint has brought to the payment space, he said, “When in 2019 we were approached by an organisation that we had recorded for a while, they reached out to us and told us in the payment space they were mainly card processors, they were only processing card transactions.

“And in 2019, if everyone is familiar with the payment space, a lot of customers were very jittery about putting their card skills out there. That was truncating the payment experience, reducing the turnaround time for customers to complete their way, take out this blocker, and have the operation.

“So, what we did was we looked inward and popular means of payment in Nigeria transfer. We worked with our engineers and we’re going to build an infrastructure that automates a notification on transfers.”

Ndugbu said that what this meant was that when the customer makes a payment transfer, the business will not need to manually verify the payment before they can give value.

“So, essentially as a business or as a payment processor, Monnify has the flexibility to incorporate the business’s unique use case and fashion out a service or a payment process that would suit that which is key for business operations,” he said.

Moniepoint’s Micro-Finance Bank (MFB) received its license in February 2022 and has helped over 3 million people and businesses with banking, payment processing, access to loans and business management tools.

It is believed that with these solutions, businesses on the Moniepoint platform process about 8 trillion Naira monthly.

Moniepoint MFB operates the largest distribution network for financial services in Nigeria, and over 33 million people use their cards on its POS terminals monthly across the 774 local government areas in Nigeria.

In the digital age, payment gateways have become the unsung heroes of modern commerce.

These behind-the-scenes technologies ensure that our online transactions are smooth, secure, and hassle-free. Much like the point-of-sale terminals at brick-and-mortar stores, payment gateways play a pivotal role in the world of e-commerce.

Understanding Payment Gateways

As Zoho aptly puts it, “A payment gateway is a technology that works behind the scenes to approve payments online or by using a payment terminal in person.”

In simple terms, a payment gateway is the channel through which your hard-earned money travels when you make a purchase online. It’s the virtual handshake between customers and businesses that makes digital transactions possible. But how do these gateways work their magic?

“When a user initiates a payment online,” explains Zoho, “payment gateways request authentication from the user, verify that all information provided is accurate and belongs to the customer, and check whether the customer has enough money to facilitate the transaction before approving it.”

In essence, payment gateways are the guardians of online commerce, making it effortless for users to engage in secure transactions on the web.

The global surge in electronic payments

Electronic payments have evolved into a thriving industry worldwide. McKinsey, a renowned global management consulting firm, reports that electronic payments have attracted more investment than any other financial services sector over the past decade, delivering substantial returns and growth.

Nigeria’s electronic payment landscape

Nigeria, a nation known for its dynamic economy, has been no stranger to this digital transformation.

According to the Central Bank of Nigeria, the country recorded a total e-payment transaction volume of 22.1 billion, valued at N1.6 quadrillion in the latest available data.

This, despite a slight decrease from the previous year, signifies the substantial volume and value of electronic payments among Nigerians through various gateways.

However, despite this digital financial prowess, many Nigerians still encounter challenges when dealing with foreign currency-denominated transactions in dollars, Euros, pounds, and other popular currencies.

The volatility of exchange rates, the weakening naira, and substantial disparities between the naira and these currencies have posed significant hurdles.

Foreign Transactions:

Consider the case of Nigerian students studying abroad, particularly in the UK. In 2022, over 43,000 African students were enrolled in UK institutions, with a substantial proportion hailing from Nigeria.

Data from 2021 reveals that Nigerian students and their dependents contributed an estimated £1.93 billion (~$2.45 billion) to the UK economy.

Yet, due to the scarcity of foreign exchange in Nigeria, making payments for overseas education has become increasingly arduous. In March 2023, Nigerian banks announced reductions in the allocation of dollars for personal and business travel allowances, further compounding the challenge.

The new directives slashed the personal travel allowance by 50% and the business travel allowance by 60%, making foreign transactions even more complex.

But education expenses are just the tip of the iceberg. Subscriptions to platforms like Apple Music, AliExpress, AWS, Spotify, services like Grammarly and ChatGPT, e-commerce giants like Alibaba and Amazon, and myriad other international transactions have all been hindered by these currency-related obstacles.

Fintech to the rescue

In response to these pressing issues, various tech firms and fintech companies have introduced innovative products that function as payment gateways specifically designed to facilitate foreign transactions. These gateways empower Nigerians to make payments for products and services beyond their borders, easing the frustration of navigating a complex financial landscape.

The players

Among the notable payment gateways in Nigeria are Flutterwave, Paystack, Remita, SeerBit, Interswitch, and Monnify. Let’s delve into some of these platforms and understand how they are simplifying international transactions.

1. Tuition by Flutterwave Technology Solutions Limited:

Flutterwave, Africa’s leading payments technology company, recently launched “Tuition,” a groundbreaking payment product. Tuition allows African users to conveniently pay various fees to educational institutions, whether they are studying locally or abroad, all while using their local currencies.

“Tuition is designed to solve the challenges in paying school fees for students studying abroad and at home,” says Flutterwave. The service enables students, parents, guardians, and sponsors to pay school fees to over 40 institutions in the UK, with plans to expand to more countries in Africa and beyond.

Tuition offers fast and secure payments, multiple payment options, affordable pricing, real-time support, and extended processing times for accessing foreign exchange for international school fees.

To use Tuition, users must create a profile, submit their data, carefully review the information, and confirm their payments. Tuition is not only streamlining education payments but also providing valuable insights into exchange rates and charging a one-time fee of 20 GBP for processed payments.

2. Paystack Payments Limited:

Paystack, a homegrown success story, was acquired by the American payments company Stripe in 2020 for over $200 million. The platform boasts a near 100% transaction success rate and offers multiple payment options, including card payments, bank transfers, USSD, PoS, Visa QR, mobile money, bank transfer, Apple Pay, and more.

Over 80,000 customers rely on Paystack for their payment needs. The platform offers transparent pricing, with fees ranging from 1.5% + ₦‎100 for local transactions to 3.9% + ₦‎100 for international transactions. Settlement occurs the next day, and it seamlessly integrates with popular eCommerce platforms.

3. Remita by SystemSpecs Holdings Limited:

Remita is a familiar name to many Nigerian public university students, as it is widely used for fee payments. Beyond education, organizations like Enugu Electricity Distribution Company (EEDC), DStv, and StarTimes rely on Remita for customer payments.

Remita supports transactions through USSD, debit/credit cards, PoS terminals, and bank transfers. The platform charges a 2% fee capped at ₦‎2,500 for regular transactions, with an additional 2% charge for foreign cards. Settlement occurs the next day, and Remita also provides value-added services and marketplace services.

4. SeerBit:

SeerBit, a fast-growing Financial Technology company, is on a mission to reshape commerce across Africa. It supports various African currencies and offers customizable pricing based on transaction volumes.

SeerBit’s platform accepts payments through direct debit, bank transfer, PoS, USSD, bank account, card, and mobile money. The platform charges no setup fees, with fees for local cards capped at NGN 2,000.

Merchants using SeerBit can receive payments in 13 currencies and enjoy Level 1 PCI-DSS compliance, ensuring top-notch security. Integration options include WooCommerce, Magento, and Wix.

5. Interswitch Payment Gateway (IPG):

As one of the oldest fintech players in Nigeria, Interswitch is trusted by businesses like Dominos and BetKing. Setting up an account with Interswitch is free, and it charges a 1.5% fee for local transactions capped at ₦‎2,000. International transactions are also possible, with a 3.8% fee.

Interswitch supports USSD, card, bank transfer, and QR code payments. Settlement happens the next day, and the platform offers options for recurring payments.

6. Moonify

Monnify is a payment gateway for businesses to accept payments from customers, either on a recurring or one-time basis.

Monnify offers an easier, faster and cheaper way for businesses to get paid on their web and mobile applications using convenient payment methods for customers with the highest success rates obtainable in Nigeria.

Conclusion

In a world where the movement of money knows no borders, these payment gateways help digital transactions or electronic payments happen seamlessly.

Whether it’s paying for education abroad, shopping on international websites, or subscribing to digital services, these gateways are simplifying the complex world of cross-border transactions for Nigerians.