Last updated on March 23, 2021 by The Counselor
As an individual or business owner intending to buy or sell online, you must have established a merchant or personal account at a bank before you can engage the services of an online payment gateway that is, a payment processing firm.
Payment Service Solution Providers in Nigeria are firms that have been licensed by the Central Bank of Nigeria (CBN) to provide a bridging infrastructure, end-to-end electronic payment solutions, systems and services to stakeholders within the financial services space.
The permissible activities under Payment Service Solution Providers licence type are; payment processing gateway and portals, payment solution/application development, merchant service aggregation, Banks, Online Merchants, payment processors, merchants, state-governments and consumers connect to PSSPs to meet their electronic payment needs.
Payment Service Solution Providers in Nigeria have direct integration into the card schemes (Visa, Mastercard & Verve) and a deeper relationship with banks and some have systems integrated directly into the core banking systems.
Payment Service Solution Providers in Nigeria are divided into three: PSP Super License, PSP Standard License and PSP Basic License.
More details here:
These are the list of Popular Payment Service Solution Providers in Nigeria
Parkway Project Limited
Parkway is a Payment Service Solution Provider in Nigeria whose aim is to provide simple, intuitive, end-to-end corporate, retail and transaction banking solutions. Their core platform and service offering for government agencies, large corporates and small/medium enterprises (SME) enable partner banks to expand market share and build stronger relationships with businesses across the continent.
Interswitch is one of the oldest Payment Service Solution Provider in Nigeria. They are Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations on a timely and consistent basis.
Flutterwave was founded in 2016 by a team of ex-bankers, entrepreneurs and engineers. This Payment Service Solution Provider in Nigeria provides an award-winning technology core needed to provide businesses all around the world a powerful, reliable and intelligent payments gateway.
Paystack, though new, are becoming one of the most sought after Payment Service Solution Provider in Nigeria. Their focus is to build technology to help Africa’s best businesses grow – from new startups to market leaders launching new business models.
Paystack makes it easy for businesses to accept secure payments from multiple local and global payment channels, and then we provide tools to help you retain existing customers, and acquire new ones.
eTranzact is Nigeria’s first award-winning multi-application, multi-channel electronic transaction switching and payment processing platform. eTranzact handles billions of dollars yearly, supporting millions of forward-thinking businesses and individuals who trust that their financial transactions would be taken care of by eTranzact daily.
Remita is also a popular Payment Service Solution Provider in Nigeria that allows businesses to conveniently receive payments from customers in a faster manner, through nine different channels, including the Remita Mobile App and Website, Internet Banking, Point of Sales (PoS) Terminals, Debit/Credit Cards, Merchant’s Website, Bank Branches, Mobile Wallets and Standing Order/Direct Debit.
It is the default payment gateway that facilitates the Federal Government of Nigeria’s Treasury Single Account (TSA), the largest and most impactful of its kind in Africa.
VoguePay is a user-friendly Payment Service Solution Provider in Nigeria. VoguePay is an online payment platform that allows you to send and receive payment easily from anyone, in any currency. Accept payment through Card transaction and Bank transfers.
Other popular Payment Service Solution Providers in Nigeria includes but not limited to the list below;