Does Stripe Work In Nigeria? – A Detailed Look

Are you looking for a secure payment gateway for your Nigerian business? If so, you may be wondering whether Stripe is an option for you. Stripe is a popular payment processor that is used by businesses all over the world. 

In this blog post, we’ll take a detailed look at whether Stripe works in Nigeria and how you can get started using it. We’ll also look at some of the challenges you may encounter and provide some tips for setting up your Stripe account.

Answer to Does Stripe Work In Nigeria?

Yes, Stripe is available in Nigeria. However, Stripe has some restrictions on its usage in Nigeria.

 Currently, Nigerian merchants can only use Stripe for international payments and cannot use it to accept payments from customers within Nigeria. 

This means that if you’re a Nigerian business owner or entrepreneur looking to use Stripe to accept payments online, you can only do so if your customers are based outside Nigeria.

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Additionally, to use Stripe in Nigeria, you will need to have a business registered in one of the countries where Stripe operates. You will also need to have a bank account that is capable of receiving international payments and a valid tax identification number.

It’s worth noting that as regulations and restrictions can change over time, it’s always best to check with Stripe’s website or customer support for the most up-to-date information on using Stripe in Nigeria.

The Current State Of Online Payments In Nigeria And The Role Of Stripe

In recent years, the Nigerian eCommerce market has experienced rapid growth. This is due to the increase in internet penetration and an expanding middle class. This has led to a surge in demand for convenient and secure online payment methods.

In response to this need, companies like Stripe have made it easier to process payments online. 

Stripe is a leading digital payment processor that allows businesses to accept credit cards, debit cards, Apple Pay, and more on their websites. Stripe is used by companies in over 100 countries around the world, including Nigeria.

Stripe makes it easy for Nigerian businesses to accept payments online. It provides a secure platform for accepting payments and it is easy to set up and use. It also supports multiple currencies, so customers can make payments in their currency. 

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This helps to eliminate foreign exchange risk and encourages more customers to make purchases. Additionally, Stripe offers multiple payment options and fraud prevention tools.

Overall, Stripe provides an excellent solution for Nigerian businesses looking to accept payments online. It’s fast, secure, and easy to use, which makes it ideal for businesses of all sizes.

The Restrictions And Limitations Of Using Stripe In Nigeria

Using Stripe in Nigeria can be a bit tricky since the payment processor does not support all currencies. Unfortunately, the Nigerian Naira is not supported and any transactions you process must be denominated in US Dollars. 

This means that any payments made to you or through your account will be converted from Naira to USD at an exchange rate that Stripe determines, and there may be fees associated with such conversions. 

In addition, Stripe’s fraud detection features are not always as effective in Nigeria as they are in other countries, so some fraudulent payments may slip through. 

If a payment you receive is flagged as fraudulent by Stripe’s fraud protection system, then the payment will be automatically refunded.

Stripe also has certain restrictions when it comes to certain types of businesses operating in Nigeria. Certain high-risk business activities and industries, such as online gambling and cryptocurrency, are prohibited from using Stripe in Nigeria. 

Furthermore, if you operate an online store that offers goods and services deemed to be illegal in Nigeria, you will not be able to accept payments through Stripe. 

Finally, Stripe requires that businesses operating in Nigeria provide documents to verify their identity and prove that they are legally authorized to do business in Nigeria. 

This includes providing a copy of a valid ID, a certificate of incorporation, or a bank statement. Failing to submit this information may result in your account being blocked or limited.

The Process Of Setting Up A Stripe Account For Nigerian Businesses 

For those looking to set up a Stripe account for their Nigerian business, the process can be relatively simple. To start, users will need to provide Stripe with some basic information such as company name, address, and contact information. 

Stripe will then review this information and confirm the identity of the business before activating the account.

Once the account has been activated, users will then need to link it with a bank account. This can be done by providing Stripe with the necessary banking information, such as bank name and account details. Stripe will then review the account and make sure that it is valid and secure before linking it to the business.

Once the account is linked, businesses can begin accepting payments via Stripe. This can be done through a variety of methods including credit cards, debit cards, Apple Pay, and Android Pay.

 In addition to this, Stripe also offers additional features such as subscription billing, recurring payments, and multi-currency support. 

Finally, businesses will need to ensure that they are compliant with the necessary regulations in Nigeria. 

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This includes following the requirements laid out by the Central Bank of Nigeria (CBN), and any other applicable laws in the country. Once these requirements are met, businesses should be able to accept payments via Stripe without any issues.

The Fees And Charges Associated With Using Stripe In Nigeria

When it comes to the fees associated with using Stripe in Nigeria, you’ll find that they are quite competitive. Stripe charges a 2.9% + 30¢ fee for most transactions, regardless of currency. That said, there may be additional fees associated with certain payment methods or countries. 

For example, Stripe charges 3.9% + 30¢ for Nigerian debit card payments and 5.9% + 30¢ for Nigerian credit card payments.

In addition to these fees, Stripe also charges certain flat fees, such as a $15 chargeback fee and a $20 international transaction fee. 

Finally, customers who pay in currencies other than their own will also be subject to Stripe’s currency conversion fee. This fee is usually 1% and can be higher depending on the currency being used.

Overall, Stripe’s fees are reasonable and competitive compared to other payment processing services. As such, Nigerian businesses should consider Stripe when looking for an online payment processing solution.

The Impact Of Stripe’s Availability On E-commerce And Online Businesses In Nigeria

The introduction of Stripe to the Nigerian market is already having a major impact on the country’s e-commerce and online businesses. 

Stripe is making it easier and more convenient for businesses to process payments securely and reliably. This can provide much-needed trust and confidence to customers, allowing them to engage with businesses in the digital sphere without fear. 

By providing an efficient payment processing service, Stripe is helping Nigerian businesses reach new heights. Businesses no longer need to worry about manually handling payments, as Stripe allows them to receive payments from customers quickly and securely. 

Stripe also allows businesses to accept payments from around the world, making it easier for them to expand their customer base.

 This global reach can be extremely beneficial for many Nigerian businesses. 

Stripe’s availability is also helping to facilitate growth in the e-commerce sector. With its secure payment processing system, businesses are now able to offer their products and services to customers all over the world. 

This not only increases the revenue of these businesses but also helps to stimulate economic growth in Nigeria as a whole. 

Overall, Stripe’s presence in the Nigerian market is having a significant and positive impact on e-commerce and online businesses. It is providing businesses with an efficient payment processing system that is helping them to grow and expand their customer base. 

With its secure and reliable platform, Stripe is helping businesses to build trust and confidence with their customers, leading to more successful transactions.


Q: Does Stripe work in Nigeria?

A: Yes, Stripe is available for use in Nigeria. However, there are certain restrictions and limitations that businesses need to be aware of before setting up an account.

Q: What are the restrictions and limitations of using Stripe in Nigeria?

A: The Nigerian Central Bank has certain restrictions on the acceptance of payments from international sources. As a result, some features of Stripe such as subscriptions and invoicing are not available in Nigeria. Additionally, Nigerian businesses must abide by the guidelines set forth by the Central Bank which includes obtaining approval from the Bank before setting up a Stripe account.

Q: What is the process of setting up a Stripe account for Nigerian businesses?

A: The first step is to create a Stripe account and provide basic information about the business, such as contact details and bank account details. Once this is done, businesses must then apply to the Central Bank for approval. Once approval is granted, businesses can then connect their bank accounts to Stripe and start accepting payments from customers.

Q: What fees are associated with using Stripe in Nigeria?

A: Stripe charges a 2.9% + 30p per transaction for credit/debit cards. In addition, there is a charge of NGN 1000 for Nigerian Naira transactions. There are also monthly maintenance fees of NGN 500 and NGN 2500, depending on the type of account you have.

Q: How will Stripe’s availability impact e-commerce and online businesses in Nigeria?

A: With Stripe being available in Nigeria, businesses now have access to a secure, easy-to-use payment platform that allows them to accept payments from customers all over the world.

 This will enable businesses to expand their reach and increase their sales, helping to grow their business. Additionally, businesses can benefit from the advanced fraud protection tools offered by Stripe, allowing them to keep their customers safe from online threats.


In conclusion, Stripe is a viable payment option for Nigerian businesses and entrepreneurs. The process of setting up a Stripe account for Nigerian businesses is straightforward and there are reasonable fees associated with the use of the service. 

Stripe’s presence in Nigeria has the potential to revolutionize the e-commerce industry in the country and make it easier for local businesses to accept payments from customers all over the world. 

However, it’s important to be aware of the restrictions and limitations that come with using Stripe in Nigeria before deciding to use the service. It’s also important to consider all the pros and cons before making a final decision.