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Online Payment Platforms in Nigeria

Online payment has become the order of the day because of the penetration of internet connectivity. There are many online payment platforms in Nigeria to help address financial payment issues. The increase in e-commerce businesses here and there is another major factor helping this sector. The growth driver is coming from the demand for payment solutions.

Another angle to this is the recent policy of the government on a cashless system. The central bank of Nigeria is encouraging this. Have you personally paid for items using online payments? I have carried out on several occasions online payment using electronic means. It is simple, smooth and easy.

What are these online payment platforms?

Online payment is also known as an electronic payment system. These online payment platforms have made the payment system easy for Nigeria. The Central Bank of Nigeria, which is the apex regulator of these platforms has data that reveal how the progression has been over the past few years.

Online payment solutions involve the use of debit cards, credit cards, internet banking, and fund transfers in place of physical cash.
There is now increasing in awareness and adoption of online payments. Please read on to get the right information about companies involved in providing these payment solutions.

Remita

I can personally tell you that Remita is one of the best when it comes to online payment. My experiences with Remita were fantastic. The first experience was some years back, I tried registering my company through Corporate Affairs Commission (CAC).

The second experience is a funny one anyway. I was travelling with a couple of friends from Ile-Ife to Abuja. We were stopped and booked by Federal Road Safety Corps.

We needed to pay into the bank but to do this you need to generate a Remita code. How do you generate a remita code or Remita Retrieval Reference (RRR)? Simply visit remita.net to check for the name of the payment you want to make.

Take, for instance, to pay for the FRSC penalty, you will need to select MDA and then select FRSC. Remita Code will be issued to you through the email address you submitted. There are other payments you can carry out on Remita.

You can buy a WAEC scratch card, and pay school fees for some institutions. Such as EKSU through REMITA EKSU, REMITA Unilag etc.

Now that you know about Remita, what payment would you like to carry out using this platform?

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Paystack

The Paystack is a digital product that is birth by a digital entrepreneur who has a banking experience for many years. The paystack founders are Shola Akinlade and Ezra Olubi. Shola is said to have had several issues making payments.

Being a software engineer for banks and brewing company, he sees the need to solve these issues for himself and others who may have experienced the same problem of making payments online. Having addressed these issues, individuals, content creators, and companies can receive and make payments through debit cards, Paystack Store Front.

If you learn how to use Paystack, then receiving money through your website should not be a problem. It integrates with other international platforms like Stripe. All you need is the ability to use Paystack API as a developer. You can create your Paystack account here.

Flutterwave

Flutterwave is a Nigerian tech company on a mission to simplify and redefine payments across Africa and the rest of the world. Flutterwave is being valued to be worth over $1 billion in the recent valuation. It is the second Nigerian start-up to reach such a milestone.

The first payment solution to achieve such a record is Interswitch Company. Flutterwave CEO, Olugbenga Agboola is the brain behind this company.
Flutterwave spreads across 34 countries in Africa. Nigeria Flutterwave serves as the hub for the rest offices.
In the word of the CEO, “Covid-19 played a big part in our growth because we were able to quickly onboard more customers,” says Agboola.

“People that might not have said yes to online payments have now said yes because of the pandemic.”

Opening the Flutterwave store makes e-commerce business to be easy for so many vendors who are looking for easy payment solutions. What do you like about the Flutterwave payment solution?

Interswitch

Interswitch clocked 20 years in 2022. Having championed the race for the deployment of ATMs across Nigeria, he ventured into a card payment system called Verve. The Verve card competes with other international card brands like Visa and MasterCard.

With a Verve card, you will enjoy online shopping with ease of payment. So Interswitch is making the impossible possible in the financial sector in Nigeria. Mitchell Elegbe who is the Group CEO of Interswitch is among the giants in the finance industry today in Nigeria.

Elegbe started Interswitch after four years of his NYSC year. He keeps pushing for better performance of the company in the marketplace. He is an inspiration to young fintech entrepreneurs. Other products from Interswitch include Interswitch quickteller, and Interswitch webpay.

All these digital innovations are making mobile banking transactions easy for individuals and businesses.
What products of Interswitch have you used in recent times? Share your experience, please.

Conclusion

The present-day e-commerce can not thrive without a solid online payment platforms. As a business owner, just pick among these platforms the one that suits your business and lifestyle.