Top 5 International Payment Platforms in Nigeria in 2024

As Nigerians, one of the limitations we face often times is the transfer of funds from international countries. If you function in related industries, then you can attest that you have experienced payment issues at least once. This can be quite frustrating, hence this article.?

The Nigerian market is getting increasingly dynamic. There is a rapid spread of jobs like freelancing, e-commerce, and international trade. For the success of these trades, there is a need for seamless and efficient payment transactions.?

In this blog, we have reviewed some of the top payment platforms for international transactions in Nigeria. We will explore the features, benefits, and nuances of these platforms, eventually helping you make the best decisions for your next transactions.?

Ready? Let’s find out some of the top guys.?

World Remit

World Remit is a popular money transfer platform that allows individuals to send and receive money from over 130 countries around the world. One of the best parts of World Remit is its versatility. You can send money using either the platform’s website or the app. Another top-tier benefit of this platform is the speed of processing. World Remit offers fast and flexible transfers, and you would most likely receive funds within 24 hours in the absence of any technical issues (which rarely happens).?

As a first-hand user of World Remit, you can believe me when I say that sometimes funds can be received within 2 to 5 minutes of sending.?

How does World Remit work?

The sender would need to either download the app or log into the website and create an account with basic details. The next step is to input the details of the receiver, very basic details as well. All you need is the receiver’s full name, mobile number, email address, and bank account details.?

The best part? The receiver does not need to have a World Remit account to receive funds via World Remit.?

Pros

• The first three transfers are completely fee-less.?
• The website is easy to use.?
• No minimum transfer amount
• It allows a wide reach of over 130 countries.?
• Strong security

Cons

• There is a maximum transfer amount
• The fee structure after the first three transfers is unpredictable.?

Features

1. The customer service is responsive. If you make a wrong transfer and you contact WorldRemit immediately, they can recall your transaction.
2. The transactions have a reliable speed ranging from a few minutes to 24 hours.
3. The transfer fees vary depending on the sending and receiving country and on the currency. However, the fees are transparent and will be displayed before the transaction is completed.?

Payoneer

Payoneer has been around for the longest time and has proved to be a reliable platform for receiving international payments.

This platform allows you to receive payments in various currencies, which can then be withdrawn to your Nigerian bank account as Naira. To receive using Payoneer, the recipient would need to sign up to Payoneer. You can withdraw money from Payoneer either via a bank deposit or the prepaid MasterCard debit cards that they issue to customers when they apply.?

How does it work?

To send money via Payoneer, you will need to visit their website, register either as a business or as an individual, and then follow the prompts to set up your Payoneer account completely. For the recipient, you will need to also set up a Payoneer account by inputting the basic details, and linking your local bank account with your Payoneer. This way, once you receive funds into your Payoneer, you can set it to automatically be sent to your local bank.?

A simple way to receive money from Payoneer is to use the receiver’s email address. This is only valid when both the sender and the receiver have a working Payoneer account.?

Pros

• It is an easy way to send and receive funds
• It has very secure regulations.
• Provides custom invoices facility and allows for payment requests from individual clients.
• Free payment between Payoneer accounts

Cons

• High card transaction fees
• It adds a currency conversion charge of 2% for international transactions.
• There is an annual fee for usage of the Mastercard

Features

• Billing service and payment request
• It has a store manager facility
• It has both a website and an app.?

Wise

Another popular payment platform that works well in the country is Wise. Wise was formerly known as TransferWise and is a fast and reliable payment gateway. This platform is famous for its transparency, especially with less popular currencies.?

You can transact via Wise using either the website or the app. You will need to sign up, sign in, and log in. Wise allows transactions to over 80 countries in over 40 currencies. It is currently used by over 16 million people worldwide.?

How does it Work?

Sending money via Wise is easy. Wise offers several payment options, including bank transfer, debit card, and credit card. You can choose an option that works for you and initiate the transfer. For the transaction, the sender would need to insert the details of the recipient, usually their name, address, and bank account details.?

Pros

• Wise offers competitive exchange rates and low fees. The rate used is the mid-market exchange rate (the one you would find on Google).?
• They offer a guaranteed rate for a short period of time. This is quite reassuring because you do not have to worry about market fluctuations.?
• They are regulated by financial authorities like FCA and FinCEN, so you can rest assured of the security and safety of both your money and your information.?
• Wise also allows money to mobile wallets.
• Wise has a refund policy. If you cancel a transfer before it's been processed, Wise will refund the full amount of the transfer, including the fees.
• Wise offers a debit Mastercard for free, which allows users to spend through the card at no cost and withdraw up to ￡200 per month for free.

Cons

• The customer support is limited
• There is no option for cash deliveries or deposits
• The transfer fees are sometimes high.?

Features

1. Wise allows Wise Assets for their users. This lets you invest money in the iShares World Equity Index Fund.
2. The higher the amount you send (from 100,000 Euros), the lower the fees.
3. Wise has a Business account feature that lets you add team members to the account and access the API to automate workflows.

Flutterwave (Send App)

Flutterwave is another fast-growing payment option that Nigerians can use. Flutterwave includes sending options to bank accounts, Mobile Money wallets, Barter accounts, and cash pick-up locations. It is powered by Send App, which is the largest payment network in Africa. One of the best parts of this platform is that they are constantly evolving to suit the needs of Nigerians better.?

Recently, they introduced NGN Bank Transfers, allowing users to send money directly to Naira bank accounts in Nigeria, with the transfer taking just minutes. With this platform, payments can be processed globally in over 30 currencies.?

How does it work?

On the Flutterwave app, there is a dashboard that people can use to create custom links and send them to customers or clients for payment. The link sends you straight to a payment page with a simple form that you will need to fill in with basic details.?

Next, you will need to choose a payment method, which can be with card, USSD, bank, or Visa QR. You can then confirm your transaction and proceed to send the money to the designated account.?

Pros

• Wide range of payment methods
• Easy to use.
• It has a strong reputation with popular and equally strong financial partners.?

Cons

• There have been some reports about bugs that could cause some technical errors occasionally.?
• They have a 2% fee for international payments outside your sign-up country.?

Features

1. Flutterwave has a store that allows businesses to sell products and services across the globe.?
2. They have a diversified payment gateway.?

Remitly

Another option for receiving payments to Nigeria from anywhere in the world is Remitly. They have a? knack for fast and affordable transfers, sending money from 21 countries to over 100 receiving countries worldwide. It is a purely digital service, operating entirely online and through its mobile app.?

There are limits to the amount of money you can send with Remitly. When you first sign up, your limit is automatically set at ￡5,000 in 24 hours, ￡15,000 in 30 days, and ￡50,000 in 180 days. The currency is because Remitly is registered and regulated in the UK.?

How does Remitly work?

When you log into the app or website, check to see that the country you wish to send money to is supported. Nigeria is supported. Next, you will need to input the recipient’s basic details and then process your transfer.?

The thing about Remitly is that you can receive your transfers only in USD. This means that you will need to open a domiciliary account. You can either choose to get a bank deposit or a cash pickup. The two banks that are currently affiliated with Remitly in Nigeria are GT Bank and Polaris.?

To pick up the cash from the bank, you would need to get the reference number for the transfer and show a government-issued passport.?

Pros

• The fees are very low. The fee for sending $1000 can be as low as zero to $3.99.?
• There is a first-time user promo, which is a much lower transfer fee
• Fast delivery
• Reliable customer service

Cons

• Low transfer limits, not suitable for large money transfers
• Limited countries allowed.?

Features

1. It has two options for transfer: Express and Economy. You can choose the most suitable option for you and get the accompanying feature.?
2. Transaction fees vary by destination country and service.

Conclusion

Overall, the payment infrastructure in Nigeria is rapidly evolving, and businesses should keep up with the latest trends to stay competitive in the market. The growing number of international payment platforms is a pointer to the booming economy of the Nigerian market.?