Top B2B Payment Solutions in Nigeria: Comprehensive Guide for Businesses in 2025

Discover the best B2B payment solutions in Nigeria with our comprehensive guide. Compare features, fees, and benefits to make the right choice for your business

The Evolution of B2B Payments in Nigeria

In today's rapidly evolving digital economy, Nigerian businesses are increasingly seeking efficient and secure payment solutions to facilitate their operations. The landscape of B2B payments in Nigeria has undergone significant transformation since the Central Bank of Nigeria (CBN) implemented its cashless policy in 2012. Before this initiative, businesses primarily relied on cash transactions, leading to inefficiencies and limited financial inclusion.

The growth has been remarkable - from just ₦3.9 trillion ($8.5 billion) in NIBSS Instant Payment (NIP) transactions in 2012 to a staggering ₦38.7 trillion by early 2023. This represents an average annual growth of 41.6%, highlighting the rapid adoption of digital payment solutions among Nigerian businesses.

This comprehensive guide explores the top B2B payment solutions available to Nigerian businesses in 2025, analyzing their features, benefits, costs, and security measures to help you make an informed decision for your organization's needs.

Understanding B2B Payment Solutions in Nigeria

What Are B2B Payment Solutions?

B2B payment solutions are specialized financial services and platforms designed to facilitate transactions between businesses. Unlike consumer-focused payment systems, B2B solutions address the unique challenges businesses face when making payments to suppliers, partners, employees, and other corporate entities.

These solutions typically offer features such as:

• Bulk payment processing: Ability to handle multiple transactions simultaneously
• Cross-border transaction capabilities: Supporting international business operations
• Integration with accounting systems: Streamlining financial record-keeping
• Enhanced security protocols: Protecting high-value business transactions
• Customizable approval workflows: Accommodating corporate governance requirements

Why Nigerian Businesses Need Specialized Payment Solutions

The Nigerian business ecosystem presents unique challenges that make specialized payment solutions essential:

1. Regulatory Complexity: Navigating CBN regulations and compliance requirements
2. Currency Management: Handling both local and foreign currency transactions effectively
3. Infrastructure Limitations: Overcoming internet connectivity and banking system constraints
4. Security Concerns: Protecting against the increasing sophistication of financial fraud
5. Scale Requirements: Processing high-volume or high-value transactions efficiently

As Nigerian businesses increasingly engage in global commerce, the need for reliable, secure, and efficient payment solutions has never been more critical.

Categories of B2B Payment Solutions in Nigeria

Payment Switching and Processing Companies

Payment switching and processing companies serve as intermediaries in the payment ecosystem, routing and processing transactions between various entities, including banks, merchants, and consumers. The CBN awards licenses to these companies, with the switching license being the highest tier granted to fintechs.

In Nigeria, 16 companies currently hold switching and processing licenses, providing critical infrastructure for electronic payments and ensuring the smooth flow of funds across the financial system.

Payment Gateways

Payment gateways facilitate online payments by securely transferring customer payment data to processors and banks. They serve as the digital equivalent of physical point-of-sale terminals, enabling businesses to accept payments through websites and mobile applications.

Nigerian payment gateways typically support multiple payment methods, including cards, bank transfers, USSD, and mobile money, making them essential for businesses engaging in e-commerce and digital transactions.

Cross-Border Payment Providers

Cross-border payment providers specialize in facilitating international transactions, enabling Nigerian businesses to make and receive payments across borders. These providers address the challenges of currency conversion, compliance with international regulations, and the complexities of global banking systems.

With projections indicating that B2B cross-border payments will reach $186.2 trillion globally by 2030, these providers play an increasingly vital role in supporting Nigerian businesses participating in international trade.

Top Payment Switching and Processing Companies in Nigeria

The Central Bank of Nigeria has licensed 16 payment switching and processing companies to provide the backbone infrastructure for electronic payments in the country. Here's an analysis of some of the leading providers:

1. Interswitch

Established: 2002
Key Features:

• Extensive network with over 190,000 active businesses processing daily
• Over 8,000 billers aggregated on its Quickteller platform
• More than 41,000 Quickteller Paypoint agents across Nigeria

Cost Structure:

• Setup fee: ₦150,000
• Transaction commission: 1.5% for local transactions (capped at ₦2,000)
• International transactions: 3.8%

Settlement Time: Next business day
Payment Options: USSD, card, bank transfer, QR code
Security: PCI DSS compliant

Interswitch stands as Nigeria's largest payment processing company and one of Africa's leading payment providers. Its extensive infrastructure and long-standing presence make it particularly suitable for established businesses with high transaction volumes.

2. Flutterwave

Established: 2016
License Date: September 2022
Key Features:

• Operates in 11 countries with payments accepted in over 20 currencies
• Enables transactions between banks, FinTechs, and other financial institutions
• Provides payment gateway, card processing, and settlement services

Cost Structure:

• No setup fee
• Transaction commission: 1.4% for local transactions, 3.8% for international transactions

Settlement Time: 24 hours
Payment Options: Bank transfer, bank account, mobile money, PoS, Visa QR, card
Security: PA DSS & PCI DSS Compliant

Flutterwave's comprehensive suite of services and international reach make it an excellent choice for businesses with pan-African operations or those looking to expand beyond Nigeria's borders.

3. Paystack

Established: 2015
Acquired by: Stripe in 2020
Key Features:

• Seamless integration with popular e-commerce platforms
• Present in more than four African countries
• Processes over ₦10 billion in monthly transactions

Cost Structure:

• No setup fees
• Transaction commission: 1.5% + ₦100 for local transactions, 3.9% + ₦100 for international transactions

Settlement Time: Next day
Payment Options: Card, bank account, USSD, PoS, Visa QR, mobile money, bank transfer, Apple Pay
Security: Level 1 PCI-DSS compliant

Paystack's user-friendly interface and robust developer tools make it particularly attractive for startups and tech-focused businesses. Their claim that "If a transaction fails on Paystack, it's highly unlikely it'll work anywhere else" speaks to their reliability.

4. TeamApt Limited (Moniepoint)

Established: 2015
License Date: 2019 (for Aptplay product)
Key Features:

• Mobile money payment platform
• Serves 26 banks across Africa, including major Nigerian banks
• Provides payment solutions for sending, receiving, and storing money

Key Clients: Zenith Bank, ALAT by Wema, UBA, First Bank
Settlement Time: Next day
Payment Options: USSD, card, bank transfers

Moniepoint's banking relationships and mobile-focused approach make it well-suited for businesses looking to reach the unbanked and underbanked segments of the Nigerian population.

5. eTranzact

Established: 2003
Key Features:

• Nigeria's first multi-application and multi-channel electronic transaction switching company
• Offers point-of-sale terminals, mobile payments, and online payment solutions
• Extensive experience in the Nigerian payment ecosystem

Settlement Time: Next day
Payment Options: POS terminals, mobile payments, online payments

eTranzact's longevity in the market and deep understanding of the Nigerian financial landscape make it a trusted choice for businesses requiring stability and established protocols.

Top Payment Gateways in Nigeria

Payment gateways provide the essential interface between businesses and the payment processing infrastructure. Here are the leading options for Nigerian businesses:

1. RexPay by Accelerex

Key Features:

• Seamless integration into web and mobile applications
• Support for multiple payment channels (cards, accounts, transfers, USSD, QR Code)
• Real-time transaction monitoring and management
• Advanced fraud detection and prevention

Cost Structure:

• Free setup
• Transaction commission: 1.5% capped at ₦2,000 for local businesses

Transaction Success Rate: 100%
Settlement Time: Next day
Payment Options: Bank transfer, bank account, mobile money, Visa, Mastercard, Verve, QR Code, payment links
Security: PA DSS & PCI DSS Compliant

RexPay stands out for its comprehensive security features and competitive transaction fees, making it suitable for businesses of all sizes concerned with payment security.

2. Monnify by Moniepoint

Key Features:

• Development-ready platforms for web and mobile SDK
• Customizable settlement options (daily, twice daily, or instant)
• Detailed documentation for developers

Cost Structure:

• Free setup
• Transaction commission: 1.5%

Settlement Options: Flexible (daily, twice daily, or instant)
Payment Options: USSD, card, Internet transfer

Monnify's flexible settlement options and developer-friendly approach make it particularly attractive for businesses with specific cash flow needs or custom integration requirements.

3. Remita

Key Features:

• Popular among government institutions and educational organizations
• Supports multiple payment sources (USSD, cards, PoS, bank transfers)
• Access to comprehensive financial data and analytics

Cost Structure:

• No setup cost
• Transaction Commission: 2% fee capped at ₦2,500; foreign cards attract an extra 2% charge

Settlement Time: Same-day for most transactions, next day for card transactions
Payment Options: USSD transactions, debit/credit cards, PoS terminals, bank transfers

Remita's strength in serving institutional clients and its comprehensive reporting features make it ideal for educational institutions, government agencies, and large corporations.

4. Squad by GT Bank

Established: 2022
Key Features:

• Mobile phone POS functionality
• Fast, secure payments through multiple channels
• Developer-friendly integration tools

Cost Structure:

• No setup cost
• Transaction commission varies by method:
  • 0.1% for virtual accounts
  • 1% for USSD and payment links
  • 3.5% for international payments using a payment link
  • 0.25% for SquadPOS transactions

Settlement Time: Within 24 hours
Payment Options: Cards, transfers, USSD
Security: PCI DSS compliant

Squad's variable pricing model allows businesses to optimize costs based on their preferred payment methods, while its GT Bank backing provides institutional credibility.

5. VoguePay

Key Features:

• International payment processing
• Multiple currency support
• Fraud prevention tools

Settlement Time: 1-2 business days
Payment Options: Credit/debit cards, bank transfers, e-wallets

VoguePay's international focus makes it suitable for businesses targeting global customers or requiring multi-currency capabilities.

Top Cross-Border Payment Solutions for Nigerian Businesses

International transactions present unique challenges for Nigerian businesses. These specialized providers focus on facilitating cross-border payments:

1. Yala

Key Features:

• Complete B2B cross-border payment platform
• Invoice collection and account receivable management
• International payment processing and global invoicing
• Expense management, bill payments, and tax management
• Corporate cards and payment links

Target Users:

• SMEs engaged in international trade
• Large corporations with global operations
• Finance teams managing international invoicing and payments
• E-commerce businesses with international customers
• Freelancers and contractors with international clients

Benefits:

• Simplified payment processes with reduced paperwork
• Competitive exchange rates and transparent pricing
• Strong compliance and security standards
• Personalized customer support

Yala's comprehensive approach to international business financial management makes it particularly valuable for businesses seeking an all-in-one solution for cross-border operations.

2. Wise (formerly TransferWise)

Key Features:

• Specializes in international money transfers
• Supports bank transfers, card payments, and local payment methods
• Real-time payment tracking and notifications
• Transparent fee structure

Wise's focus on transparency and competitive exchange rates makes it suitable for businesses looking to optimize international payment costs.

3. Send by Flutterwave

Key Features:

• Enables money transfers to over 30 countries
• Daily updated exchange rates based on current market
• Secure and reliable remittance service

Payment Destinations: US, UK, Europe, and African countries

Flutterwave's established presence in multiple African markets gives it an advantage for businesses primarily operating within the continent.

4. Payoneer

Established: 2005
Key Features:

• Long-standing provider of mass payment solutions
• Global reach with strong presence in freelance and digital service markets
• Multiple withdrawal options

Payoneer's experience in serving freelancers and digital businesses makes it particularly valuable for companies working with international contractors or selling digital services globally.

5. WorldRemit

Key Features:

• Digital remittance service supporting 130+ countries and 70+ currencies
• Multiple payout options (bank deposits, mobile money, airtime top-ups, cash pick-ups)
• Sending capabilities from 50+ countries

WorldRemit's diverse payout options make it useful for businesses needing to reach recipients in areas with limited banking infrastructure.

How to Choose the Right B2B Payment Solution for Your Nigerian Business

Assess Your Business Needs

Before selecting a payment solution, carefully evaluate your business requirements:

• Transaction Volume: How many payments does your business process monthly?
• Transaction Values: What is the typical value range of your transactions?
• Geography: Do you primarily operate within Nigeria, across Africa, or globally?
• Integration Requirements: What systems (accounting, ERP, e-commerce) need to connect with your payment solution?
• Customer/Supplier Preferences: What payment methods do your partners prefer?

Key Selection Criteria

When comparing B2B payment solutions, consider these essential factors:

1. Reliability and Reputation

• Check reviews on platforms like Capterra and Trustpilot
• Verify proper licensing by the Central Bank of Nigeria
• Assess the provider's track record and years in operation
• Research their customer base and success stories

2. User Experience

• Evaluate the interface for both you and your payment recipients
• Consider the time required for onboarding and training
• Test the mobile responsiveness of the platform
• Assess the quality of reporting and analytics tools

3. Currency Support

• Ensure support for all currencies relevant to your business operations
• Compare exchange rates and currency conversion fees
• Check for any restrictions on specific currencies or countries

4. Security Features

• Verify PCI DSS compliance and other security certifications
• Check for implementation of two-factor or multi-level authentication
• Evaluate fraud prevention mechanisms
• Assess data encryption standards

5. Fee Structure

• Compare percentage-based fees, flat fees, and combination structures
• Look beyond the headline rate to identify hidden charges
• Consider setup costs, monthly subscriptions, and maintenance fees
• Calculate the total cost of ownership based on your transaction patterns

6. Technical Support

• Evaluate support hours and availability (24/7 vs. business hours)
• Check communication channels (phone, email, chat)
• Assess response times for critical issues
• Consider the availability of local support teams

Red Flags to Watch For

Be cautious of payment solutions that:

• Lack proper regulatory compliance or licensing
• Have consistently negative reviews about reliability or customer service
• Impose opaque fee structures with hidden charges
• Offer limited or outdated security measures
• Provide inadequate technical documentation or support

Industry Solution Spotlight: Nilos Payment Network

The Nilos Payment Network represents a significant advancement in B2B payment solutions for Nigerian businesses engaged in international trade. Their liquidity network connects 15+ regions globally, enabling seamless cross-border transactions with reduced costs and settlement times.

Nilos has developed strategic partnerships with established payment infrastructure providers like Terrapay and Ebanx, enhancing their capability to serve businesses operating across multiple markets. Their solution addresses the critical pain points of international B2B payments:

• Reduced settlement times: Transactions that traditionally took 3-5 days now complete within 24 hours
• Lower transaction costs: Savings of up to 40% compared to traditional banking channels
• Enhanced compliance: Automated regulatory checks across multiple jurisdictions
• Simplified reconciliation: Integrated reporting and accounting system connections

For businesses expanding internationally or managing complex supply chains across borders, Nilos offers a compelling alternative to traditional banking channels and legacy payment providers.

Future Trends in B2B Payments for Nigerian Businesses

Real-Time Payments

The demand for instant settlement is growing across the Nigerian business landscape. Payment providers are increasingly moving toward real-time payment capabilities, reducing the traditional next-day settlement cycles.

Blockchain and Cryptocurrency Integration

Innovative providers like Appzone are already leveraging blockchain technology for payment networks. Their ZONE network, adopted by over 16 commercial banks in Nigeria, enables direct bank-to-bank payments with enhanced security and transparency.

Enhanced API Connectivity

Payment solutions are developing more robust and flexible APIs, allowing deeper integration with business systems and enabling customized payment workflows that match specific business processes.

Artificial Intelligence for Fraud Prevention

As payment fraud becomes more sophisticated, providers are implementing AI-powered security measures to detect and prevent unauthorized transactions, protecting businesses from financial losses.

Expansion of Alternative Payment Methods

Beyond traditional cards and bank transfers, B2B payment solutions are incorporating emerging payment methods like USSD, QR codes, and mobile money to serve diverse business needs.

Selecting the Optimal B2B Payment Solution

The right B2B payment solution can significantly impact your business efficiency, cost structure, and growth potential. Nigerian businesses should approach this decision strategically, considering both immediate needs and future expansion plans.

Begin by thoroughly assessing your current payment volumes, patterns, and pain points. Then, evaluate the options presented in this guide against your specific requirements, giving particular attention to reliability, security, cost-effectiveness, and scalability.

Consider starting with a limited implementation to test performance before full-scale adoption. Many providers offer trial periods or sandbox environments that allow you to experience their platform without committing fully.

Remember that payment solutions are not one-size-fits-all. The best choice depends on your unique business model, industry, customer base, and growth trajectory. By selecting a solution aligned with your specific needs, you can turn payments from an operational challenge into a strategic advantage for your business.