How to accept online payments in Nigeria (Paystack, Flutterwave & bank transfer explained)

If you sell on WhatsApp or Instagram, you know the dance. Customer says they've paid. You ask for proof. They send a screenshot. You squint at it. You check your bank app. Sometimes the money is there; sometimes the screenshot is fake. It's slow, awkward, and it costs you sales.

Accepting payments properly online fixes all of that. Here's how it actually works in Nigeria, in plain language.

The two names you need to know: Paystack and Flutterwave

These are payment gateways — the companies that let your store accept money from customers and drop it into your bank account. Both are Nigerian, both are trusted, and both do essentially the same core job. You don't need to agonise over which one; you can start with either, and a good store lets you use both.

When a customer pays through a gateway, three good things happen automatically: the money is verified instantly, the order is marked paid without you checking anything, and the customer gets a receipt. No screenshots. No squinting.

What customers can actually pay with

Through Paystack or Flutterwave, your customers can pay by:

• •Debit card (the most common)
• •Bank transfer / direct account
• •USSD (the *737#-style codes), useful for customers without a card online
• •QR code, on some setups

The point is you don't force everyone down one road. A customer pays the way they're comfortable, which means fewer abandoned orders.

The part everyone asks about: the fees

Gateways charge a small percentage per successful transaction — you only pay when you actually get paid. As a rough guide, Nigerian card and transfer fees sit around 1.5% (often capped at a maximum naira amount per transaction). There's no charge for a sale that doesn't happen.

Two things worth understanding:

• •The gateway fee and your platform fee are different things. The gateway (Paystack/Flutterwave) takes its cut for moving the money. Your store platform may also take a small fee — or none, depending on your plan.
• •Beware "extra" fees from foreign platforms. Some global store builders add their own percentage *on top* of the gateway fee when you're not using their in-house payment system — which Nigerian sellers can't use. That stacks up fast. A Nigeria-built platform shouldn't penalise you for using Paystack.

Do you need a registered business (CAC)?

To start, no. You can begin collecting payments with a personal bank account and verify your details with the gateway. Registering your business later unlocks higher limits and a settlement account in your business name, which is worth doing as you grow — but it shouldn't block you from your first sale today.

How money reaches your account

After a customer pays, the gateway settles the money to your bank account — usually next business day in Nigeria (T+1). So a sale on Monday typically lands Tuesday. Inside a proper store, you'll see the order marked paid immediately, even before the cash settles, so you can start preparing it right away.

Stop accepting "I've paid" on trust

Here's the single biggest upgrade: when payment runs through your store, the order only confirms when the money is verified. No more fake screenshots. No more delivering goods to someone who "will pay on delivery" and vanishes. The system does the trust for you.

Setting it up is a one-time, 5-minute job

On Myshoplet, connecting payments is a single step: link your Paystack or Flutterwave account, and every product in your store can now be paid for by card or transfer, with orders confirmed automatically and settlement to your bank. You set it up once and forget about it.

The sellers who grow fastest aren't the ones with the cheapest prices. They're the ones who make it effortless to pay — and who never again waste an evening arguing over a screenshot.