Best Payment Gateway for Nigerian Online Stores (Paystack, Flutterwave, Monnify, Squad)

Key takeaways

• Paystack is the best all-round choice for most Nigerian online stores: 1.5% + ₦100 on local payments, capped at ₦2,000, with the widest support across Shopify, WooCommerce and other store builders.
• Squad, from GTCO's HabariPay, has the lowest published local fees: 1.2% capped at ₦1,500, and just 0.25% capped at ₦1,000 for virtual account transfers.
• Monnify, from Moniepoint, settles the same day by 10pm, including weekends, which is the fastest of the four. It charges 1.5% capped at ₦2,000.
• Flutterwave is the dearest for local sales at 2% with no cap stated, and customers pay the fee by default. Its strength is selling across many countries.
• If most of your customers pay by bank transfer, compare virtual account fees first. That's where the four differ most.

For most Nigerian online stores, Paystack is the best payment gateway. Its fees are fair, it plugs into almost every store builder, and settlement is next-day. If you're fee-sensitive and sell mainly in Nigeria, Squad is cheaper on paper. If cash flow matters most, Monnify pays you the same day, weekends included. Flutterwave makes sense when you're selling across several African countries, not for a Nigeria-only shop.

The four at a glance

| |Paystack | Flutterwave | Monnify | Squad | |:--- | :--- | :--- | :--- | :--- | |Owned by | Stripe | Flutterwave | Moniepoint | GTCO (HabariPay) | |Local card, USSD, transfer | 1.5% + ₦100, cap ₦2,000 | 2% | 1.5%, cap ₦2,000 | 1.2%, cap ₦1,500 | |Virtual account transfers | 1%, cap ₦300 | 2% | 1.5%, cap ₦2,000* | 0.25%, cap ₦1,000 | |International cards | 3.9% + ₦100 | 4.8% | 4% | 4.3% over $120; flat fee below | |Settlement | Next working day | Next day | Same day by 10pm, incl. weekends | Not published | |Payouts | ₦10–₦50 | ₦10–₦50 | ₦10–₦40 | ₦8–₦40 |

*Monnify's page groups bank transfers under 1.5% capped at ₦2,000 and also mentions a "₦500 flat" rate without saying when it applies.

All figures come from each company's Nigerian pricing page in October 2026. Flutterwave and Monnify say their fees exclude 7.5% VAT; Paystack and Squad don't mention VAT, so assume it may apply to all four.

How much will each gateway cost you per order?

Percentages are hard to compare in your head, so here are the fees on three typical order sizes for local cards, USSD and standard bank transfers, before VAT:

Order value	Paystack	Flutterwave	Monnify	Squad
₦10,000	₦250	₦200	₦150	₦120
₦50,000	₦850	₦1,000	₦750	₦600
₦200,000	₦2,000 (capped)	₦4,000	₦2,000 (capped)	₦1,500 (capped)

Two things jump out.

Paystack's ₦100 flat fee makes it pricier on small orders. On a ₦10,000 order it costs more than Flutterwave. The ₦100 is waived below ₦2,500, so very small orders are fine, but if your typical basket is ₦5,000 to ₦20,000, the flat fee is a noticeable chunk.

Flutterwave gets expensive on big orders. Its Nigerian pricing page doesn't mention a cap, so a ₦200,000 order costs ₦4,000 in fees, double Paystack's and Monnify's. A Lagos furniture or electronics store would feel that quickly.

If your customers pay by bank transfer

Many Nigerian shoppers prefer transferring to an account number over typing card details. Gateways handle this with virtual accounts: a unique account number for each customer or order, which confirms the payment automatically.

This is where the fees differ most:

Order value	Paystack virtual account	Squad virtual account
₦10,000	₦100	₦25
₦50,000	₦300 (capped)	₦125
₦200,000	₦300 (capped)	₦500

Squad is cheapest up to about ₦120,000. Above that, Paystack's ₦300 cap wins. Monnify, which built its business on bank transfer collections, lists transfers under the same 1.5% capped at ₦2,000 as cards, with a "₦500 flat" rate mentioned without detail. Ask its sales team which applies to you before you decide.

Paystack: the safe default

Paystack is the gateway most Nigerian developers, agencies and store builders reach for first, and for good reason.

Why choose it:

• Fees are fair and capped. 1.5% + ₦100, capped at ₦2,000. Dedicated virtual accounts cost 1%, capped at ₦300.
• It works almost everywhere. Shopify, WooCommerce, Wix, Selar and most Nigerian store builders support it. CartDNA's Shopify payment guide for Nigeria names Paystack and Flutterwave as the leading gateways.
• It's good for foreign customers. International cards cost 3.9% + ₦100, and you can settle international payments in USD into a Zenith Bank domiciliary account through a public pilot. Our guide to selling globally covers this.
• No setup or maintenance fees. Settlement is automatic, usually the next working day.

Downsides: the ₦100 flat fee hurts on ₦5,000 to ₦20,000 orders, and next-day settlement means a Friday sale may not reach you until Monday.

Best for: most stores, especially if you use Shopify or need your gateway to just work with your theme and apps.

Squad: the cheapest on paper

Squad is the payment gateway from HabariPay, GTCO's fintech subsidiary. It doesn't have Paystack's profile, but its published prices are the lowest of the four.

Why choose it:

• 1.2% capped at ₦1,500 for cards, transfers and USSD, the lowest rate and cap here.
• Virtual account transfers at 0.25%, capped at ₦1,000, by far the cheapest on small and medium transfers.
• Payouts from ₦8.
• Backed by one of Nigeria's biggest banking groups.

Downsides:

• International cards have an odd pricing structure. Squad charges a flat $2.50 under $50 and $5 between $50 and $120, then 4.3% above that. A $50 sale from a customer abroad costs $5, which is 10%. Avoid it if you sell much abroad.
• Settlement timing isn't published. Ask before you sign up.
• Smaller plugin ecosystem. Squad's WooCommerce plugin on WordPress.org had 200+ active installs, was last updated in 2024, and carries a warning that it hasn't been tested with recent WordPress releases. CartDNA lists Squad as available on Shopify.

Best for: Nigeria-only stores with healthy volume, especially those paid mostly by bank transfer, that are comfortable doing a little more setup.

Monnify: fastest money in your account

Monnify is Moniepoint's payment gateway. Its standout feature is settlement.

Why choose it:

• Same-day settlement by 10pm, including weekends and public holidays. You can also trigger up to three Express Settlements a day. For a store paying suppliers daily, that's a real advantage over next-day settlement.
• 1.5% capped at ₦2,000 for cards, USSD and transfers, without Paystack's ₦100 flat fee.
• Payouts from ₦10, dropping to ₦40 at ₦50,000 and above.
• International cards at 4%.

Downsides:

• The bank transfer pricing isn't clear. The page shows both "1.5% capped at ₦2,000" and "₦500 flat" without explaining which applies when.
• The official WooCommerce plugin is small, with 100+ active installs, though it was updated recently and supports WooCommerce block checkout.

Best for: stores where cash flow is tight, and businesses already banking with Moniepoint.

Flutterwave: best for selling across Africa, not just Nigeria

Flutterwave is a strong company, but for a Nigeria-only online store it's the most expensive option here.

Why choose it:

• Multi-country reach. It holds licences across many African countries and accepts more than 30 currencies, according to its site. If you sell in Nigeria, Ghana and Kenya from one dashboard, it's built for that.
• Payouts to banks and mobile money across the continent.
• Payouts from ₦10, the same tiers as Paystack.

Downsides:

• 2% on local payments with no cap listed, plus 7.5% VAT on the fee. That's ₦4,300 on a ₦200,000 order once VAT is added.
• Customers pay the fees by default. Flutterwave's pricing page says transaction charges are passed to customers unless you change it in the dashboard. A shopper who sees an extra fee at checkout may abandon the order, so switch this off if you'd rather absorb the cost.
• International cards at 4.8%, the highest of the four.

Best for: businesses selling in several African countries, or marketplaces paying sellers across borders.

How do you choose?

• You use Shopify or want the least setup: Paystack.
• You're Nigeria-only, price-sensitive and paid mostly by transfer: Squad, after confirming its settlement times.
• You need money in your account the same day, including weekends: Monnify.
• You sell across several African countries: Flutterwave, with fees switched to your side.
• You sell to customers abroad: Paystack, for its lower international fee and USD settlement pilot.

You don't have to pick only one. Some stores run Paystack for cards and add a cheaper virtual account option from Squad or Monnify for bank transfers. Just remember that each extra gateway means another dashboard to reconcile.

What to check before you sign up

1. Your real basket size. Run your average order through each fee table. The cheapest gateway for ₦10,000 orders isn't the cheapest for ₦200,000 orders.
2. Who pays the fee. Flutterwave and Monnify let you choose. Decide before launch.
3. Settlement timing in writing, especially for Squad, which doesn't publish it.
4. Plugin support for your exact platform. Test checkout on mobile with a real ₦100 payment before going live.
5. Volume discounts. Paystack says high-volume merchants can get lower rates. If you process millions of naira a month, ask every gateway for a quote.