Paystack vs Flutterwave vs Moniepoint: Charges Compared |…

Customers in Nigeria pay in many ways: transfer, POS, card, USSD and, sometimes, a screenshot that turns out to be fake. If you sell on WhatsApp or Instagram, or you want a POS machine in your shop, you need a way to take money that is fast, cheap and safe.

This guide explains how to accept payments online in Nigeria in plain words. We compare Paystack, Flutterwave, Moniepoint and OPay on fees, how fast you get your money, what documents they ask for, payment links, POS machines and support. Then we tell you which one suits three common types of business, and how to stop fake alerts and chargebacks eating your profit.

In short:

Paystack charges 1.5% plus ₦100 on local payments (₦100 waived under ₦2,500, capped at ₦2,000), as of October 2026.

Flutterwave lists 2% on local payments, plus 7.5% VAT on the fee, as of October 2026. Both pay naira into your bank the next working day.

Moniepoint and OPay are strongest for POS machines and business accounts in physical shops; get their exact charges in writing.

For online sellers, a payment link beats "send me your account number" because it confirms payment for you.

Never release goods because of a screenshot or an SMS. Check your own bank app first.

The words you need first

Payment companies use a lot of jargon. Here it is in plain words.

Payment gateway: a service that collects money from customers by card, bank transfer or USSD, and sends it to your bank account. Paystack and Flutterwave are payment gateways.
Payment link: a web address you send on WhatsApp or put in your Instagram bio. The customer taps it, pays, and both of you get a receipt.
POS (point of sale) terminal: the card machine in a shop. The customer taps or inserts a card, enters a PIN, and the money comes to you.
Bank transfer: the customer sends money from their bank app straight to your account. It is cheap for you, but you must confirm it arrived.
Settlement: when the payment company pays your money into your bank account. "Next working day" settlement means today's sales reach your bank tomorrow (or Monday, if today is Friday).
Chargeback: when a customer tells their bank "I did not get what I paid for" and asks for the money back. The bank can take the money back from you.
Fake alert: a forged credit SMS, email or screenshot that looks like a real payment.
USSD: the short codes like *737# that let a customer pay from any phone, even without data.
VAT: value added tax. In Nigeria it is 7.5%, and payment companies often add it on top of their fee.
CAC: the Corporate Affairs Commission, the government agency that registers businesses.

Paystack

Paystack is one of Nigeria's best-known payment gateways. It is owned by Stripe, the American payments company.

Fees as of October 2026: Paystack's transaction pricing for Nigeria is 1.5% plus ₦100 on local payments (cards, transfers, USSD and other local channels). The ₦100 is waived on payments under ₦2,500, and the total local fee is capped at ₦2,000. International cards cost 3.9% plus ₦100.

Worked out:

₦2,000 sale: fee ₦30.
₦10,000 sale: fee ₦250.
₦200,000 sale: the fee would be ₦3,100, but the cap brings it down to ₦2,000.

Settlement: Paystack's payout schedule for naira is the next working day. Weekend and public holiday payouts move to the next working day.

Requirements: Paystack has two account types. A Starter Business is for people who have not yet registered with the Corporate Affairs Commission (CAC). Paystack's business types page says Nigerian Starter Businesses can collect up to ₦8,000,000 in total before they must upgrade, and they cannot use transfers, Paystack terminals or identity checks. A Registered Business has no collection limit but must upload its registration documents.

Payment links and stores: Free to create. You can make a payment page for one product or service, or a simple online store with several products. You only pay the transaction fee when someone buys.

POS: Paystack's terminal pricing lists a physical terminal at ₦86,000 per device, for registered Nigerian businesses only. Card payments on the terminal cost 0.5%, capped at ₦1,000.

Support: Email and help centre, with a dashboard where you track every payment.

Flutterwave

Flutterwave is a payments company started by Nigerians, and it serves many African countries.

Fees as of October 2026: Flutterwave's Nigeria pricing page lists 2% per local transaction across all payment methods, made up of a 1.4% transaction fee and a 0.6% platform fee. International payments cost 4.8%. Fees attract 7.5% VAT. The pricing page does not show a cap on local fees, so a large payment pays the full percentage. The page also says that, by default, your customer pays the charge on top of your price. You can change this in your dashboard. Confirm your settings before you quote prices.

Worked out (before VAT):

₦10,000 sale: fee ₦200.
₦200,000 sale: fee ₦4,000.

Sending money out: The same page lists transfers to Nigerian bank accounts at ₦10 for ₦5,000 and below, ₦25 for ₦5,001 to ₦50,000, and ₦50 above ₦50,000.

Settlement: Flutterwave's pricing page says you receive local payments the next day. Check the settlement settings in your dashboard once your account is active.

Requirements: You sign up free and then activate your account by submitting ID, address and business details. Registered businesses add their CAC documents. The exact list depends on your business type, and the dashboard shows it.

Payment links and stores: Flutterwave offers payment links, invoices and a free online store, as listed on its website.

POS: Flutterwave lists POS devices among its products. Ask its sales team about price and fees.

Support: Help centre, email and dashboard.

Moniepoint

Moniepoint runs a licensed microfinance bank (a smaller bank licensed by the Central Bank of Nigeria to serve individuals and small businesses) and is very popular with shops, supermarkets and POS businesses. You open a Moniepoint business account, and payments land in that account.

Fees as of October 2026: Moniepoint does not publish one simple public rate card for card payments on its terminals, in the way Paystack and Flutterwave do. Charges can depend on your business type and how much you sell. Ask your Moniepoint relationship manager for the card, transfer and monthly charges in writing before you take a terminal. Also ask whether the quote includes 7.5% VAT.

Getting a POS: Moniepoint's own guide on how to get a Moniepoint POS explains that you request one from your business account and pay an upfront amount. This covers a caution fee (a refundable deposit, like the deposit on a rented flat) plus delivery and insurance charges. The amount changes from time to time, so check the current figure in the app or with your relationship manager before you pay.

Settlement: Because the money lands in your own Moniepoint account, POS and transfer payments usually show up quickly. Ask what happens with failed or delayed transactions.

Payment links: Moniepoint offers online checkout options. Ask whether they are switched on for your account.

Support: Moniepoint uses relationship managers (field staff who deliver and set up terminals) plus in-app and phone support.

OPay

OPay is a mobile money and payments company with a large network of POS agents. Many small shops use OPay POS terminals and OPay business accounts, and Paystack's checkout lets customers pay with their OPay account.

OPay's merchant fees and POS terms change and are mostly shown inside the app and by its sales agents, not on one public pricing page. If you are considering OPay, get the fee per card payment, any monthly charge and the terminal deposit in writing, and compare it with a Moniepoint quote.

Comparison table

All figures as of October 2026. Always confirm on the provider's own site before you sign up.

	Paystack	Flutterwave	Moniepoint	OPay
Local online fee	1.5% + ₦100, capped at ₦2,000	2% plus VAT on fee	Ask for quote	Ask for quote
Best at	Online payments, links, stores	Online and international payments	POS in physical shops	POS and customer wallets
Payout to bank	Next working day	Next day	Lands in your Moniepoint account	Lands in your OPay account
Without CAC registration	Yes, up to ₦8 million total	Possible, with limits; check dashboard	Personal or business account; ask	Ask
Payment links	Free	Free	Available; ask	Ask
POS terminal	₦86,000, registered businesses only	Available; ask	Upfront deposit and charges; ask	Through agents; ask

Which is best to accept payments online in Nigeria?

Here are three illustrative businesses. They are examples, not real people.

1. Online seller on Instagram and WhatsApp

Take Ada, who sells perfumes online from Port Harcourt and ships nationwide.

She should start with Paystack. A Starter Business account works before she registers with CAC, the ₦2,000 cap protects her on big orders, and free payment links and a simple store mean customers pay before she ships. When she reaches the ₦8 million Starter limit, or wants transfers, she registers. Our guide on how to register a business name in Nigeria shows the steps.

2. Shop with walk-in customers

Take Emeka, who runs an illustrative provisions shop in Onitsha with busy weekend sales.

He needs a POS terminal more than a payment link. A Moniepoint or OPay terminal tied to a business account suits him, because card and transfer payments go straight into the account he checks all day. He should compare written quotes from both and ask about failed transaction refunds. For the account itself, read how to open a business bank account in Nigeria.

3. Service business with some foreign clients

Take Funmi, an illustrative event planner in Abuja who also gets bookings from Nigerians abroad.

Paystack or Flutterwave both accept international cards. Paystack's international rate (3.9% plus ₦100) works out lower than Flutterwave's listed 4.8% on any payment above about ₦11,000, as of October 2026, but Flutterwave serves many African countries if she has clients across the continent. She can send invoices with payment links for deposits.

Many businesses use two: a gateway for online orders and a POS for the shop.

How to stop fake alerts

Fake alerts are a real problem in Nigerian markets. In one case reported by the Gazette, Osun police arrested suspects accused of buying goods with fake transfers. The police advised traders to always confirm transfers in their own bank apps.

Protect yourself:

Check your own bank app or POS screen, not the customer's phone. A screenshot or SMS is not money.
Do not accept "network is slow, it will drop". If the money has not arrived, the customer waits or pays another way.
Use payment links for online orders. The gateway confirms the payment and emails you, so there is no screenshot to argue over.
Turn on app notifications from your bank or Moniepoint/OPay account, and only trust those.
Train your staff. Write one rule on the wall: "No goods leave until the money shows on our phone."

How to avoid chargebacks

A chargeback happens mostly with card payments. The customer complains to their bank, and the bank can reverse the payment.

Paystack's chargeback guide says that, because of a Central Bank of Nigeria (CBN) rule, Nigerian businesses must respond to a chargeback within 16 hours, or it is accepted automatically and the money is taken from your payouts. Paystack sends reminders every 4 hours while one is open.

To protect yourself:

Keep proof of delivery. A signed delivery note, a dispatch rider's photo or a WhatsApp message from the customer saying "received" all help.
Send clear receipts showing the item, amount, date and payment method.
Make sure dispute emails reach you. Use an email you check daily, and add a staff member.
Describe products honestly. Most complaints start when the item does not match the picture.
Refund quickly when you are at fault. It is cheaper than a dispute.

Mistakes to avoid

Comparing only the percentage. A 1.5% fee with a cap can be cheaper on big orders than a lower rate without one. Work it out on your usual order size.
Forgetting VAT on fees. Several providers add 7.5% VAT on their charges. Include it in your pricing.
Taking a POS without written terms. Get the caution fee, card fee, monthly charge and refund rules on paper or by email.
Mixing business and personal money. Settle into a business account so your records stay clean. Our simple bookkeeping guide shows how to record POS and transfer payments.
Storing customer card details yourself. Let the gateway handle cards. Keeping card numbers in a notebook or phone puts customers at risk and can break Nigeria's data protection law. See what the NDPA means for your business.
Ignoring the Starter limit. If you reach Paystack's ₦8 million Starter limit, payments stop until you upgrade. Register before you get close.

Frequently asked questions

Can I accept online payments without registering my business?

Yes, with limits. Paystack's Starter Business lets unregistered Nigerian sellers collect up to ₦8,000,000 in total as of October 2026, without transfers or POS terminals. Other providers have their own lower-tier accounts, so check during sign-up.

Which is cheaper, Paystack or Flutterwave?

It depends on your order size. As of October 2026, Paystack (1.5% plus ₦100, capped at ₦2,000) is cheaper on small payments under ₦2,500 and on payments above roughly ₦15,000 to ₦20,000. Flutterwave's 2% plus VAT is cheaper in between: on a ₦10,000 sale, Flutterwave's fee is about ₦215 with VAT, while Paystack's is ₦250. Work it out on your usual order size.

How fast will I receive my money?

Paystack pays naira into your bank the next working day, and Flutterwave says it pays local payments the next day. Moniepoint and OPay payments land in your account with them.

Is a payment link safe for my customers?

Yes, when it comes from a licensed provider like Paystack or Flutterwave. The customer pays on the provider's secure page, not on your phone. Tell customers to check the link starts with the provider's real web address.

Next step

Work out your fees on your three most common order sizes using the figures above, then open a free account with the provider that comes out cheapest for your business. For the other free apps that help you sell and keep records, read our guide to the best free tools for small business in Nigeria, and to send payment links faster, see how to reply customers with WhatsApp Business and AI.

Paystack vs Flutterwave vs Moniepoint: Charges Compared