Flutterwave Alternatives and Competitors in Nigeria 2024

Before we answer the question what are the companies competing with Flutterwave in the Nigerians financial landscape, it’s essential to first understand the sector in which flutterwave belongs.

According information disclosed on the platform’s website, Flutterwave secures an International Money Transfer Operator (IMTO) License for inbound remittances - this License is issued by the Central Bank of Nigeria.

Flutterwave also processes domestic fund transfers and outbound remittances in Nigeria through various licenses, including Payment System Service Providers (PSSP) Commercial License, Correspondent Banking Relationship License, Switching & Processing License, Settlement Bank License, and Microfinance Bank License.

Now, we will be using all these Licenses to review companies that are competing with the payment infrastructure and that also serves as it alternative.

But before we dive straight in, we’d love you to share this article to your friends and families on your social network and do more dropping your opinions in the comment box before you exit this page.

Flutterwave Alternatives in Nigeria

Here’s the list of Flutterwave competitors - that also serves as it alternatives - in Nigeria in 2024:

1. Paystack

Paystack is the first competitor we’ll discuss in this article because it’s the closest and best alternative to the payment infrastructure. Serving as a payment gateway for merchants and e-commerce websites - Paystack and Flutterwave lead the race in competitors - making Paystack the best alternative to Flutterwave.

In addition to PSSS license that allows Paystack to provide payment gateway services to merchants, businesses and e-commerce companies in Nigeria, the financial company has also received Switching and Processing License and a Super Agent License that allows the company to manage agent that can offer financial solutions to the under-banked area of Nigeria.

The acquisition of Paystack by Stripe in 2020 allows the fintech company to offer more financial solutions to merchants and businesses in Nigeria and beyond. Recently, Stripe announced that US-retailers will soon be able to sell directly to Nigerians. This development will be facilitated through Paystack - allowing Nigerians to purchase from US merchants in Naira and the merchants receive payment in their country currencies.

This announcement and other notable developments like extension of Stripe’s payment infrastructure through Paystack to African countries including Kenya, Ghana, South Africa and Nigeria have got many people to be asking that “is Stripe available in Nigeria?” Well that’s question that deserves answers - we’ve already give answers to that in this article.

Similarly, Flutterwave launched American Express payment options for Nigerian merchants. This development allows businesses and merchants in Nigeria to receive payment from any customers that's willing to make payment using their American Express card. Here, you can learn more about the Flutterwave-American Express option.

In summary, Paystack is the best alternative to Flutterwave in Nigeria. The payment gateway is competing with Flutterwave with four same licenses - PSSP, MFB, SPL and CBRL, all issued by the apex bank of Nigeria.

2. Interswitch

Interswitch is among the list of payment gateways in Nigeria making it one of the best Flutterwave alternatives in Nigeria. Interswitch is a leading African integrated payments and digital commerce platform company.

Aside the fact that the company is a payment gateway in Nigeria, it also seeks a payment service bank (PSB) license after merging with M-Kudi making the company competing with Flutterwave in the area of processing domestic fund transfers to entrepreneurs and businesses.

Beyond financial sector, Interswitch secured a tier 5 Mobile Virtual Network Operator (MVNO) license from the Nigeria Communications Commission (NCC) for a sum of ₦500 million ($1.08 million) in May 2023, making the company to enhance it service offerings beyond just financial solutions to businesses and merchants in Nigeria.

3. Remita

Remita is another platform like Flutterwave that provides payment solutions to Nigerian businesses especially learning institutions like university and colleges. Remita is also a payment solution that helps individuals and businesses make and receive payment, pay bills and manage their finances across multiple banks in Nigeria.

Just like Flutterwave that helps businesses and individual collect payment from their customers, Remita too is also doing the same but it's not going beyond that. Owned by SystemSpecs, Remita remains the financial services platform that serves as the payment gateway for the treasury single account of the Nigerian government since 2012 and many government's agencies and school institution.

Although, Remita cannot be classify as one of the direct competitors of Flutterwave because the payment gateway service it's rendering in Nigeria is not focusing on general public. Unlike Flutterwave, Paystack and Interswitch that users to receive international payments and settlements from their customers, Remita only focus on government agencies like electricity companies, and Universities and examination bodies like WAEC, and NECO.

4. SeerBit

SeerBit is another online payment gateway that stands as a great competitor and as one of the best alternatives of Flutterwave when it comes to helping merchants and businesses in Nigeria receive payments from their customers.

SeerBit was incepted on 2016 and it's aimed at simplifying digital payments in Africa. Financial simplification and digitalization are also things Flutterwave prioritizes in Nigeria and Africa at large - making SeerBit one of the best alternative to Flutterwave.

In addition to SeerBit services, the online paying platform also offers who don't have a website or online store - merchants that've social media based customers - payment links they can seamlessly share with their buyers.

However, it's important to let you know that SeerBit is relatively new payment gateway. It's was founded in 2016, meaning that it might not have achieve as much licenses as Flutterwave and Paystack - making the fintech company behind the big players.

However, SeerBit is offering an impressive financial service that's not been render on online payment platforms like Flutterwave, Paystack or Interswitch. SeerBit is offering Loan Suit for Loan apps and Lending businesses in Nigeria.

SeerBit's Loan Suite offers a comprehensive solution to streamline lending operations for businesses. Unlike competitor like Flutterwave and Paystack, SeerBit's Loan Suit automates loan collections, payouts, and reconciliation, making the process more efficient. It includes features like automatic retry logic to optimize payment collection, partial debits for better recovery when funds are insufficient, and multiple payment options for borrower convenience.

The platform also supports instant loan disbursement to customers' bank accounts or wallets once approved. Integration with SeerBit is user-friendly, with support from engineers to ensure a smooth setup. Businesses can get started by consulting with a payment specialist, setting up an account with guidance from the sales and compliance teams, and testing their payment configurations before going live.

SeerBit's Loan Suite is trusted by notable brands and aims to reduce the risk of loan defaults while improving loan recovery rates, making it an ideal choice for companies looking to enhance their lending operations.

Features of the best alternatives to Flutterwave in Nigeria

Payment Gateway	Key Features	Relation to Flutterwave Services
Paystack	Online payments, invoicing, subscription billing Multiple payment methods (cards, bank transfers, mobile money) Secure and reliable transactions	Similar to Flutterwave, Paystack offers a seamless payment processing experience with easy integration. Both platforms support various payment methods and are widely trusted in Nigeria. Provides extensive API support, enabling businesses to build custom payment solutions. Like Flutterwave, it ensures high-level security for online transactions.
Remita	Accepts payments for Authorities Secure payment gateway for online transactions Simple and user-friendly interface	Comparable to Flutterwave, Remita allows government agencies and organizations to accept payments from individuals and businesses, making it ideal for organizations that have nationwide customers. Both platforms offer secure, seamless payment processing, though Remita is often known as a government payment collector. Both prioritize ease of use and accessibility for businesses and organizations of all sizes.
Interswitch Webpay	Supports online payments, bill payments, and card transactions Reliable payment processing for large enterprises and government agencies Extensive reach within Nigeria and across Africa	Similar to Flutterwave, Interswitch Webpay is widely used in Nigeria for secure online transactions, with strong support for card payments and bill payments. Like Flutterwave, it is trusted by large organizations for handling high-volume transactions. Both platforms have extensive networks, making them suitable for businesses operating in multiple African countries.
PayU	Global payment gateway with support for multiple payment methods Focus on cross-border transactions Secure and scalable payment solutions	Comparable to Flutterwave in offering a global reach, PayU supports various payment methods, including cards and bank transfers, catering to businesses with international customers. Both platforms are designed to facilitate cross-border transactions efficiently. Like Flutterwave, PayU provides scalable payment solutions suitable for businesses of all sizes.
SeerBit	Loan automation, payment collections, disbursements Multiple payment options and automatic retry logic Seamless integration with engineering support	While SeerBit focuses more on loan automation and payment collections, it shares similarities with Flutterwave in terms of providing comprehensive payment solutions and easy integration for businesses. Both platforms offer multiple payment options and advanced features for improving transaction success rates. Like Flutterwave, SeerBit offers strong support during integration, making it easy for businesses to get started.