Payments in Nigeria: Everything you need to know

  1. Altery | Help Centre
  2. Making Payments
  3. General information
Updated

Managing payments in Nigeria can seem complicated, but we’re here to make it easy. We cover everything from sending money in Nigeria to troubleshooting issues:

Payment options in Nigeria

Nigeria offers multiple payment methods, making transactions easy and accessible. Here’s a breakdown of the most common options:

  • Bank transfers – The most widely used method, supporting both local and international transfers.
  • Debit and credit cards – Visa, Mastercard and Verve cards are often used for transactions.*
  • Mobile money – Services like OPay, Paga and PalmPay allow for quick, app-based transactions.
  • FinTech apps – Platforms like Altery provide easy money transfers.
  • Cash pickups – Some providers allow recipients to collect money from designated locations.

*Note: Altery currently only supports withdrawals to Nigerian Visas. 

Who are the key players in the Nigerian payment ecosystem

There are a number of key players that make up Nigeria’s payment ecosystem,, these include:

  • Banks (GTBank, Zenith Bank, Access Bank, etc.)
  • Payment processors (Interswitch, Flutterwave, Paystack)
  • Regulatory bodies (Central Bank of Nigeria, NIBSS)

How to send money to Nigeria

If you want to send money to Nigeria, there are several ways you can do this: 

1. Bank Transfers

  • Log into your banking app or online banking portal.
  • Enter the recipient’s bank details (account number and bank name).
  • Specify the amount and confirm the transaction.
  • Keep a record of the transaction ID for reference.

2. FinTech & mobile money transfers

  • Open the payment app (e.g., Altery, Paga, OPay).
  • Select "Send Money" and enter the recipient's details.
  • Choose the funding method (bank, card, or mobile wallet).
  • Confirm and complete the transfer.

3. International remittance services

  • Use services like Wise, Western Union, or MoneyGram.
  • Provide the recipient’s details and select a payout method (bank deposit or cash pickup).
  • Verify fees and exchange rates before confirming.

Altery’s tips for faster & secure transfers

  • Double-check any recipient details before sending money.
  • Use providers/platforms with strong security measures.
  • Send money during business hours for faster processing.
  • Track your transaction using the reference number.

Payment limits and fees

Here is a breakdown of the payment limits and fees to help you plan better:

Domestic transfers

  • Most banks have daily transfer limits ranging from ₦100,000 to ₦5,000,000 depending on account type.
  • FinTech apps may offer higher limits but require KYC verification.

Altery’s limits (per transaction):

  • Minimum: 2000.00
  • Maximum: 2000000.00

International transfers

  • Limits vary by provider, but most allow transfers up to $10,000 per transaction.
  • Government regulations may require additional documentation for large amounts.
  • Altery has no limit for international transfers 

Fees & exchange rates

  • Banks and payment providers charge varying fees, typically 0.5% - 2% per transaction.
  • Exchange rates fluctuate, so compare rates before sending money.
  • Altery’s fees: https://altery.com/fees/

Troubleshooting payment issues

If your payment is delayed or unsuccessful, try these solutions:

Common errors & fixes

  • Transaction declined? Check your balance or verify with your bank.
  • Incorrect details? Ensure the recipient’s account details are accurate.
  • Payment taking too long? Some transfers take 1-5 business days, especially international ones.
  • Card not working? Confirm that your card is enabled for online transactions.

How to track a payment

  • Use the tracking feature in your banking app or payment provider.
  • Contact customer support with your transaction reference number.
  • For international transfers, check with the remittance provider for updates.

Security and compliance

Keeping your money safe is our priority. Here’s how we ensure security at Altery:

How we protect your transactions

  • Encryption – Your financial data is secured with advanced encryption.
  • Fraud detection – AI-powered monitoring helps detect suspicious activity.
  • Two-factor authentication (2FA) – Extra layers of security for account access.

Regulatory compliance in Nigeria

  • We follow CBN regulations to make sure we’re compliant.
  • Your transactions are protected under Nigerian financial laws.

Frequently asked questions (FAQs)

1. What’s the fastest way to send money to Nigeria?
 Using FinTech apps or mobile money transfers is usually the quickest method.

2. Are there limits on how much I can send to Nigeria?
 Yes, limits depend on your provider and verification level. Banks typically allow ₦100,000–₦5,000,000 per day.

3. How long do international transfers take?
 They usually take 1-5 business days, but some providers offer instant transfers.

4. Why is my transfer delayed?
 Delays can be due to incorrect details, bank processing times or compliance checks.

5. Is my money safe when using digital payments?
 Yes, as long as you use regulated and secure providers with encryption and fraud protection.

Need more help? Contact our support team for assistance. 🚀

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