What is the new fee? 

Local transaction fees have been increased from 1.4% capped at NGN 2000 to 2% (1.4% transaction fee + 0.6% platform fee), no cap. 

Why are we increasing our local transaction fees? 

This adjustment is a result of a careful evaluation of both the increasing costs associated with providing you with reliable payment processing and our ongoing investments in improving our platform to better support your business growth. We have maintained our current fee structure for over seven years, absorbing rising operational and partner costs during this time. However, these key factors now necessitate this update:

• Rising Partner & Operational Costs: Over the past few years, our payment partners have steadily increased their processing fees. Additionally, a significant portion of our partner costs, such as gateway fees, are incurred in USD. This foreign currency exposure creates a major challenge, as fluctuations in the exchange rate have amplified our expenses beyond what our current fee structure can sustainably support. 

• Investing In Our Platform: Simultaneously, we are committed to continuously improving your experience. Over the last few months, we've introduced new payment methods like Pay With OPay, AMEX, AfriGo, and Direct Account Debit, and further strengthened the security of our platform. Furthermore, we are releasing a new version of our robust APIs in the coming weeks. These improved APIs, which power all our payment solutions, will offer a faster checkout flow, more payout options, improved error handling, and a more efficient chargeback and refunds process, ultimately leading to a more reliable payment experience for you and your customers.

Will this fee affect all payments? 

No, the fee increase will only impact local NGN collections. 

Which payment method is impacted? 

This change affects all Naira payment methods such as Cards, Pay with Bank Transfer, USSD, Pay with Bank (Nigeria), eNaira, Pay with Opay, and NQR. 

When will the new fee take effect? 

The new fee will take effect on Friday, 11th April, 2025. 

Can I pass the fee to my customers? 

Yes, you can choose to pass the fee to your customers or bear the fee. To pass the fee to your customers, follow these steps: 

• Log in to your dashboard

• Navigate to Settings

• Click on Business Preferences

• Go to Fee Settings

• Select "Charge my customers" under Transaction fees.