how to register a payment solutions company in nigeria

Flutterwave is a payment technology company that provides payment solutions for businesses and individuals in Africa and other parts of the world. It was founded in 2016 and has its headquarters in San Francisco, USA, and Lagos, Nigeria.

Flutterwave enables businesses to accept payments from customers through multiple payment channels, including card payments, bank transfers, mobile money, and more. They also provide other payment-related services such as fraud management, currency conversion, and compliance with regulatory requirements.

Flutterwave generates revenue primarily through transaction fees charged on each payment processed through their platform. The fees vary depending on the payment channel used and the volume of transactions processed by the business. Flutterwave also charges fees for some of its other services, such as currency conversion and compliance checks.

Additionally, Flutterwave earns revenue through partnerships and integrations with other businesses that use its payment solutions. For example, they partner with e-commerce platforms, mobile network operators, and financial institutions to provide payment services to their customers.

Flutterwave and their funding series– does flutterwave receive funding? yes flutterwave is backed by a lot of global businesses and companies.

it has received funding from a variety of investors, including venture capital firms, strategic investors, and financial institutions.

Some of the notable investors that have backed Flutterwave include:

  1. Stripe: In October 2020, Flutterwave announced a $35 million Series B funding round led by US-based payments company Stripe.
  2. Greycroft Partners and Green Visor Capital: In August 2018, Flutterwave raised $10 million in a Series A funding round led by these two venture capital firms.
  3. Y Combinator: Flutterwave participated in the Winter 2017 batch of the Y Combinator startup accelerator program and received an undisclosed amount of seed funding.
  4. Mastercard: In 2020, Mastercard announced a strategic partnership with Flutterwave to expand the payment company’s footprint across Africa.
  5. Visa: In 2019, Visa announced a strategic partnership with Flutterwave to help drive growth of digital payments across Africa.

These are just a few examples of the investors that have supported Flutterwave’s growth.

To register a payment gateway company in Nigeria, you will need to follow these steps:

  1. Choose a Business Name: You will need to choose a unique name for your payment gateway company. Ensure that the name is not already taken by another company, and begin the process of
  2. Incorporate the Company: You will need to incorporate your payment gateway company with the Corporate Affairs Commission (CAC) in Nigeria. This involves registering your company and obtaining a Certificate of Incorporation from cac, the minimum share capital for the registration of an online payment provider is 100m shares capital, there are documents which you will need to furnish to central bank of Nigeria after registration with cac.
  3. Obtain a Tax Identification Number: You will need to obtain a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS) in Nigeria.
  4. Obtain a Payment Service Provider (PSP) License: You will need to obtain a PSP License from the Central Bank of Nigeria (CBN). This license is required to operate as a payment gateway company in Nigeria.
  5. Open a Bank Account: You will need to open a bank account for your payment gateway company in Nigeria. This is necessary to receive payments from customers.
  6. Obtain a Payment Card Industry Data Security Standard (PCI DSS) Certification: You will need to obtain a PCI DSS certification to ensure that your payment gateway company meets the security requirements for handling credit card information.
  7. Hire Employees: You will need to hire employees to help run your payment gateway company. Ensure that they have the necessary skills and expertise to provide quality service to your customers.
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Once you have completed all of the above steps, you will be ready to start operating your payment gateway company in Nigeria. It is important to ensure that you comply with all regulations and guidelines set out by the CBN to avoid any legal issues.


i· Corporate documents.

ii.Tax Clearance Certificate (TCC) of three years (if applicable) and TIN of the company;

iii. Details of ownership and holding company structure (if applicable);

·iv. Company details, profile and business plan;

v. BVN, CV and means of ID of directors and top management (including one non-executive director, chairman, managing director)

Vi. Signed agreements with its partners, Requisite policies and framework; and Evidence of payment card security certification and other relevant payment terminal certification


I. Non-refundable application fee of N100,000;

II. Payment of the refundable sum of N100 million in escrow to the CBN; and

III. Licensing fee of N1 million to be paid before the issuance of the final license.


There are several benefits to registering a payment solutions company like Flutterwave,they includes:

  1. Legal Protection: Registering your payment solutions company provides legal protection for your business. It ensures that your company’s name and brand are protected from being used by others and gives you the legal right to operate your business.
  2. Credibility: Registering your payment solutions company also adds credibility to your business. It shows potential customers and partners that you are serious about your business and are committed to providing a high-quality service.
  3. Access to Funding: Registering your payment solutions company also makes it easier to access funding from investors or lenders. Investors are more likely to invest in a registered company since it demonstrates that the business is serious about its operations and has taken steps to ensure legal compliance.
  4. Tax Benefits: Registering your payment solutions company can also provide tax benefits, such as tax deductions for business expenses and tax credits for hiring employees.
  5. Branding: Registering your payment solutions company also allows you to create a unique brand identity, which can help your business stand out in a crowded market. It also helps you protect your brand by preventing others from using your company name or logo.

Overall, registering your payment solutions company like Flutterwave has several benefits that can help you establish and grow your business.

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