Can You Use Payoneer in Nigeria? - UK Guide

Is your business expanding globally? If so, you’ll need to find a solution for sending and receiving international payments. One option to consider is Payoneer.

Based in the US, the financial services company offers accounts, money transfer services and a range of other payment services for businesses worldwide.

But does Payoneer work everywhere? In this guide, we’ll take a look at whether you can use Payoneer in Nigeria as a UK business.

This will be useful to know if your company is looking to trade with Nigeria, employ staff there or expand into Africa in the future.

Remember though that Payoneer isn’t the only option for global businesses. Wise Business is a fantastic alternative, offering a full-feature account, cards, invoicing, bulk payments and secure transfer services to Nigeria and worldwide.

💡 Learn more about Wise Business

Can you use Payoneer in Nigeria?

Yes, you can use Payoneer to send money to Nigeria, even if your business is registered in the UK. You can also receive payments from clients and customers based in Nigeria.¹

If you have a Payoneer card, you can also use it for spending in Nigeria wherever Mastercard is accepted.² This could be handy if you ever need to visit the country on a business trip and have expenses to cover.

It’s important to remember though that this will likely involve a currency conversion. This is because Payoneer cards only support spending in four major currencies - these are USD, EUR, GBP and CAD.²

Is the Nigerian naira supported by Payoneer?

Your Payoneer account will let you send money in Nigerian naira (NGN), but you can’t hold a balance in the currency.

So when it comes to receiving funds into your Payoneer account, any money sent to you in Nigerian naira may undergo a currency conversion in order to match one of your currency balances.³

You can use your Payoneer Mastercard in Nigeria, but not to spend directly in NGN. The card only supports USD, EUR, GBP and CAD, so you’ll be spending in one of those currencies and again, a currency conversion will be required.²

Payoneer fees and cost in Nigeria

Before choosing a global payments provider, it’s crucial to check out the list of fees and charges.

So how much does it cost to use Payoneer in Nigeria as a UK business?

Let’s run through the main fees for sending, receiving, converting and spending:⁴

Can you open an account with Payoneer in Nigeria?

If you’re considering expanding your business operations to Nigeria and setting up a branch there, you’ll need to know whether you can open a local account. So is it possible with Payoneer?

Unfortunately, it isn’t currently possible to open a Payoneer sending account in Nigeria - even if you register a business there.⁵

Wise Business: an alternative to Payoneer in Nigeria

While you’re researching ways to manage business funds between the UK and Nigeria, make sure you check out Wise Business.

It’s a great alternative to Payoneer and simply tailor-made for global businesses, as well as freelancers working with clients based all over the world.

Open a Wise Business account and you can hold and exchange 40+ currencies at once. You can send payments to 140+ countries worldwide, including transfers in Nigerian naira (NGN) to Nigeria.

What’s more, you can use your Wise Business account to get paid by customers and clients through online marketplaces - and via payment service providers (PSPs) like Stripe.

Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

You’ll also benefit from all of these features with Wise Business:

• No ongoing fees, minimum balance requirements or foreign transaction fees
• Debit and expense cards for you and your team, which you can use in 150+ countries including Nigeria
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it.

With the help of a truly global account, your business can grow into Nigeria, Africa and beyond.

Wise Business vs Payoneer in Nigeria comparison

To help you research providers and choose the right option for your company, let’s do a quick comparison.

Here’s what Wise Business and Payoneer each have to offer for UK businesses trading with Nigeria:

Get started with Wise Business 🚀

And that’s it - your essential guide to using Payoneer in Nigeria as a UK business.

After reading this, you should have a better idea of how Payoneer works for sending, receiving and converting Nigerian naira (NGN) - and how much it charges for transfers.

But before taking the plunge and opening a Payoneer account, just make sure to compare all available options. When it comes to global payment solutions for your business, it’s crucial to get the right fit.

Sources used:

Sources last checked on date: 19-Feb-2025