building a payment gateway company (like , Paystack, or Flutterwave) is an ambitious scaling move.
Because payment systems directly affect the financial sector and national security, they are strictly regulated. You cannot launch a payment gateway simply as a standard software company; you must go through the formal licensing framework of the Central Bank of Nigeria (CBN).
The roadmap to setting up a payment gateway company in Nigeria involves several core phases:
Phase 1: Determine the Correct CBN License
The CBN categorizes payment companies based on what they do. For a payment gateway that handles online checkouts, merchant integration, and transaction processing, you need a PSSP (Payment Solution Service Provider) license.
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What a PSSP allows: Operates payment gateways, processes online payments, and integrates merchants.
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The Restriction: A PSSP cannot hold customer funds or run standalone electronic wallets (for wallets, you would need a Mobile Money Operator or to partner with a commercial bank).
Phase 2: Meet the Financial Requirements
The CBN requires clear proof of financial capacity before approving a PSSP:
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Minimum Paid-Up Share Capital: Generally ₦250 million (structured via your corporate registration).
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Refundable Escrow Deposit: A separate deposit of ₦100 million must be paid into a designated CBN account prior to application submission. This is refunded if the license is denied or applied toward operations once approved.
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Administrative Fees: ₦100,000 non-refundable application fee and a ₦1,000,000 licensing fee payable upon approval.
Phase 3: Corporate Setup & Documentation
Before approaching the CBN, your corporate house must be fully in order:
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CAC Incorporation: Register a limited liability company with specific “objects clauses” in your Memorandum and Articles of Association (MEMART) explicitly tailored to financial technology and payment services. Generic business descriptions will trigger regulatory queries.
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Key Personnel: Assemble a qualified board of directors and management team. They must pass “Fit and Proper” assessments, requiring clear CVs, Bank Verification Numbers (BVNs), Tax Clearance Certificates (TCC), and police/integrity background checks.
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Comprehensive Policies: Draft robust frameworks for:
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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
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Know Your Customer (KYC)
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Enterprise Risk Management
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Consumer Protection
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Phase 4: Technical & Security Infrastructure
As a hosting and domain provider, you already understand server infrastructure, but fintech infrastructure demands a much higher compliance grade:
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PCI-DSS Compliance: You must achieve Payment Card Industry Data Security Standard certification to handle card data securely.
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Data Protection: Compliance with the Nigeria Data Protection Act (NDPA).
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Disaster Recovery & Business Continuity: Set up secure, redundant servers, robust firewalls, and comprehensive disaster recovery protocols.
Phase 5: The Application Process (AIP to Final License)
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Submission: Submit your formal application package to the Director, Payments System Management Department at the CBN (applications can typically be initiated via the CBN’s online portal systems).
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Approval-in-Principle (AIP): If your documentation, capital verification, and security frameworks pass review, the CBN will issue an AIP. This is usually valid for 6 months.
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Pre-Licensing Inspection: During the AIP window, the CBN will conduct an on-site physical inspection of your offices, test your technology infrastructure, and interview your management team.
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Final License: Once you pass the inspection and pay the final fees, the final license is issued, allowing you to officially roll out your gateway and partner with commercial banks or processors.
Alternative Strategy: White-Labeling or Partnerships
If the capital requirements and regulatory hurdles of getting an independent PSSP license are too steep for an initial MVP phase, many founders start by white-labeling or building an infrastructure layer that integrates directly on top of existing licensed aggregators (such as Paystack, Flutterwave, or Interswitch APIs) before seeking their own standalone CBN license as they scale.
are there any apis or ooportunities resellers partners etc for small businesses to earn commision also in opay moneypoint etc i can earn without all these regulations i can apply for
Yes, absolutely! You do not need a ₦250 million CBN license or heavy regulatory compliance to earn commissions from major fintechs like OPay or Moniepoint.
Instead of building a payment gateway from scratch, you can sign up as an agent, merchant partner, or affiliate. Major platforms already handle the heavy regulatory burden and provide you with ready-made tools, APIs, or referral pipelines so you can earn commissions instantly.
The primary ways small businesses and tech platforms can partner with them without regulations include:
1. Agent Banking & POS Distribution Programs
Companies like Moniepoint and OPay run massive agent networks. You can register as an official agent or aggregator.
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How it works: You help people in your community open accounts, process cash withdrawals, accept deposits, and pay utility bills (airtime, data, electricity, TV subscriptions).
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How you earn: You earn a direct commission or percentage cut on every single transaction, bill payment, or cash service processed through your terminal or app.
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Regulation status: Zero regulatory burden for you. You operate under their umbrella CBN license as an authorized agent.
2. Referral & Affiliate Programs
If you already run a digital platform like dotifi.ng, you have an existing audience of website owners, developers, and small business owners who constantly need business bank accounts and payment tools.
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Moniepoint & OPay Referral Programs: They frequently run programs where business owners and existing app users get unique referral links or codes. When you refer other small businesses to use their platform for payroll, business accounts, or POS systems, you earn financial bonuses or referral commissions.
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Other Developer-Friendly APIs (Paystack / Flutterwave): While they are payment gateways, they feature robust Developer Affiliate / Partner programs. If you build plugins or guide users to integrate their checkout tools, you can sometimes qualify for partner incentives.
3. VTU (Virtual Top-Up) & Bills API Reselling
Since you already run a tech/hosting platform (dotifi.ng), you can integrate lower-tier VTU APIs (such as subscriptions for airtime, data, cable TV, and electricity) into your website.
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How it works: Rather than connecting directly to telecommunication networks (which requires heavy licensing), you plug into a sub-aggregator API (like Kuda’s business APIs, VTUpass, or Clubkonnect).
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How you earn: Your customers buy data or pay bills directly on your website, your system charges them, the API fulfills it automatically, and you keep a markup or commission on every transaction.
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Regulation status: Completely legal for small businesses; you are just acting as a retail reseller using an already licensed infrastructure provider.
How to Get Started Right Now:
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For OPay: Download the OPay Business app or visit their merchant portal to register as an OPay Merchant/Agent. You can request a POS or use the app tools to start offering financial services.
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For Moniepoint: Visit the Moniepoint business portal or download their app to set up a business account, apply for a business POS terminal, or check their dashboard for active referral and partner perks.
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For your Hosting Platform (
dotifi.ng): Look into adding a “Services” or “Utilities” tab where your existing hosting clients can buy data, airtime, or domain-adjacent digital tools through an API aggregator, allowing you to monetize your web traffic passively.
