How To Open a Stripe Account In Nigeria

Introduction.

Starting an online business is exciting, but it can also be overwhelming. One of the most important steps in setting up an online store or service is choosing a payment processor.

This is where Stripe comes in. Stripe is one of the most popular and trusted payment platforms used by businesses worldwide, including big names like Amazon and Shopify.

However, if you’re in Nigeria, you might be wondering: “Can I open a Stripe account here?” The short answer is yes, but there are a few things you need to know to get started.

In this guide, I’ll walk you through the entire process of opening a Stripe account in Nigeria. I’ll explain everything from eligibility to setting up your account, so you can start accepting payments and running your business smoothly.

By the end of this article, you’ll have a good understanding of how to navigate the Stripe platform, and what steps you need to take to get your Nigerian business on board.

Why Stripe?

Before diving into the details of how to open a Stripe account, let’s quickly talk about why Stripe is so popular in the first place.

1. Global Reach: Stripe supports businesses in over 40 countries, and it has been expanding rapidly in Africa. With a Stripe account, you can accept payments from anywhere in the world. This is huge if you’re looking to sell products or services globally.
2. Simple Integration: If you’re using an e-commerce platform like Shopify, WooCommerce, or Squarespace, integrating Stripe is straightforward. It’s designed to work seamlessly with these platforms, making it easier for business owners to set up online payment systems without needing advanced technical skills.
3. Security: Stripe has excellent security features that keep your transactions and customer data safe. It’s PCI-compliant, which means it meets all the security standards required for handling card payments.
4. Competitive Fees: Stripe has a transparent and competitive fee structure, which is ideal for small businesses and startups. For most transactions, Stripe charges around 2.9% + 30¢ per successful card charge.

So now that you know why Stripe is a good choice, let’s get into the step-by-step process of opening a Stripe account in Nigeria.

How Do I Open a Stripe Account in Nigeria?

1. Check Eligibility

Not every business in Nigeria can sign up for Stripe just yet. However, Stripe has been expanding into more African countries, and Nigeria is one of the latest additions to the list.

As of 2024, Stripe officially allows businesses in Nigeria to use their platform, but there are a few requirements:

• You must have a business: Whether you’re a freelancer, a startup, or an established business, you need to have a legal business entity. Stripe needs to verify that you’re a legitimate business before they allow you to process payments.
• Bank Account: You need to have a Nigerian bank account in your business’s name. Stripe will use this to deposit payments.
• Tax Information: You’ll also need to provide certain tax information, such as your Tax Identification Number (TIN), to comply with Nigerian tax laws.

2. Sign Up for Stripe

Once you’ve confirmed that you meet the eligibility criteria, it’s time to sign up.

• Go to the Stripe website.
• Click on Start Now to begin the sign-up process.
• You’ll need to enter your email address and create a password for your Stripe account.

At this stage, you’ll be asked to provide some basic information about your business. This includes:

• Business name
• Type of business (e.g., sole proprietorship, limited liability company)
• Description of your business
• Country (Nigeria)

Once you fill out the initial details, Stripe will ask for more specific information, such as:

• Your business address
• Bank account details (for payments)
• Tax information

3. Verify Your Identity

To ensure that your account is secure and to comply with anti-fraud regulations, Stripe will need to verify your identity.

This typically involves uploading a form of identification, such as your passport or national ID, along with proof of your business, like your business registration documents or a utility bill in your business’s name.

This step can take anywhere from a few hours to a couple of days, depending on how quickly Stripe processes your information. Once verified, you’re good to go!

4. Set Up Payments and Payouts

Once your Stripe account is set up, you’ll need to connect your Nigerian bank account so that you can receive payouts. Stripe will deposit funds into your account after processing customer payments. Make sure your bank details are accurate to avoid delays in payments.

To link your bank account:

• Go to the Payouts section of your Stripe dashboard.
• Enter your bank account details, including your account number and bank name.

Stripe will then verify your bank details to ensure everything is correct. Once that’s done, you can start receiving payments.

5. Integrate Stripe with Your Website

Now that your Stripe account is set up, it’s time to integrate it with your website. This step will depend on the platform you’re using to sell your products or services.

For example, if you’re using Shopify, you can easily add Stripe by going to the Payments section of your Shopify settings. Simply select Stripe as your payment provider, and Shopify will guide you through the process.

If you’re building your own website using WooCommerce or WordPress, you can download the Stripe plugin and integrate it into your site. The plugin will handle the heavy lifting and connect your Stripe account with your online store.

Most e-commerce platforms make this integration simple and user-friendly. However, if you’re not tech-savvy, you might want to hire a developer to help set things up.

6. Start Accepting Payments

Once you’ve set everything up, your Stripe account is ready to start accepting payments. You can now begin accepting payments from customers worldwide, whether they’re paying via credit card, debit card, or even Apple Pay. Just make sure to monitor your account for any issues or suspicious activity.

Common Issues and How to Fix Them

Sometimes, you might run into a few bumps along the way. Here are some common issues that Nigerian users face when trying to set up their Stripe account and how to fix them:

1. Bank Account Verification Issues: Make sure your business bank account matches the details you provided on Stripe. If there’s a mismatch, it can cause delays in payments.
2. Verification Delays: If Stripe is taking longer than expected to verify your account, double-check that all your documents are clear and legible. Also, make sure that the details you’ve entered match your official business documents.
3. Limited Features: While Stripe is available in Nigeria, it’s still evolving in the region. Some features may be limited compared to other countries. Keep an eye on updates from Stripe to know when new features are added.

FAQs

1. Can I use Stripe in Nigeria without a registered business?

No, Stripe requires you to have a legal business entity to open an account. Whether you’re a sole proprietor or running a company, you need to provide business information during registration.

2. How much does it cost to use Stripe?

Stripe charges 2.9% + 30¢ for every successful card payment. For international payments, an additional 1% fee applies. There may be other fees depending on the type of transactions.

3. How long does it take to set up a Stripe account in Nigeria?

Once you’ve provided all the necessary information and documents, the verification process usually takes between a few hours and a few days.

4. Can I use Stripe with PayPal?

You cannot directly link Stripe and PayPal accounts. However, you can offer both as separate payment options on your website, depending on your customers’ preferences.

Conclusion

Opening a Stripe account in Nigeria is relatively straightforward, but it does require careful attention to detail. By following the steps I’ve outlined, you should be able to start accepting payments online in no time.

Stripe offers a range of benefits, including easy integration, competitive fees, and a secure payment gateway that can grow with your business.

With the rise of online businesses in Nigeria, now is the perfect time to take advantage of Stripe’s offerings.

Are you ready to open your Stripe account and start accepting payments from anywhere in the world?