Payoneer in Nigeria: costs and alternatives for companies

Payoneer is widely used in Nigeria by freelancers and marketplace sellers. For companies invoicing clients directly, conversion and withdrawal fees add up, and the account structure matters.

Alexia M.Comparisons and market guides editor

Published: 15 October 2026
Updated: 4 November 2026
Reading time: 1 min read

Google's suggestions for Payoneer in Nigeria include "payoneer nigeria fee", "payoneer nigeria review" and "can I receive money with payoneer in nigeria". It is one of the most used tools among Nigerian freelancers.

What Payoneer costs

From Payoneer's pricing page, read on 1 November 2026. Payoneer says fees vary by country.

Fee	Amount
Annual account fee	$29.95 if under $6,000 received in 12 months
Receive into same-currency details	Free
Convert between balances	0.50%
Withdraw with conversion	1.2% to 4%

When it fits

Freelancers paid by Upwork, Fiverr or marketplaces that pay through Payoneer. See withdrawing Fiverr and Upwork earnings.
Sellers on platforms that pay to Payoneer.

When a company needs more

A Nigerian company invoicing a UK client £8,000 a month is better served by its own domiciliary account, in the company's name, with the paperwork its bank expects.

Founders with a foreign company

A US LLC or UK Ltd owned by Nigerian founders needs its own business account in its own country's banking system. That is a different account from the Nigerian company's.

Paying into Nigeria: the local rail

What	Detail
Local rail	NIBSS Instant Payment (NIP)
Run by	Nigeria Inter-Bank Settlement System
Settlement	Seconds, 24/7
Published fee	The CBN caps the sender's charge at ₦10 up to ₦5,000, ₦26 up to ₦50,000 and ₦50 above that

Source: NIBSS: NIP. Checked when this guide was last updated; the scheme's own page has the current figures.

Where Rivet fits

Rivet serves registered companies in supported countries, including US LLCs and UK Ltds owned by Nigerian founders where eligible, with USD details on Starter, EUR and GBP on Growth and payouts to 120+ countries. Rivet does not advise Nigerian-registered companies to hold proceeds offshore. Rivet is not a bank; regulated partner institutions hold the funds. See Payoneer vs Rivet.

Questions people ask

Does Payoneer work in Nigeria?

Yes. Nigerian users can receive payments and withdraw to local bank accounts, subject to Payoneer's terms and CBN rules.

How much does Payoneer charge in Nigeria?

Per its pricing page: $29.95 a year below $6,000 received, 0.50% between balances and 1.2% to 4% on converting withdrawals. Check your account's Fees section.

Is Payoneer good for a Nigerian company?

For marketplace income, often. For direct client invoices, a domiciliary account in the company's name is usually simpler.

What do founders with a US LLC use?

A US business account for the LLC, where they qualify. Rivet accepts US LLCs whose owners live in supported countries.

Sources

Written by

Alexia M.

Comparisons and market guides editor

Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.