Source: https://rivet.global/blog/nigeria-payoneer-alternatives-for-companies
Published: 2026-10-15 · Updated: 2026-11-04 · By Alexia M.

# Payoneer in Nigeria: costs and alternatives for companies

Payoneer in Nigeria for businesses: receiving, conversion and withdrawal fees, the annual fee, when it fits, and what companies and founders use instead.

## Key takeaways

- Payoneer charges $29.95 a year if the account receives under $6,000 in 12 months, 0.50% between balances and 1.2% to 4% on withdrawals that convert.
- It suits freelancers and sellers paid by marketplaces that use Payoneer.
- A Nigerian company invoicing clients directly can receive into its own domiciliary account.
- Founders with a foreign-registered company can open a business account for that company where eligible.

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](/blog/withdraw-fiverr-upwork-earnings-africa).
- 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](https://nibss-plc.com.ng/). 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](/blog/payoneer-vs-rivet).

## Questions

### 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.