If you run a business in Nigeria, you’ve likely asked this question before:
“How can I get paid by international clients without delays, high fees, or complicated processes?”
Whether you sell products, offer services, or run a digital business, receiving payments from abroad should be simple. However, for many Nigerian businesses, it’s still a challenge.
We get it. Getting paid from abroad as a business can be stressful.
Let’s take Chioma as an example. She runs a growing skincare brand in Lagos. After a viral TikTok review from a Canadian influencer, orders started pouring in from the US, US and Canada.
But when it was time to pay, things got complicated.
Customers wanted to pay in USD, CAD or GBP, currencies Chioma’s local bank account couldn’t receive. Trying alternative payment methods took too long, and that friction cost her sales.
Chioma’s story is common. Many Nigerian businesses have the products, the talent, and the market, but struggle to scale globally. So why does this happen? Let’s dive right into that.
Why It’s Still Hard to Receive Foreign Payments
Here’s what’s holding businesses back:
Currency restrictions and FX bottlenecks: Nigerian banks operate under tight foreign exchange (FX) controls set by the Central Bank of Nigeria (CBN). These restrictions make it difficult for banks to process inbound USD, GBP, or EUR payments seamlessly. Often, payment instructions get bounced, delayed, or blocked entirely, especially if the sending party is not a direct correspondent of the receiving bank.
Slow and Unpredictable transfers: Even when payments go through, the timeline is often painful. International transfers to Nigeria can take anywhere from 1 to 5 business days, and in some cases, much longer due to intermediary bank delays and compliance checks. This lag disrupts cash flow, makes planning difficult, and creates unnecessary tension between service providers and clients.
High fees: Between wire transfer charges, FX markups, and platform fees, businesses could lose between 2.5 to 5% on every transaction. And over time, these fees significantly erode profit margins, especially for businesses handling high-volume transactions or recurring payments. For example, as a small business receiving $10,000 might cost you $500 in hidden fees alone.
Global Platforms Restrictions: Despite Nigeria being one of Africa’s largest economies, many global payment platforms simply don’t support Nigerian businesses or accounts. Tools like Stripe, Venmo, Square, and even PayPal Business remain out of reach for most entrepreneurs. This means local businesses have to rely on patchwork solutions, third-party intermediaries, or set up companies abroad just to receive basic payments, adding unnecessary complexity and cost.
Reliable ways to receive money in Nigeria
Thankfully, there are tools built to help Nigerian businesses thrive globally.
Leatherback
Leatherback is a payment platform designed for businesses operating with a focus on Global markets.
With Leatherback, you can:
Open multi-currency business accounts (USD, GBP, EUR, NGN)
Receive payments directly from clients, customers, and partners abroad
Convert funds to Naira at competitive, transparent rates
Send money globally to suppliers, teams, or vendors
Use advanced tools like Fusion to manage accounts for multiple business entities or currencies from one dashboard
Connect via APIs for seamless integrations into your invoicing or checkout system
Payoneer
Payoneer is a payment platform that helps people and businesses receive money from companies abroad. It’s mostly used by freelancers, remote workers and online sellers.
Wise
Wise is an international money transfer service that provides its customers with real exchange rates, allowing users to collect payments in USD and convert to NGN.
Verto FX
Verto is a B2B-focused platform that allows businesses to receive and exchange payments in multiple currencies. It’s designed for cross-border settlements and offers tools such as bulk payments, marketplace collections, and competitive foreign exchange rates, making it a strong option for importers, exporters, and agencies.
How to Start Receiving Foreign Payments with Leatherback
Sign Up: Create a free Leatherback account.
Open Multi-Currency Accounts: Set up your global bank accounts.
Share Account Details: Send your bank details to clients abroad and start receiving.
Being a Nigerian business in 2025 means thinking globally and acting smart. The barriers are real, but the tools to break them down are fully within reach.
If you found this useful, look out for this series; we’ll keep sharing guides, playbooks, and real-life success stories to help you thrive in the world of cross-border transfers.
