Klasha vs Flutterwave vs Paystack

Klasha payment gateway.

Klasha, Fluterwave, and Paystack, are the three giant payment processors in Nigeria. One of them incredibly soon became a unicorn. It is no doubt that Nigeria is home to over 200 fintech companies, including fintech solutions offered by banks and mobile network providers.

Fintech (financial technology) is a term used to describe technologies using software to improve and automate our interactions with financial services. At their core, fintech companies utilize specialized software and algorithms used to help companies, business owners, entrepreneurs, and consumers manage their financial operations.

If you recall, there was a time when you had to visit your financial institution (bank) to perform any transaction, such as asking for a loan, mortgage, or even a simple money transfer from one bank to another, and these transactions took a certain amount of time to complete, generally 24 hours. Today, fintech has made it possible to do these transactions in seconds with minimal effort.

Fintech is currently being widely sought after in Nigeria by investors who are eager to seize any opportunity in the industry. This promising industry, on the other hand, is maximizing its potential in the Nigerian market by capitalizing on the country’s challenges associated with financial woes. Services like Klasha, Paystack, and Flutterwave allow peers to transfer and receive money between each other as well as merchants to receive payments from customers.

Do I Need to Have a Website?

In a nutshell, the primary objective of fintech companies is to make financial services accessible to the general public by facilitating cross-border payments for consumers and international enterprises across the continent.

Klasha, Flutterwave, and Paystack all work seamlessly with WordPress Content Management System(CMS), a software that lets you develop websites and create content to be published on the internet by using their WooCommerce plugin.

This is the world’s most popular open-source eCommerce system, allowing you to turn a simple website into a shop where you can add products, a shopping cart, and a checkout. So, even if you’re a freelancer without a website, you have nothing to lose.

You may easily generate a payment link or invoice mentioning the price you are charging or service and send it to your client using most payment systems. They also have proper documentation with integration details, so even if you aren’t tech-aware, you won’t have to worry about misconfiguration.

Yes, there is also no requirement for you to write a single line of code. On the other hand, a fair understanding of APIs (application programming interfaces) and secret keys are required. However, one of these organizations has somehow managed to outperform the others by creating a smooth payment infrastructure for African customers and multinational enterprises looking to sell into Africa.

Which Is Better: Klasha, Flutterwave, or Paystack?

What the Klasha merchant dashboard looks like.


Klasha Inc. is a financial technology company that enables cross-border commerce solutions for African customers and foreign companies looking to sell throughout the continent. This company is relatively a newcomer (2021) in the industry. They aim to make consumer goods and services more accessible to customers across the continent. It was founded by a team of ex-Amazon, Shopify, Net-a-Porter, and ASOS employees in Lagos, Nigeria.

Klasha employs a clever mix of expertise to ensure that services are delivered faster, more cost-effectively, and with greater clarity. Its ability to precisely address customers’ needs in an accurate manner makes it unique. It has a lot of features that others don’t seem to have. Among them are the following:

  1. A dedicated Customer Success Manager (CSM) was assigned to ConversionSpree with undivided attention to ensure a smooth onboarding process and hassle-free utilization. The CSM keeps in frequent touch to ensure that you are heard when facing issues and is aware of all the features accessible to you so that you may make use of them.
  2. Trustpilot, an open, online platform where people with buying or service experience review firms, has given the company a 4.6/5 rating.
  3. Merchants can accept payments in currencies such as the United States Dollar (USD), Great Britain Pounds (GBP), Nigerian Naira (NGN), Kenyan Shilling (KSH), South African Rand (ZAR), Zambian Kwacha (ZMW), and others, thanks to a unique payment infrastructure serving borderless payment for commerce in Africa.
  4. Free access to their developer hub in the slack workspace to help both merchants and developers integrate Klasha into their business and also gives exclusive updates, guides, and relevant resources on how to use Klasha’s services for your business.
  5. As this is a startup as of 2022, be informed that you have to go through many hoops, technicalities, and video calls to have their developers fix your problem (at least in our case when we could not process USD transactions with Klasha while integrating with WooCommerce). Heck…it took almost forever and we had to quit using Klasha altogether.


Flutterwave landing page where you can get started.

How Does Flutterwave Work?

Flutterwave is another Nigerian financial company that operates across the African continent. The company was founded in 2016 by three Nigerians, Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya, with its headquarters in San Francisco, California. It currently stands as the largest fintech company in Africa, with a market capitalization of approximately $3 billion. It aspires to help Africa ride a wave of prosperity by processing worldwide digital payments and integrating commerce tools to aid business growth.

However, it’s been a big success since its inception and has achieved large numbers in global reach. The fundamental question is whether or not the corporation has been able to keep up with its fast-paced expansion. This is a critical question as users require confidence in a fast, trustworthy, and secure payment infrastructure to aid with their day-to-day operations.

  1. The company is currently rated a 2.8/5 on Trustpilot with 44% of its reviews at 1 star (bad). The reviews are mainly characterized by users’ complaints about troubles with their payment service, merchants’ claims of fraud over missing funds, displeasure with their refund policy, late delivery of transactions, and so on. Is it possible that the African giant is unable to conduct as many transactions successfully as its users demand daily? Back in the years, no. But now, it seems they’ve gotten into a heap of technical trouble and with too many customers…you can guess.
  2. Customer service, as we all know, is critical and cannot be overstated in any existing business. Good customer service offers support to customers before, during, and after the purchase of a product or service, which helps them have an easy and enjoyable experience. But sometimes, this isn’t the case for Flutterwave, since many users have publicly expressed their dissatisfaction with the service. When complaints are filed, users get little or no response from the team, and these concerns are critical no matter how minor they may appear because if they weren’t, such users would not have gone through the trouble of filing a complaint in the first place.
  3. There have been multiple reports of users being unable to correctly signup their businesses on Flutterwave. The verification procedure can sometimes take nearly an eternity, and time is not something to be taken lightly. Every business owner wants to get their products or services out there as quickly as possible and make the most of their time in the best way possible, not by waiting for a response that may or may not come. Yes, verification is vital for protecting other users or consumers that use their service on a daily basis, but a service provider must be flexible enough to adapt to the ongoing change the company experiences by constantly updating its ability to keep up.


Paystack landing page ready to get you started

Paystack is a major fintech startup operating in Africa that helps solve payment problems for ambitious businesses. Shola Akinlade, a Nigerian software engineer and entrepreneur, started the company. Stripe, an Irish-American financial services firm with headquarters in San Francisco, the United States, and Dublin, Ireland, acquired the startup for $200 million in 2020. The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.

Paystack vs Flutterwave

Paystack enables businesses in Africa to accept payment from anyone by acting as an online payment gateway for merchants to send and receive money via channels such as credit/debit cards, mobile money accounts, QR codes, directly from bank accounts or USSD, while ensuring the highest level of security for both businesses and customers. Is Paystack, however, truly secure?

  1. Arguably, this is fairly the best payment processor in Nigeria right now. The only caveat is that it required a USD (a.k.a domiciliary) account to process transactions in USD currency. For this purpose, you are forced to open a zenith bank account in USD which means your existing USD account with any other bank is useless as far as Paystack is concerned.
  2. There have been instances where users have come forward publicly to accuse the service of scams or fraudulent operations on several occasions. These individuals claim that their accounts have been blocked by the service for no apparent reason and that when they contact customer care, they receive a slow or no response.
  3. On Trustpilot, the service has a 3.3/5 rating on Trustpilot, with 42% of its reviews at 1 star. Users complain about their interaction with the service; some even allege that the provider is only concerned with the charges and not the transaction. There are also accusations of frozen funds, claims of locked funds, multiple debits, and so on. Nobody wants to go through something like that. Stripe, the company that bought Paystack, has a 3.1/5 rating. So, what are the chances of a significant improvement in the service following the acquisition?
  4. The service also has a history of fast-approving KYC (Know Your Customer) processes, according to reports. Given the submission of the required documentation, verifying new users takes a week.

Are There Other Alternatives?

Yes, it is a competitive and fast-growing industry. While there are alternatives to Klasha, Flutterwave, and Paystack in Nigeria, it’s important to keep in mind that most of these services are only available domestically, making them only ideal for small enterprises with low trade volumes and other restrictions. Amplify, CashEnvoy, VoguePay, Remita, PayChant (crypto-based), ConqVest (crypto-based), and so on are some of these options.

As a result, using these services to conduct business with international individuals would be complicated, slow, or potentially costly. It’s also worth noting that DPOgroup (the direct pay online group) is quickly becoming a go-to option for overseas payments of high monthly transaction volumes.

Many people in the African market are attempting to simplify their day-to-day operations with their firms, particularly in the financial services sector. We recognize that keeping track of user complaints and your company’s general operations is a difficult task. Why not relieve your tension by utilizing competent services to assist you to maximize the market’s potential? ConversionSpree is here to help you manage your social media presence properly so that your users don’t feel ignored when problems happen.

Our confidence in Klasha as the top payment gateway in Nigeria is based exclusively on our experience and reviews of many other payment gateways that either got us accepted or disapproved, as well as whether we were given the opportunity to test the waters before jumping into their ocean for a merchant account.

Klasha and Flutterwave are good options if you need to execute a lot of large transactions. Paystack, on the other hand, is a viable solution if you are a freelancer or small business owner.

Over to you

In the end, it’s up to you to make your decision. But make sure you do your own due diligence first. After that, you should be looking to get your products/services in front of an audience that is relevant to your business? Get in touch with our experts here at ConversionSpree, we are happy to help.

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