Introduction
PayPal has announced its return to Nigeria through a partnership with Paga, sparking intense reactions across social media. While some see it as progress, the overwhelming sentiment has been skepticism and calls for a boycott. After nearly two decades of exclusion, frozen funds, and lost opportunities, many Nigerians are asking: “Where were you when we needed you most?”
The good news? During PayPal’s absence, Nigeria didn’t just survive, it thrived. Local fintech companies built solutions that truly understand Nigerian needs. Today, Nigeria’s digital payments sector processes over ₦1 quadrillion ($754 billion) annually, proving the ecosystem hardly needed PayPal to succeed.
In this guide, we’ll explore seven reliable PayPal alternatives, with special focus on why Cleva has emerged as the best solution for Nigerians receiving international payments.
Why trust in PayPal remains broken
Understanding PayPal’s troubled history with Nigeria is essential context.
In 2020, PayPal restricted Kenneth Nwakanma’s account holding $15,000 from legitimate freelance work. After months of appeals, PayPal permanently closed the account, keeping the funds for 180 days before reducing his balance to just $45.
“I broke down,” Nwakanma shared. “That money was going to solve three major issues: relocating to a new apartment, paying for my mum’s medical bills, and a certification I was chasing.”
His experience isn’t unique. Across social media, countless Nigerians share similar stories of losing hundreds or thousands of dollars to account freezes and restrictions.
Since 2004, citing fraud concerns, PayPal restricted Nigerian users to “send-only” accounts, they could send money but couldn’t receive payments or withdraw to local banks. This policy crippled opportunities for an entire generation of freelancers and entrepreneurs.
Even limited partnerships, with First Bank in 2014 (outbound payments only) and Flutterwave in 2021 (business-only), failed to address individual users’ core needs.
As a result, PayPal’s return has been met with caution. Many users feel trust must be earned, not announced.
What Nigerians actually need in a PayPal alternative
For freelancers, remote workers, creators and businesses in Nigeria, a strong PayPal alternative must offer:
- Reliable receipt of international payments
- Clear and predictable fees
- Easy access to funds
- The ability to hold USD
- Understanding of Nigerian users and regulations
- Responsive customer support
- Long-term commitment to the market
With these needs in mind, here are the seven best PayPal alternatives available in Nigeria.
1. Cleva
Cleva stands apart because it wasn’t just built for Nigerians and Africans at large, it was built by Nigerians who intimately understand the pain points of international payments.
Founded in 2023 by Philip Abel and Tolu Alabi, former Stripe and AWS employees, Cleva raised $1.5 million from Y Combinator and top VCs. But investment isn’t what makes Cleva special. It’s the commitment.
Cleva’s key features
- US-Based USD Accounts: With Cleva, you get U.S. bank accounts in your own name for free that accept ACH deposits, wire transfers and international transfers.
- Lowest fees in the industry: You get charged just $1 for ACH deposits below $300 while ACH deposits above $300 cost just $3. These are the lowest deposit fees offered by any fintech in Nigeria.
- Stablecoins Support: Receive USD via USDT or USDC for a flat $1 fee, regardless of the amount. Ideal for Web3 clients and global teams paying in stablecoins.
- Virtual Dollar Card: Spend USD directly on international subscriptions and tools and online purchases.
- Cleva Tag: Send and receive USD instantly between Cleva users using a unique Cleva tag.
- Business Accounts: Dedicated USD and NGN accounts designed for SMEs to manage cross-border payments professionally.
- Zero-fee Upwork deposits in 2026: Upwork withdrawals to Cleva are completely free throughout 2026, helping Upwork freelancers keep more of what they earn. No other fintech in Nigeria offers this.
- CBN Licensed: Holds International Money Transfer Operator license from Central Bank of Nigeria, ensuring compliance and security.
The commitment difference
“We’re starting with Nigeria because we know the market,” co-founder Tolu Alabi explained. “But we feel like because of our backgrounds, we’re very well positioned to solve this problem at a global scale.”
This matters. PayPal left Nigeria when serving it was inconvenient. Cleva started with Nigeria because the founders experienced these challenges firsthand. It’s not market expansion; it’s the core mission.
Cleva is best for freelancers, remote workers, creators, and businesses that receive USD payments and want low fees, stability, and transparency.
2. Grey Finance
Grey Finance offers virtual foreign bank accounts in USD, EUR, and GBP. It is a solid option for users who need access to multiple currencies and international banking details. Grey also provides virtual cards and currency conversion, though fees may be higher for users who only need USD.
3. Geegpay
Geegpay is popular among freelancers who want fast setup and instant virtual dollar cards. It supports foreign accounts and quick access to funds, but its feature set is more limited compared to platforms like Cleva.
4. Flutterwave
Flutterwave is a pan-African payment company built primarily for businesses. It supports merchant payments across multiple countries and currencies and integrates with major e-commerce platforms. However, its international transaction fees are higher and it is often more than individual freelancers need.
5. Paystack
Paystack is a developer-friendly payment gateway widely used by Nigerian businesses. It is excellent for online payments and integrations but less suited for individuals receiving freelance or remote work income.
6. Moniepoint
Moniepoint, through its Monnify platform, focuses on high-volume local transactions in Nigeria. It offers strong enterprise tools but limited functionality for receiving foreign payments.
7. Payoneer
Payoneer is a long-standing international payment platform with integrations into marketplaces like Upwork and Amazon. While reliable, it often comes with higher fees and slower withdrawals compared to newer African fintechs.
Why choose Cleva over PayPal?
1. African-first, not Africa-later
PayPal’s 20-year absence speaks volumes. Even now, they’re returning through Paga rather than direct service. Cleva was founded in Nigeria by Nigerians who experienced payment challenges themselves. It’s not opportunistic expansion, it’s the entire purpose.
2. No history of unexplained frozen funds
Unlike PayPal’s well-documented account freezing and fund confiscation, Cleva built its reputation on transparency and trust. The founders know their success depends on never betraying African users.
3. Modern for today’s Economy
Cleva isn’t replicating a 25-year-old model. It offers stablecoin deposits, instant P2P transfers, professional business accounts, and virtual cards, features designed for today’s digital economy.
4. Regulatory legitimacy
Cleva’s IMTO license from CBN demonstrates serious regulatory commitment. This isn’t a workaround, it’s a legitimate, licensed financial service.
5. Proven growth and backing
Since August 2023, Cleva has processed over $1 million monthly, served thousands of users, secured Y Combinator backing, launched business accounts, and maintained consistent feature expansion.
Getting started with Cleva
To get started:
- Download the Cleva app on the Play Store or App Store.
- Sign up with your email address
- Complete KYC verification
- Receive your USD account details
- Start receiving international payments
Cleva gives you control, clarity, and confidence when receiving money globally.
The bigger picture: Supporting homegrown innovation
During PayPal’s absence, Nigerian fintechs didn’t just fill gaps, they innovated. They built solutions specifically for African users, understanding local challenges intimately.
Tech entrepreneur Oo Nwoye offered this perspective: “I doubt Shola would have had the confidence to start Paystack then if there was PayPal. So THANK YOU PayPal for NOT coming to Nigeria then.”
By choosing platforms like Cleva, you’re supporting an ecosystem that chose Africa when global giants walked away.
Conclusion
PayPal’s return to Nigeria may offer familiarity, but familiarity is not the same as trust. Nigerian users now have better options built by companies that showed up when it mattered.
Cleva represents a shift toward African-built financial infrastructure that prioritizes users, transparency, and long-term commitment. For many Nigerians, that makes it the best PayPal alternative available today. To get started, download the Cleva app and start receiving international payments with confidence.
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