How To Open A Stripe Account In Nigeria?

Stripe is an international financial services and software as a service company (SAAS) that offers payment-processing software and application programming interfaces for e-commerce websites and apps. Its dual headquarters are located in Dublin, Ireland, and South San Francisco, California, United States.

Stripe has several features that can help the growth of millions of businesses of all sizes and also perform transactions easily and fast. With Stripe, you can request an advance on future payments, block fraudulent transactions, and calculate and collect sales tax, VAT, and GST in over 30 countries. In addition, the platform also accepts various types of payment including credit and debit cards, mobile payments, and Bank transfers.

The platform is currently available in many countries and has become one of the most reliable and secure payment processing services for businesses of all sizes. However, before 2023, stripe was not available in Nigeria but Nigerians still found a way around to use the platform without hitches. Do you want to know how to open a stripe account in Nigeria, then you are in the right post. let’s get started.

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Overview on Stripe

Stripe is an international online payment processing platform that allows businesses to accept payments from all over the country. The platform was founded in 2010 with its dual headquarters in Dublin, Ireland, and South San Francisco, California, United States. Since then, it has gained a reputation for providing secure and reliable payment processing for startups.

Stripe has diverse features to help businesses manage their payment processes effectively ranging from recurring payments to refunds, chargeback, fraud prevention, and request on advance payment. The platform also accepts various types of payment including credit and debit cards, mobile payments, and Bank transfers. However, the charges fees for each transaction processed vary depending on the location and type of business.

In 2023, Stripe was made available in Nigeria but there are some limitations for Nigerians. However, there were still ways a lot of entrepreneurs from Nigerians used the platform. Presently, you can use Stripe in Nigeria and if you encounter any issues, you also can contact Stripe’s customer support team through its email or Website.

Requirement To Open A Stripe Account in Nigeria

Below are some of the requirements needed to open an account with Stripe in Nigeria.

• Provide proof of legal entity registered in the same country in which you would want to open the account
• Provide tax ID
• Phone number is required
• A valid means of identification such as an international passport, driver’s license, and voter cards
• Provide proof of physical location such as utility bills
• An active website that shows what your business sells or the type of services you provide.
• Bank statement.

Steps On How To Create and Use Stripe Account

Stripe is not supported in Nigeria yet but there are methods to create an account with Stripe and Use it in Nigeria. Below are steps on how to create a stripe account in Nigeria.

Create a Limited Liability Company (LLC)

The first step is to create an LLC in the United States. you can easily create an LLC online without the need for a lawyer. For instance, you can visit www.Incauthority.com to create an LLC for your company.

Get a Valid US number

When creating an LLC, you would need to provide a US number to complete the process. However, even if you are in Nigeria, there are several apps available that allow you to create a US number but you would be charged monthly or yearly. For instance, you can download the Dingtone app to get a US number.

Get a US address

You can get a US address by using Shipito. In less than two minutes, they will give you a US house address when you sign up.

Get a US Bank Account

Getting a US Bank account is very easy, several financial institutions allow foreigners who have never been to the United States to have a bank account. you can Payoneer, Grey, or Geepay to create a US bank account, so you can withdraw from Stripe to the account while you are still in Nigeria.

How To Open A Stripe Account in Nigeria?

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The following are steps on how to open an account with Stripe in Nigeria.

• Visit www.Stripe.com on your phone
• Click on Sign Up at the top righter corner of the page
• Input the required information on the sign-up form such as your name, password, phone number, and email address.
• Select the type of Stripe account you would like to open. The platform offers two types of accounts, Individual and Business account. however, if you are creating a business account then you are required to input the business name, address, and tax ID number.
• Click on the verification link sent to the provided mail to verify the email address.
• Add your Nigerian bank account to your Stripe account by providing all the necessary documents.
• Once the stripe account is verified, you can use it to carry out transactions.

FAQs

Can Nigerians receive money with Stripe?

Yes, Nigerians can receive money with stripe. However, there are some restrictions but there are ways to withdraw from Stripe.

What is the alternative for Stripe in Nigeria?

Top 5 alternative for stripe in Nigeria

• Paystack
• Flutterwave
• KoraHQ
• Venmo
• Srax

What documents are needed for Stripe?

Required documents needed to create a stripe account

• Provide a legal entity registered in the same country for which you plan to open the account
• Provide a tax ID
• Phone number
• A valid means of identification such as an international passport, driver’s license, and voter cards
• Provide proof of physical location such as utility bills
• An active website that shows what your business sells or the type of services you provide.
• Bank statement.

Conclusion: How To Open A Stripe Account In Nigeria?

Currently, you can’t open a Stripe account directly in Nigeria because the app is not yet supported in the country. However, the above-mentioned are steps to create a stripe account in Nigeria.

Thank you for reading this article, and I hope you got a lot of helpful information. Please drop your comment and share the post with your loved ones on social media.