Are you a freelancer, content creator, remote worker, blogger, or affiliate marketer, or you’re engaged in any other legit online business, and also based in Nigeria? Have you been looking for a legit and easy way to receive payments in Nigeria using Geegpay for your goods and services?
If this is you, you’ve come to the right place! In this article, I will introduce one of the best Fintech companies that will allow you to receive your payments right in Nigeria.
In this article, I will review Geegpay, a Fintech company that makes it possible for Nigerians to be paid for goods and services in USD. Before I proceed, let me tell you my story.
My Experience with Payoneer
I was using Payoneer until October 2023 when they suddenly blocked my account and literally banned me from ever using their platform. Yes – it happened to me.
Immediately I got the email that Payoneer sent to me, I contacted their customer service via email. They told me that they had to ban my account because I didn’t stick to their term and conditions of service.
Surprise surprise!
All the while, I thought that my Payoneer account was in good standing. I was doing legit business (I run an Amazon affiliate marketing business through my blog, have books selling on KDP, have 2 courses on Udemy, and also sell T-Shirts on marketplaces like Redbubble and Teepublic, among others).
In other words, I didn’t see any reason why they should ban my account. After all, they were making money off of it. Payoneer usually deducts a fee from every payment that I receive. At the point of withdrawal, Payoneer also withdraws another fee (a minimum of $10).
After several back-and-forths between Payoneer customer service and me, it dawned on me that they were not going to reinstate my account. I even went as far as contacting the Better Business Bureau (BBB) to arbitrate the issue, but eventually, Payoneer still gave them the same statement: they were not going to reinstate my account, and I would never use their platform again. Ever.
The sad part: Payoneer refused to disclose the reason why they blocked my account. Rather, they chose to be secretive about it. They informed me that they don’t usually disclose the reason why they ban accounts.
Eventually, I decided it was time to move on. I was going to look for an alternative to Payoneer, and I needed it fast. It was during that period that I found Geegpay after extensive research on Google and YouTube.
Why PayPal Banned Nigerians from Receiving Payments
In case you didn’t know: Nigerians are not allowed to operate a PayPal account that can receive payments. They are only allowed to use PayPal to shop and pay for goods and services online. Ever since PayPal banned Nigerians from receiving payments sometime in 2016, most Nigerians have become disenfranchised when it comes to receiving online payments for their products and services.
The chief reason PayPal banned Nigerians is simply fraud. Unfortunately, some Nigerians were using the PayPal platform for duping people, and the complaints forced the tech company to blacklist Nigeria. Some other African countries like Ghana were also blacklisted, probably for the same reason.
This scenario has created a vacuum that companies like Geegpay rose up to fill. What’s more, Geegpay isn’t the only player in that space – companies like Grey.co, Payday, and Cleva Banking are also offering similar services.
Geegpay as PayPal Alternative
Geegpay is a Fintech (financial technology) company engaged in digital banking. The platform is owned and operated by Raenest which began operations in 2022, with headquarters in Lagos Nigeria. The company operates in Nigeria and some other African countries, allowing mainly freelancers based in those countries to receive international payments in either USD, British Pounds, or Euros.
On their website homepage, they tout their major offering thus: Global banking for Africa’s Professionals. In my opinion, they have lived up to this from my experience with the company. When you sign up for a Geegpay account, you have access to their services including virtual bank accounts, virtual cards, withdrawals to local banks, FX conversions, and invoicing for services.
How Geegpay Works
The most important service to me is the ability to receive dollar payments from websites and companies to a unique US ACH bank account which they assign to you once you have completed their KYC process (this step effectively activates your account).
Most freelance websites and companies like Fiverr, Upwork, Guru, Freelancer, Amazon, Udemy, and others can send your earnings to a US bank account. Geegpay allows you to receive these payments by creating a US bank account in your name.
You can also create a British bank account that can receive payments in British pounds. Same for Euro. These types of bank accounts are called “virtual bank accounts”. They are like traditional bank accounts, except that they operate entirely online, all the time. Virtual banks don’t usually have outlets all over the country like regular banks, though they offer similar banking services. In most cases, you can only contact them by email, chat, or phone.
Are virtual banks risky to do business with? To an extent, they are regulated by Nigerian and other countries’ financial laws. It is actually safe to do business with them, but you should ensure that you don’t keep funds in your wallet perpetually. Always withdraw your funds and probably save in cryptocurrency or a regular bank you’re comfortable with.
Does Geegpay Virtual Bank Account work with PayPal?
Since I started using Geegpay for receiving payments from my online businesses, I have also tried connecting it to a business PayPal account, but it didn’t work. PayPal has made it clear that they don’t accept virtual bank accounts. So, if you plan to use your Geegpay virtual USD account with PayPal, it may not work.
You can try it for yourself after signing up for a Geegpay account. If it works for you, fine and good. I tried it but it didn’t work for me.
Does Geegpay Virtual Bank Account work with Payoneer?
I haven’t tried connecting my Geegpay virtual USD account to Payoneer for the simple reason that I don’t have a working Payoneer account at the moment. Remember that Payoneer blocked my account in October 2023.
I did a little research on Google and found out that it is possible to link a Geegpay virtual US account to Payoneer. This means that you can send your Payoneer funds to your Geegpay virtual USD account from where you can withdraw to your local bank account.
How to Setup a Geegpay Account
To set up a Geegpay account, you can do it either using their website or their mobile app. They have apps for both Android and iOS platforms. But it is recommended to sign up using their website, then you can download the mobile app to log in and start transacting using your smartphone.
After filling out the forms, you will need to fulfill their KYC process. Without fulfilling the KYC process, you won’t be able to get a USD virtual account or create a dollar virtual card. This KYC may take a few days, and what usually happens is that they will need to prove that you’re a real person, and the implication is that you will need to submit a government-issued ID.
Geegpay accepts either of these documents: a valid government-issued ID like a NIN, International Passport, Voter Card, or Driver’s License. Once you submit any of these documents, they will vet your credentials and then approve or disapprove your KYC credentials.
There are a couple of reasons why they may not approve your KYC – your ID may be dated, and you will need to get a new one. If your ID is blurred and not clear enough, they may also disapprove your application.
Once they approve your KYC, you can create a brand-new virtual USD account in your name! You can easily do that in your dashboard. In essence, your account will be fully activated and verified, and you will also be able to create a virtual dollar card with which you can transact online.
The Geegpay Virtual Card
This was a lifesaver for me too, because I was using Chipper Cash before then. Chipper Cash was too expensive for me, because of their high exchange rates. I was glad to get a Geegpay virtual card with which I could shop and pay for the bills accruing from running my online businesses. I even got the virtual card free of charge back then!
I used the virtual cards for a while without issues until Geegpay changed their card processor sometime in November 2023. This migration took about 2 months or thereabouts. At the end of this migration, they announced some not-so-palatable changes – we now have to pay a fee for creating the virtual cards. In addition, there is now a minimum funding amount of $5. This was not so before then.
Also, they take a commission for card funding. I didn’t like the new changes because it wasn’t good for me. I don’t make so much money from my online business, like thousands of dollars, and sometimes I would want to buy something less than 5 dollars. Why should I always add a minimum of $5 to my virtual card anytime I want to make a purchase or pay a bill?
In addition, whenever I added money to the virtual card and wanted to withdraw it, the amount was always less than what I paid. Of course, this had to do with the exchange rate – they intentionally set it so.
Another thing is this: once you receive a payment, they deduct $1.5 from the amount, even if it’s a small amount like $2.
I contacted Geegpay through email and voiced my concerns. They responded, stating reasons why they had to impose all those fees. In their opinion, they can’t help it. They must charge those fees to remain in business. I had to understand their position – who am I to determine how they run their business?
Pros and Cons of Geegpay
Though Geegpay was a much-needed lifesaver for me when Payoneer blocked my account, with time, I realized some not-so-customer-friendly features on the platform. I will try as much as possible to be truthful and unbiased, and allow you to determine whether this is the right platform for you. So here we go.
Pros
- Geegpay is a great alternative to Payoneer
- Fast and easy KYC
- Allows you to operate a US bank account without being a US resident
- Allows you to receive payment in USD from only companies online
- Allows you to receive payments easily using invoices
- Offers USD virtual cards for online shopping
- Offer British Pounds and Euro-denominated virtual accounts
- Has a referral reward system
- Allows you to withdraw to a local bank account at competitive rates
Cons
- Doesn’t allow individuals to send money to your virtual USD account, only companies
- Their fees are not customer-friendly – $1.5 for receiving funds, another fee for withdrawals to a local bank account
- A Minimum of $5 dollars for card funding
- The amount sent to the virtual card is always higher than the amount withdrawn from the virtual card
Verdict
Geegpay is a Fintech company offering online-only digital banking to Africans like us, and they offer you the means to receive payments for your work online, but their recent upgrades and changes leave much to be desired. In all, I would rate them 7/10 or 3 stars out of 5.
Final Words
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