CoralPay
CoralPay is a Lagos-based, CBN-licensed payment infrastructure provider combining payment switching and PSSP capabilities to deliver multi-channel processing (cards, USSD, bank transfers, mobile money) to banks, telcos, fintechs, e-commerce, and government entities across Nigeria and West Africa.
- Company typePrivate
- Founded2005
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What CoralPay does
CoralPay is a Nigerian payment infrastructure company headquartered in Lagos, operating since 2005 as a licensed payment service provider under the Central Bank of Nigeria and as a certified Third-Party Processor (TPP) for both MasterCard and Visa. The company combines the roles of payment switch and Payment Service Solution Provider (PSSP), positioning itself to reduce intermediaries in the transaction lifecycle and offer partners a single integrated stack rather than multiple vendor relationships. Its product portfolio centers on a multi-channel payment gateway (cards, USSD, bank transfers, mobile money, QR codes), C'Gate USSD (positioned as Africa's first interoperable USSD payment channel), BankLink (virtual account-based bank transfer payments), Card Issuing & Acquiring, CoralPay Instant Payment (CIP) for real-time transfers, and Fast Channel for batch disbursements, with add-on modules including a Billers Aggregation Platform (VAS), Kollect payment links, BillerOne, and FADS fraud detection.
The underlying technology is API-first, with nine+ documented APIs (C'Gate USSD, BankLink, Payment Gateway, Card APIs, VAS, Fast Channel, CIP, Account Connect, Google Pay) using JWT authentication and signature generation, supported by a developer portal, a certified WooCommerce plugin for WordPress e-commerce, and webhook-based real-time transaction status callbacks. CoralPay processes 110,593+ daily transactions across 22,113+ customers and 1000+ trusted businesses spanning tier-1 Nigerian banks (UBA, Zenith, GTBank, Access, First Bank, Fidelity, Wema, Sterling, FCMB, Providus, Unity Bank), telcos (MTN, Airtel, Glo), fintechs (Flutterwave, Interswitch, OPay, PalmPay, Carbon, Remita, TeamApt), and utilities (EKEDC, IBEDC, EEDC). The company states PCI DSS compliance and maintains an ISMS Policy Statement aligned with ISO 27001.
CoralPay's business model is transaction-fee based with monthly billing on a custom quote-based pricing model tailored to transaction volumes and service mix. Go-to-market combines API-first self-serve integration (for mid-market and SMBs via the developer portal and WooCommerce plugin) with enterprise field sales targeting banks, financial institutions, telecom operators, government, and large merchants. Distribution is concentrated in Nigeria with stated intent to serve the broader West Africa sub-region, supported by industry event presence such as Gold Sponsorship of Tech Revolution Africa 2.0 (January 2026). Co-founder and CEO Chioma Nkechika leads the company, which remains privately held with no public funding rounds or institutional investor ownership disclosed in available materials.
CoralPay firmographics
Firmographics- Name
- CoralPay
- Legal name
- CoralPay Technology
- Website
- https://coralpay.com
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CoralPay is a Lagos-based, CBN-licensed payment infrastructure provider combining payment switching and PSSP capabilities to deliver multi-channel processing (cards, USSD, bank transfers, mobile money) to banks, telcos, fintechs, e-commerce, and government entities across Nigeria and West Africa.
- Ownership category
- akta.pro rank
CoralPay industry classification
Industry- Product category
- Payment Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Merchant Acquiring & Card Processing (PSPs) (CRAFALAB)
Keywords
Where CoralPay is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
CoralPay business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- Payment Processing & Switching Fees: Transaction-based fees from processing payments across multiple channels including cards, USSD, bank transfers. The company acts as both a switch and Payment Service Solution Provider (PSSP), earning fees for each transaction processed.
- Payment Gateway Services: Gateway aggregation fees from merchants for enabling multiple payment options at checkout including cards, USSD, mobile money, and bank transfers.
- API Access & Integration Services: Developer API access and integration support for businesses embedding CoralPay's payment solutions including C'Gate USSD, BankLink, and Card APIs.
- Card Issuing & Acquiring Services: Services for card processing including issuing and acquiring capabilities, powered by certification as a Third-Party Processor for MasterCard and Visa.
- Value Added Services (VAS): Biller aggregation platform for vending value including airtime, data bundles, and bill payments for various billers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Custom enterprise pricing based on transaction volume and services required |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
CoralPay product offering
Product offeringCore offering
CoralPay operates a unified payment infrastructure platform that combines the role of a payment switch and Payment Service Solution Provider (PSSP) for Nigeria and the West Africa sub-region. It processes and routes transactions across multiple payment channels — including cards, USSD, bank transfers, mobile money, and QR codes — serving banks, financial institutions, telecom operators, e-commerce merchants, and government entities. The platform is licensed by the Central Bank of Nigeria and certified as a Third-Party Processor for both MasterCard and Visa.
Product overview
CoralPay operates as a unified payment infrastructure platform combining switch and Payment Service Solution Provider (PSSP) capabilities for Nigeria and West Africa. The core product portfolio centers on the Payment Gateway (aggregating Cards, Bank Transfers, USSD, and QR codes), C'Gate USSD (Africa's first interoperable USSD payment channel), BankLink (bank transfer payments), Card Issuing & Acquiring (MasterCard and Visa certified TPP), CoralPay Instant Payment/CIP (real-time transfers), and Fast Channel (batch disbursements). Supporting modules include the Billers Aggregation Platform (VAS for biller integration), Kollect (payment links), BillerOne, and FADS (fraud detection). The platform targets financial institutions, mobile money operators, e-commerce businesses, and government entities with multi-channel payment capabilities processing over 110,000 daily transactions.
Differentiator
Problem solved
Functional benefit
Brands
- C'Gate USSD: Innovative payment solution using USSD technology for payments on POS, Web, and Mobile platforms. Claimed as Africa's first interoperable USSD payment channel.
- CoralPay Payment Gateway
- BankLink
- CoralPay Instant Payment (CIP)
- Fast Channel
- Billers Aggregation Platform
- Card Issuing & Acquiring
Quantifiable outcome
- Over 2 million transactions processed
- +3 more outcomes
Companies that use CoralPay
Customer profileNamed customers3 records
Segments7 records
Ideal customer profiles6 records
CoralPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature6 records
CoralPay partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- Tech Revolution AfricaminorCoralPay served as a Gold Sponsor of Tech Revolution Africa 2.0, a two-day technology event convening founders, investors, and leaders across the African continent at the Landmark Event Centre in Lagos (January 30-31, 2026). The sponsorship reinforces CoralPay's role in Africa's digital payment ecosystem.
- MastercardcoreCoralPay is a certified MasterCard Third-Party Processor (TPP) in Nigeria, enabling card payment processing through the MasterCard network. This certification allows CoralPay to provide card issuing and acquiring services and process MasterCard transactions.
- VisacoreCoralPay holds Visa Third-Party Processor (TPP) certification in Nigeria, enabling the company to process Visa card transactions and provide card payment services to its merchant and financial institution partners.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
CoralPay competitors and assessment
Company assessmentDirect peers
- Moniepoint: Nigerian business banking and payment processor serving SMEs and agents. Competes in payment processing, agency banking, and POS/agent infrastructure.
- Flutterwave: Pan-African payment processor providing gateway, collections, and remittance APIs. Directly overlaps CoralPay's payment gateway and multi-channel processing proposition for African merchants.
- Remita: Nigerian payment gateway, biller aggregation, and disbursement platform. Competes with CoralPay across gateway, VAS biller aggregation, and bulk payment processing.
- Onafriq (formerly MFS Africa): Pan-African A2A digital payments hub connecting mobile wallets, banks, and money transfer operators. Comparable to CoralPay Instant Payment (CIP) and cross-border payment ambitions.
- Global Accelerex: Nigerian payment processor with MasterCard/Visa TPP certification offering card issuing, acquiring, and POS. Closely comparable to CoralPay's card processing and TPP-backed infrastructure.
- Paystack: Stripe-owned Nigerian payment gateway serving online merchants with cards and bank transfer. Direct overlap on payment gateway, bank transfer (BankLink equivalent), and developer-first GTM motion.
- Cellulant: Pan-African payments platform providing payment collection, disbursement, and banking APIs. Overlaps with CoralPay's biller aggregation, Fast Channel, and bank-led integration proposition.
- ETranzact: Long-standing Nigerian payment processor and switch operator offering cards, transfers, and POS. Closely comparable to CoralPay's multi-rail payment processing business.
- Interswitch: Nigeria's incumbent payment switch and Verve card scheme operator. Direct competitor across switching, processing, and card issuing — and one of CoralPay's trusted-by partners on its website.
Emerging players
- TeamApt: Nigerian fintech building business banking and payment infrastructure for merchants and agents. Adjacent competitor in payment processing and merchant rails with growing scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
CoralPay social profiles
Digital presenceCoralPay compliance and trust
Trust signalCompliance4 records
CoralPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
CoralPay leadership team
Management profileNumber of profiles
Profiles1 record
CoralPay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CoralPay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CoralPay
What does CoralPay do?
CoralPay operates a unified payment infrastructure platform that combines the role of a payment switch and Payment Service Solution Provider (PSSP) for Nigeria and the West Africa sub-region. It processes and routes transactions across multiple payment channels — including cards, USSD, bank transfers, mobile money, and QR codes — serving banks, financial institutions, telecom operators, e-commerce merchants, and government entities. The platform is licensed by the Central Bank of Nigeria and certified as a Third-Party Processor for both MasterCard and Visa.
Is CoralPay a public or private company?
CoralPay is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was CoralPay founded?
CoralPay was founded in 2005. It employs 101 to 250 people.
Where is CoralPay based?
CoralPay is headquartered in Lagos, Nigeria, in the Africa region.
How does CoralPay make money?
Five revenue lines are on record. Payment Processing & Switching Fees are the primary driver. The others are payment Gateway Services, API Access & Integration Services, card Issuing & Acquiring Services and value Added Services (VAS).
Who are CoralPay's main competitors?
Direct peers on record are Moniepoint, Flutterwave, Remita, Onafriq (formerly MFS Africa), Global Accelerex, Paystack, Cellulant, ETranzact and Interswitch. TeamApt is listed as an emerging player.
Does CoralPay have an API?
Yes. CoralPay offers a complete API suite for building payment infrastructure. Available APIs include C'Gate USSD (USSD PIN authorization for POS/web transactions), BankLink (online payments via bank fund transfers), CoralPay Payment Gateway (aggregates all payment solutions), CoralPay Card APIs (card processing via OctoPlus Payment Gateway), CoralPay VAS (value-added services vending for billers), Fast Channel (single and batch fund transfers), CoralPay Instant Payment (CIP) for real-time money transfers, Account Connect (one-time payment links), and Google Pay integration. The APIs support JWT authentication and signature generation for secure API calls, with real-time transaction status updates via callbacks. Developer documentation is at www.coralpay.com/developer.
What industry is CoralPay in?
CoralPay's product category is Payment Infrastructure. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAMAFAB, A2A Payment Initiation Service Providers (PISPs). Its NAICS code is 52232 and its SIC code is 6199.