What Gemspay Solutions Limited does

Gemspay Solutions Limited is a Nigerian payment infrastructure provider founded in 2021 and headquartered in Ikeja, Lagos. The company operates GemsPay, a centralized payment platform that enables merchants to receive and make payments across Wallet, Credit/Debit Cards, USSD, and Bank Transfer channels through a single API gateway, with stated integration linkages to NIBSS, Wema Bank, and Providus Bank. Gemspay's product portfolio spans five offerings: the core GemsPay platform, Oktopus (payment gateway for online transactions), KollectKollect (automated invoicing and reconciliation), Pencco (pension collection and reconciliation), and Invoice Direct (FIRS-compliant e-invoicing). Underlying technology includes a developer-friendly API architecture with multi-factor authentication and a fraud screening layer that claims an 80–90% prevention rate on card transactions.

The company targets Nigerian small, medium, and large enterprises across e-commerce, pension administration, cross-border trade, and online retail, with named enterprise clients spanning banking, logistics, hospitality, religious organizations, holding companies, and technology. GTM is API-first and product-led: merchants self-onboard through merchant.gemspaysolution.com/register, while enterprise prospects engage via direct website sales and integrated demo flows. Multi-factor authentication and customizable APIs are positioned as the primary developer-facing differentiators.

Monetization is entirely transaction-based. Local Nigerian transactions are charged at 1.4% with a ₦2,000 cap, and international transactions are charged at 3.8%, deducted at source on a pay-as-you-go cadence with no disclosed subscription or fixed-fee component. Distribution channels are digital-direct and embedded-API only, with no mobile-app presence, no disclosed funding rounds, no M&A activity, and no recorded leadership hires. Ownership, shareholder structure, and revenue scale are not disclosed in the source material.

Name

Gemspay Solutions Limited

Legal name

Gemspay Solutions Limited

Website

https://gemspaysolution.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Gemspay Solutions Limited is a Nigerian payment infrastructure provider offering a centralized API platform for merchants to accept Wallet, card, USSD, and bank-transfer payments, alongside invoicing, pension, and FIRS e-invoicing products. It serves Nigerian small, medium, and large enterprises via a pay-as-you-go transaction-based model.

Ownership category

akta.pro rank

Product category

Payment Processing Software

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Activities Related to Credit Intermediation (5223)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE)

akta.pro secondary industries

Alternative Payment Methods (APMs) & Local Rails (ACH/SEPA/UPI, etc.) (CRAFALAG), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Payment processing platform
• Payment gateway API
• E-invoicing solutions
• Merchant payment services
• Fraud screening payments

Headquarters

HQ city

Ikeja

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Processing Fees - Local: Gemspay charges 1.4% of transaction value for local Nigerian transactions, with a fee cap of ₦2000 per transaction. Fees are deducted directly from the transaction amount at source.
2. Transaction Processing Fees - International: Gemspay charges 3.8% of transaction value for international transactions, enabling merchants to receive payments from anywhere across the globe.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Gemspay operates an all-inclusive centralized payment platform that enables Nigerian businesses to receive and make payments across diverse channels including Wallet, Credit/Debit Cards, USSD, and Bank Transfer, processed through a developer-friendly unified API. The platform is complemented by dedicated products for payment gateway (Oktopus), automated collections and reconciliation (KollectKollect), pension administration (Pencco), and FIRS-compliant e-invoicing (Invoice Direct). The company integrates with leading Nigerian payment and switching providers such as NIBSS, Wema Bank, and Providus Bank to deliver multi-channel acceptance with embedded fraud screening and multi-factor authentication.

Product overview

Gemspay Solutions Limited offers a platform-plus-products architecture centered on its core GemsPay centralized payment platform. The platform enables receiving and making payments across diverse channels (Wallet, Credit/Debit Cards, USSD, Bank Transfer) and serves as a growth enabler for businesses. The portfolio includes five distinct products: GemsPay (the core payment platform), Oktopus (a payment gateway for online transactions), KollectKollect (automated invoicing and reconciliation), Pencco (pension collection and reconciliation), and Invoice Direct (FIRS-compliant e-invoicing solution). These products work together to provide end-to-end payment processing, collection automation, and regulatory compliance for Nigerian businesses.

Differentiator

Problem solved

Functional benefit

Brands

• KollectKollect: A smart collection solution that automates invoicing and reconciliation, so you can focus on growing your business.
• Pencco
• Oktopus
• Invoice Direct

Products and services

• GemsPay (Core Platform) An all-inclusive centralized payment platform that enables clients to increase efficiency in payments processing by receiving and making payments across diverse channels including Wallet, Credit/Debit Cards, USSD, and Bank Transfer. It serves as the foundational growth-enabler product for Nigerian merchants and businesses.
• Oktopus A robust payment gateway designed to streamline online transactions, ensuring speed and security at every click. Targets merchants needing an online checkout with multi-channel acceptance and embedded fraud screening.
• KollectKollect A smart collection solution that automates invoicing and reconciliation, so businesses can focus on growing their operations. Serves Nigerian businesses with recurring or high-volume payment collection needs.
• Pencco A solution committed to making pension collection and reconciliation as seamless as possible for businesses of all sizes. Serves Nigerian employers and pension administrators needing automated pension payment workflows.
• Invoice Direct A compliant e-invoicing solution that enables Nigerian taxpayers to seamlessly generate, digitally sign, and exchange invoices as mandated by the Federal Inland Revenue Service (FIRS). Serves Nigerian businesses requiring tax-compliant invoicing.

Quantifiable outcome

• Fraud prevention rate of 80-90% for debit/credit card transactions

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

One partnership is on record.

• NIBSS (Nigeria Inter-Bank Settlement Scheme)coreTechnology or IntegrationNIBSS is Nigeria's central payment switching infrastructure. Gemspay integrates with NIBSS as a leading payment and switching platform provider, enabling interoperability with the Nigerian banking ecosystem for processing transactions across multiple channels.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Regional players

• Razorpay: Razorpay is an India-focused payment gateway offering a similar API-first, multi-method (cards, UPI, netbanking, wallets) product to Gemspay. It is a useful comparable for the API-first gateway business model and product breadth even though it operates in a different geography.
• DPO Group: DPO Group is an African payment service provider offering multi-country online card processing and alternative payment methods across Africa. It is a regional peer comparable to Gemspay's pan-African cross-border payment ambitions and gateway focus.

Direct peers

• Remita: Remita is a Nigerian payment gateway and collections platform widely used for bill payments, salaries, and merchant collections. It is a direct peer to Gemspay in the multi-channel Nigerian merchant payments space, with strong enterprise and government penetration.
• Interswitch: Interswitch is a Nigerian payments and switching incumbent operating Verve (card network) and the Quickteller gateway. It overlaps directly with Gemspay's payment-gateway and NIBSS-adjacent switching focus, and is the historical Nigerian payments infrastructure player.
• Paystack: Paystack is a Nigerian payment gateway (now owned by Stripe) offering card, bank transfer, and mobile money acceptance to merchants via APIs. It directly competes with Gemspay in Nigerian online payment processing with a broader merchant base and Stripe-backed engineering and capital.
• VoguePay: VoguePay is a Nigerian payment gateway offering card, bank transfer, and USSD acceptance to local merchants via API. It directly competes with Gemspay in the Nigerian SMB payment gateway segment with similar product positioning and pricing.
• Flutterwave: Flutterwave is a pan-African payment infrastructure company offering payment processing, cross-border, and APIs to businesses across Nigeria and the continent. It is a direct competitor to Gemspay with significantly larger scale, funding, and enterprise footprint.

Emerging players

• Squad (Squad by GTCO/GTBank): Squad is a Nigerian digital payments platform by GTCO focused on cards, transfers, and merchant APIs. It overlaps with Gemspay in Nigerian merchant payment acceptance with bank-backed distribution advantages.
• Mono: Mono is a Nigerian fintech infrastructure startup offering account-linking, payments, and identity APIs. It is an emerging player in the Nigerian open-banking and payment-rails layer that intersects with Gemspay's developer-first payment integration model.

Broad incumbents

• Stripe: Stripe is a global payments incumbent whose Paystack subsidiary directly competes with Gemspay in Nigeria. As a broad incumbent, Stripe brings global scale, developer tooling, and capital that put pressure on local gateway competitors including Gemspay.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/gemspaysolution
• YouTubeyoutube.com/@GemspaySolutions
• Facebookfacebook.com/gemspaysolution
• LinkedInlinkedin.com/company/gemspaysolution
• Instagraminstagram.com/gemspaysolution

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gemspay Solutions Limited