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  1. Learn
  2. Paystack for African Developers
  3. Settlement and Payouts on Paystack in Nigeria
Bonaventure OgetoBy Bonaventure Ogeto|Updated July 22, 2026

Settlement and Payouts on Paystack in Nigeria

Paystack Nigeria settles your NGN revenue to your registered bank account 1 business day after the transaction date (T+1). Settlement happens automatically — no manual action required. To send payouts to vendors or users, create transfer recipients via POST /transferrecipient with bank code and account number, then use POST /transfer. The minimum transfer amount is NGN 100. Weekend and public holiday transactions settle on the next business day.

In this article

  1. 1. NGN Settlement Timeline
  2. 2. Sending NGN Payouts to Nigerian Bank Accounts
  3. 3. Learn More

NGN Settlement Timeline

Transaction DaySettlement Day
MondayTuesday
FridayMonday
SaturdayMonday
SundayMonday
Public holidayNext business day

Settlement appears in your bank account by 10 AM on the settlement date. Your Paystack account must be fully verified and your bank account confirmed for automatic settlement to work.

Sending NGN Payouts to Nigerian Bank Accounts

// Create a transfer recipient (one-time per vendor)
async function createNGNRecipient(name, accountNumber, bankCode) {
  var res = await fetch('https://api.paystack.co/transferrecipient', {
    method: 'POST',
    headers: {
      Authorization: 'Bearer ' + process.env.PAYSTACK_SECRET_KEY,
      'Content-Type': 'application/json',
    },
    body: JSON.stringify({
      type: 'nuban',
      name,
      account_number: accountNumber,
      bank_code: bankCode, // e.g., '058' for GTBank, '057' for Zenith
      currency: 'NGN',
    }),
  });
  var data = await res.json();
  return data.data.recipient_code; // Store this in your database
}

// Send a payout
async function sendNGNPayout(recipientCode, amountNGN, reason) {
  var res = await fetch('https://api.paystack.co/transfer', {
    method: 'POST',
    headers: {
      Authorization: 'Bearer ' + process.env.PAYSTACK_SECRET_KEY,
      'Content-Type': 'application/json',
    },
    body: JSON.stringify({
      source: 'balance',
      amount: Math.round(amountNGN * 100), // NGN to kobo
      recipient: recipientCode,
      reason,
      currency: 'NGN',
    }),
  });
  return res.json();
}

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This guide is part of the Paystack by country guide.

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Key Takeaways

  • ✓Paystack Nigeria settles to your bank account T+1 (next business day) by default.
  • ✓Settlement is automatic — you do not need to manually trigger it.
  • ✓Weekend transactions settle on Monday; public holiday transactions settle the next business day.
  • ✓For marketplace payouts, use POST /transferrecipient with the Nigerian bank code and account number.
  • ✓Minimum payout transfer amount is NGN 100 (10,000 kobo).
  • ✓You can view your settlement history in the Paystack dashboard under Settlements.

Frequently Asked Questions

What bank codes do I use for Nigerian bank transfer recipients?
Common Nigerian bank codes: GTBank: 058, Zenith: 057, Access: 044, First Bank: 011, UBA: 033, FCMB: 214, Fidelity: 070, Sterling: 232, Stanbic: 221. Use the GET /bank endpoint to get the full list of supported banks and their codes.
Can I change my settlement bank account on Paystack Nigeria?
Yes. Go to Settings → Business information → Settlement bank in your Paystack dashboard. Changes to the settlement bank account may trigger a verification step and could temporarily pause settlements while the new account is confirmed.
Why is my NGN settlement delayed?
Common causes: account is not fully verified, settlement bank account is not confirmed, transaction was flagged for review, public holiday in the settlement window, or a bank-side processing delay. Check your dashboard for settlement status and contact Paystack support if a settlement is more than 2 business days late.
What is the maximum single transfer amount on Paystack Nigeria?
Paystack imposes transfer limits based on your merchant tier. Standard accounts typically have a daily transfer limit. Contact your Paystack account manager or check your dashboard for your current transfer limits. Large transfer requirements may need prior approval from Paystack.

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Bonaventure Ogeto

Bonaventure Ogeto

Founder, McTaba Labs

Bonaventure is the founder of McTaba Labs, a coding bootcamp in Nairobi, Kenya. He has spent years building products for the African market and mentoring the next generation of developers across the continent.