The Payment Gap That Is Holding Nigerian SMEs Back
Nigeria processes over ₦100 trillion in electronic transactions annually, yet a significant proportion of the country's 40 million small and medium enterprises remain unable to accept digital payments. The barrier is not technology — it is bureaucracy. Opening a corporate bank account in Nigeria requires a Certificate of Incorporation, a Tax Identification Number, two years of audited accounts in some cases, and weeks of back-and-forth with compliance officers. For the fashion designer in Yaba, the logistics startup in Enugu, or the agricultural cooperative in Kogi State, this process is simply out of reach.
The result is a paradox: Nigeria is one of Africa's most digitally active economies, yet millions of its businesses are forced to operate on cash, losing sales every time a customer says "I don't have cash on me."
KorevraPay is built to close this gap permanently.
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What Is KorevraPay?
KorevraPay is the payments platform within the Korevra ecosystem — a naira-native, AI-powered payment solution designed specifically for Nigerian SMEs and micro-enterprises. It enables any business with a valid BVN and a CAC registration (or even just a business name) to start accepting payments within 24 hours, without a corporate bank account.
KorevraPay supports every payment method that matters to Nigerian consumers and businesses: bank transfers, card payments (Visa, Mastercard, Verve), USSD codes for feature phone users, QR codes for in-person transactions, and payment links that can be shared via WhatsApp, Instagram DMs, or email. Settlement happens in naira, directly to the business owner's personal or business account, within 24 hours.
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Core Features
Instant Merchant Onboarding
KorevraPay's onboarding process takes under 10 minutes. A business owner provides their BVN, a government-issued ID, and their CAC registration number (or business name). The AI-powered KYC engine verifies these documents in real time, assigns a merchant ID, and activates the account immediately. No branch visits, no waiting for a relationship manager, no minimum balance requirements.
For businesses that are not yet registered with the CAC, KorevraPay offers an integrated registration pathway — a business can complete its CAC name registration and activate its payment account in a single session.
Omnichannel Payment Acceptance
KorevraPay gives every merchant a complete payment stack from day one:
| Payment Method | Best For | Settlement Time |
|---|---|---|
| Bank Transfer (NIP) | B2B invoices, large orders | T+1 (next business day) |
| Card (Visa/Mastercard/Verve) | E-commerce, POS terminals | T+1 |
| USSD (737#, 901#, etc.) | Feature phone customers, rural markets | T+1 |
| QR Code | In-person retail, market stalls | T+1 |
| Payment Links | WhatsApp commerce, social selling | T+1 |
| Recurring Billing | Subscriptions, retainer clients | Configurable |
All channels are managed from a single dashboard, with unified transaction history and reconciliation reports.
AI-Powered Fraud Detection
Every transaction processed through KorevraPay passes through Korevra's AI fraud detection engine in real time. The engine analyses over 40 signals — device fingerprint, transaction velocity, geolocation, behavioural patterns, and network graph relationships — to flag suspicious transactions before they complete. False positive rates are kept deliberately low to avoid disrupting legitimate sales, with the system learning continuously from merchant-specific transaction patterns.
For Nigerian SMEs that have historically been disproportionately affected by payment fraud, this protection is not a premium add-on — it is included in every plan.
Smart Invoicing and Payment Tracking
KorevraPay includes a built-in invoicing engine that allows merchants to create professional, branded invoices in under 60 seconds. Each invoice generates a unique payment link that the customer can pay via any supported method. The system automatically tracks payment status, sends reminders for overdue invoices, and reconciles received payments against outstanding invoices — eliminating the manual follow-up that consumes hours of a small business owner's week.
Revenue Analytics Dashboard
Every KorevraPay merchant gets access to a real-time revenue dashboard powered by Korevra's AI analytics engine. The dashboard surfaces insights that go beyond simple transaction history: daily and weekly revenue trends, peak sales hours, best-performing products or services, customer return rates, and AI-generated recommendations for pricing optimisation and cash flow management.
For an SME owner who has never had access to business intelligence tools, this dashboard alone can be transformative.
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Pricing That Makes Sense for Nigerian SMEs
KorevraPay operates on a transparent, naira-denominated pricing model with no hidden charges and no monthly subscription fees for the base tier.
| Plan | Monthly Fee | Transaction Fee | Best For |
|---|---|---|---|
| Starter | Free | 1.5% (capped at ₦2,000) | Micro-businesses, sole traders |
| Growth | ₦15,000/month | 1.2% (capped at ₦1,500) | Growing SMEs, ₦5M+ monthly volume |
| Business | ₦45,000/month | 0.9% (capped at ₦1,000) | Established businesses, high volume |
| Enterprise | Custom | Negotiated | Large enterprises, custom integrations |
All plans include fraud protection, the invoicing engine, the analytics dashboard, and 24/7 customer support in English, Yoruba, Igbo, and Hausa.
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The Integration Advantage
KorevraPay is not a standalone payment tool — it is deeply integrated with the broader KorevraOS platform. This means that payment data flows automatically into KorevraIQ (the business intelligence platform), customer payment history informs KorevraCRM (the customer relationship management platform), and revenue data feeds into the AI-powered financial forecasting engine.
For a Nigerian SME that has been managing its business across WhatsApp messages, handwritten ledgers, and mental arithmetic, this level of integration represents a genuine step-change in operational capability.
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Getting Started
KorevraPay is available now. To activate your merchant account, visit korevra.com and click "Get Started", or send a WhatsApp message to +234 810 514 0506. The onboarding process takes under 10 minutes, and your first ₦500,000 in transactions is processed with zero fees as a welcome offer.
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KorevraPay is part of the KorevraOS suite — six AI-native platforms built for Nigerian and West African enterprises. Intelligence, Evolved.
