Squad fees
Squad's published rates for Nigeria, as we checked them. Each fee is worked out at three amounts, so you can see where a fixed fee or a cap starts to matter.
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Squad fees in Nigeria
| Applies to | Rate | Fee on ₦5,000 | Fee on ₦50,000 | Fee on ₦500,000 | Settlement time | Limits |
|---|---|---|---|---|---|---|
| Any method | 1.2%, capped at ₦1,500 Provider fee page, 22 Oct 2026 Cards, USSD and bank transfer. Virtual accounts: 0.25%, capped at ₦1,000. Transfers out: ₦8–₦40. International cards: $2.50 under $50, $5 from $50 to $120, 4.3% over $120. Settlement not published. Settlement is the next business day by 3 p.m. Virtual accounts settle instantly, SquadPOS by 10 a.m. the next business day, and the balance is paid out to your bank automatically at 7 a.m. every day. | ₦60 | ₦600 | ₦1,500 | 1 day Support FAQ, 25 Oct 2026 | Not yet verified |
| Customers pay by bank | 1.2%, capped at ₦1,500 Provider fee page, 22 Oct 2026 Bank transfers: no minimum, up to ₦250,000,000 a transaction, raised on request. | ₦60 | ₦600 | ₦1,500 | 1 day Support FAQ, 25 Oct 2026 | Up to ₦250,000,000 Help centre: accepting payment with the Squad gateway, 25 Oct 2026 |
| Customers pay by card | 1.2%, capped at ₦1,500 Provider fee page, 22 Oct 2026 Cards: ₦100 to ₦5,000,000 a transaction. Direct debit has the same limits. | ₦60 | ₦600 | ₦1,500 | 1 day Support FAQ, 25 Oct 2026 | ₦100 to ₦5,000,000 Help centre: accepting payment with the Squad gateway, 25 Oct 2026 |
| Customers pay by USSD | 1.2%, capped at ₦1,500 Provider fee page, 22 Oct 2026 USSD: ₦3,500 to ₦100,000 a transaction. | ₦60 | ₦600 | Outside its limits | 1 day Support FAQ, 25 Oct 2026 | ₦3,500 to ₦100,000 Help centre: accepting payment with the Squad gateway, 25 Oct 2026 |
How these fees are worked out
Each fee applies the published rate to the amount in the column heading, including any fixed fee, minimum or cap. Conditions in the notes, such as a waiver below a minimum or a cheaper rate at higher volume, can change what you pay. VAT and other taxes, setup and monthly fees and payout charges are not included, so check them on Squad's own pages before you sign up.
Where these rates come from
- Provider fee page, 22 Oct 2026 · Open source