Find answers to common questions about PayNest's services
PayNest is a digital platform that allows users to exchange gift cards for Nigerian Naira (₦) instantly. We provide real-time rates, secure verification, and fast payouts directly to your Nigerian bank account. We're licensed by the Central Bank of Nigeria and fully compliant with all regulatory requirements.
Yes, PayNest Technologies is a fully registered company in the Federal Republic of Nigeria with RC Number: [Your RC Number]. We are licensed by the Central Bank of Nigeria (CBN) and comply with all NDPR, AML/CFT regulations.
We accept a wide range of gift cards including:
Check our Rates page for the full list of supported cards.
PayNest operates 24 hours a day, 7 days a week. Our automated system processes trades around the clock. Customer support is available via live chat, email, and phone 24/7.
Yes! PayNest has mobile apps for both iOS and Android. Download from the App Store or Google Play Store. The web platform is also fully mobile-responsive.
Yes! Invite friends to PayNest and earn ₦500 for each friend who completes KYC verification and makes their first trade of ₦20,000 or more. Find your referral link in your dashboard.
Creating an account is free and takes less than 2 minutes:
KYC requirements depend on your verification tier:
Your BVN is required by the Central Bank of Nigeria for identity verification and to comply with Anti-Money Laundering (AML) regulations. We only use your BVN for verification purposes—we never store the full BVN on our servers.
BVN verification is instant. Document verification (ID and proof of address) typically takes 5-15 minutes during business hours. In rare cases, it may take up to 24 hours if manual review is required.
Trading limits are based on your KYC tier:
No. Each user is permitted only one account. Multiple accounts are strictly prohibited and will result in permanent suspension of all associated accounts and forfeiture of pending transactions.
Click "Sign In" then "Forgot Password." Enter your registered email address, and we'll send you a password reset link valid for 30 minutes. For security, also check your spam folder.
Trading is simple:
Once verified, payment is processed within minutes.
Rates are based on real-time market conditions, card type, currency, and denomination. We monitor global markets to offer competitive rates. The rate displayed when you submit a trade is locked for 10 minutes during verification.
Your rate is locked for 10 minutes from submission. If verification exceeds this time, we'll notify you of any rate change and give you the option to proceed with the new rate or cancel the trade.
Common reasons for rejection include:
Contact support if you believe the rejection was an error.
No hidden fees. The amount displayed as "You'll Receive" is the exact amount that will be credited to your bank account. Our rate already includes our service fee.
You can cancel a trade only if it's still pending verification. Once a card has been verified and payment initiated, trades cannot be canceled or reversed.
Once your gift card is verified, payment is processed within 3-10 minutes. Delays may occur due to bank network issues or additional verification requirements. If you haven't received payment after 30 minutes, please contact support.
We support all Nigerian commercial banks including Access Bank, GTBank, First Bank, UBA, Zenith Bank, Fidelity Bank, Stanbic IBTC, Union Bank, and all microfinance banks on the NIBSS instant payment network.
You are responsible for providing accurate bank details. We verify the account name against the provided account number before processing. If you notice an error, contact support immediately before the trade is processed. PayNest is not liable for payments sent to incorrect accounts due to user error.
For security and compliance reasons, payments can only be made to a bank account that matches the name on your PayNest account and verified BVN. This prevents fraud and money laundering.
Minimum trade amount is ₦5,000 equivalent. Maximum trade amounts depend on your KYC tier (₦100k, ₦1M, or ₦5M+ daily). Individual card limits may also apply based on the card type and denomination.
We use industry-standard security measures including 256-bit SSL/TLS encryption for data in transit, AES-256 encryption for data at rest, multi-factor authentication, regular security audits, and strict access controls. We are NDPR compliant and registered with NDPC.
To enable Two-Factor Authentication:
We strongly recommend enabling 2FA for account security.
If you suspect unauthorized access:
We'll freeze your account pending investigation.
We never sell your personal data. We only share information with trusted service providers (for verification and payment processing) and regulatory authorities (CBN, NFIU, EFCC) when legally required. See our Privacy Policy for full details.
Yes. We verify every card before payment, use advanced fraud detection systems, and maintain strict KYC requirements. We're licensed by CBN and follow all Nigerian financial regulations. Your funds are only released after successful card verification.
Try these troubleshooting steps:
If issues persist, contact support with screenshots.
If you haven't received your email or SMS verification code:
Contact support if you still haven't received it after multiple attempts.
PayNest works best on the latest versions of:
We recommend keeping your browser updated for the best experience.
PayNest is designed for Nigerian residents. While you can access the platform from abroad, you must have a Nigerian bank account and BVN to receive payments. Using VPNs to mask your location is against our Terms of Service.
Our support team is available 24/7 to assist you