Mainstack Adds NGN Wallet Balance for Nigeria Payouts

In Short

Mainstack has added an NGN balance to its multi-currency wallet for businesses registered in Nigeria. Users can now get paid in naira and withdraw in naira.

What Happened

Mainstack says businesses registered in Nigeria can now receive customer payments in Nigerian naira (NGN), with funds settled into a dedicated NGN wallet balance.

Before this update, some Nigerian sellers collecting online payments had to deal with more currency conversion steps. That often meant unpredictable FX rates and extra fees.

With the NGN balance, eligible users can keep earnings in naira and withdraw in the same currency. Mainstack also says users can still convert funds if they choose.

The company also updated its verification flow. KYC, meaning Know Your Customer checks that confirm a person’s identity, is now required before a user can start collecting payments. Mainstack says this avoids cases where sellers can earn money but cannot withdraw until verification is completed.

Mainstack also separated KYC from KYB, meaning Know Your Business checks that confirm a company. Creators selling via a storefront now only need KYC to start selling. Businesses using payment tools like invoicing and payment links still need both KYC and KYB.

Finally, Mainstack refreshed its dashboard. The update includes a redesigned home view, a separate analytics tab, more product types, and a launch checklist for new digital products.

Why It Matters

For Nigerian businesses, getting paid and withdrawing in NGN can reduce FX friction. It can also make cash flow planning easier, since sellers can avoid unnecessary conversions.

For Mainstack, moving KYC to the start of the payment flow can lower payout delays and support compliance. In Nigeria’s fintech market, smoother onboarding and clearer verification steps can help platforms retain merchants and creators.