Cleva Vs GeegPay: Which Is The Best Virtual USD Platform For Nigerians?

This comparison evaluates Cleva and GeegPay, two leading virtual USD platforms for Nigerians, based on features, fees, ease of account setup, virtual card functionality, exchange rates, withdrawal options, and customer support. Both platforms cater to freelancers, remote workers, and businesses needing seamless international payments, but they differ in offerings and user experience.

Overview

Cleva

• Founded: 2023 by Tolu Alabi and Philip Abel.
• Purpose: Provides USD-based accounts for Africans to receive international payments, with a focus on simplicity and competitive rates.
• Key Features: USD accounts, virtual USD cards, integration with platforms like Upwork, Fiverr, Payoneer, and PayPal.
• Backed By: Y Combinator and investors like 1984 Ventures.

GeegPay

• Founded: 2022 by Raenest (Richard Oyome, Sodruldeen Mustapha, Victor Alade).
• Purpose: Offers multi-currency (USD, GBP, EUR) virtual accounts and cards for African professionals, emphasizing fast payments and low fees.
• Key Features: Multi-currency accounts, virtual USD cards (Mastercard/Visa), smart invoicing, and integrations with platforms like Deel, Fiverr, and PayPal.
• Trustpilot Rating: 4.1/5 based on 836 reviews.

Comparison Criteria

1. Features

• Cleva:
  • USD accounts only (no GBP or EUR support yet).
  • Virtual USD card for online payments.
  • Free transfers to other Cleva users.
  • Referral program: $5 bonus for referrals with $300 deposits.
  • Upcoming features: USD savings and API issuance.
• GeegPay:
  • Multi-currency accounts (USD, GBP, EUR).
  • Virtual USD cards (Visa: $2, Mastercard: $3 creation fee) with up to three cards for different needs.
  • Smart invoicing for automated billing.
  • Integration with Apple Pay/Google Pay for contactless payments.
  • Monthly rewards for USD account usage.
• Winner: GeegPay offers more versatility with multi-currency accounts, invoicing, and contactless payment options, while Cleva is limited to USD accounts.

2. Fees

• Cleva:
  • Deposit fee: 0.9% (capped at $20).
  • Virtual card creation: $3 (includes $1 usable balance).
  • Card funding fee: 1% ($1 min, $5 max).
  • International transaction fee: 3%.
  • Dispute fee: $50.
  • No fees for local currency withdrawals or transfers to Cleva users.
• GeegPay:
  • Deposit fee: 0.8% for USD ACH/Wire ($1.5 min), $10 for SWIFT.
  • Card creation: $2 (Visa) or $3 (Mastercard).
  • No card funding or transaction fees.
  • Cross-border processing fee: 0.9% for non-US websites.
  • Free NGN withdrawals to Nigerian banks; fixed fees for Kenyan/Ghanaian withdrawals.
• Winner: GeegPay has lower deposit fees (0.8% vs. 0.9%) and no card funding or transaction fees, making it more cost-effective for frequent users.

3. Ease of Account Setup

• Cleva:
  • Sign-up: Requires name, email, phone, and password; email verification takes ~5 seconds.
  • KYC: National ID or slip and a passport photo holding the ID; verification takes 2-5 days.
  • User feedback: Seamless setup with instant verification for some users.
• GeegPay:
  • Sign-up: Requires name, email, password, and optional referral code; email verification is instant.
  • KYC: National ID, driver’s license, passport, or voter’s card; verification is typically instant or within hours.
  • User feedback: Fast and straightforward, though some report issues with GBP account approvals.
• Winner: GeegPay edges out due to faster KYC verification (often instant) compared to Cleva’s 2-5 days.

4. Virtual Card Functionality

• Cleva:
  • Instant virtual USD card issuance after $3 creation fee.
  • Accepted on platforms like Amazon, Netflix, and Spotify.
  • Cannot be funded with local currency (NGN); requires USD deposits from clients.
  • Security: PIN or fingerprint protection.
• GeegPay:
  • Instant virtual USD card (Visa or Mastercard) issuance.
  • Globally accepted, including App Store, Google Play, and Meta.
  • Can be funded with NGN or other currencies, converted to USD.
  • Security: 3D Secure (two-factor authentication), freeze/unfreeze options, spending limits.
• Winner: GeegPay offers more flexibility with funding options (NGN or foreign currencies) and advanced security features.

5. Exchange Rates

• Cleva:
  • Competitive rates, often aligned with black market rates (e.g., ~₦1,600/$1 in April 2025).
  • Transparent in-app conversion to NGN.
• GeegPay:
  • Rates close to black market (e.g., ₦1,660/$1 in April 2025).
  • Updates rates daily, slightly slower than Cleva.
  • Supports conversions for USD, GBP, EUR to NGN, GHS, KES, etc.
• Winner: Cleva has a slight edge with faster rate updates and user-reported competitive rates.

6. Withdrawal Options

• Cleva:
  • Withdraw USD to NGN at black market rates to Nigerian bank accounts.
  • No direct NGN funding; withdrawals rely on received USD payments.
  • Free withdrawals to Nigerian banks.
• GeegPay:
  • Withdraw to Nigerian banks (free for NGN), Kenyan banks, Ghanaian mobile money, or platforms like PayPal/Payoneer.
  • Supports funding with NGN, converted to USD.
  • Faster withdrawal processing (<24 hours vs. Cleva’s 2-3 days).
• Winner: GeegPay provides more withdrawal channels and faster processing.

7. Customer Support

• Cleva:
  • Responsive via email and app; users praise quick issue resolution.
  • Limited feedback on complex disputes.
• GeegPay:
  • Support via email ([email protected]) and app; highly rated for responsiveness.
  • Some complaints about fund reversals or account rejections, but issues are typically resolved.
• Winner: Tie—both platforms offer responsive support, with minor issues reported.

Pros and Cons

Cleva

• Pros:
  • Competitive exchange rates and capped fees.
  • Free transfers to Cleva users.
  • Seamless integration with freelance platforms.
  • Backed by reputable investors.
• Cons:
  • USD-only accounts limit versatility.
  • Slower KYC verification (2-5 days).
  • No local currency funding for cards.

GeegPay

• Pros:
  • Multi-currency accounts (USD, GBP, EUR).
  • Lower fees and no card funding charges.
  • Fast account setup and withdrawals.
  • Advanced card features (3D Secure, contactless payments).
• Cons:
  • Slightly slower exchange rate updates.
  • Occasional issues with GBP account approvals.

User Feedback

• Cleva: Users on Google Play Store and X praise its ease of use and privacy focus. Freelancers report seamless payments from international clients (e.g., 2-day transfers to Wema Bank).
• GeegPay: Trustpilot reviews (4.1/5) highlight reliability and fast transactions. Some users report issues with fund reversals or compliance delays, but support often resolves them.

Which Is Best for Nigerians?

• Cleva is ideal for:
  • Freelancers or individuals focused solely on USD payments.
  • Users prioritizing competitive exchange rates and capped fees.
  • Those who value simplicity and don’t need multi-currency accounts.
• GeegPay is better for:
  • Professionals needing USD, GBP, or EUR accounts.
  • Users seeking flexible funding (NGN or foreign currencies) and advanced card features.
  • Those prioritizing fast setup, withdrawals, and lower overall fees.

Conclusion

GeegPay is the better virtual USD platform for most Nigerians due to its multi-currency support, lower fees, faster account setup, and versatile withdrawal options. Its virtual card features, like 3D Secure and contactless payments, add significant value for freelancers and businesses. However, Cleva is a strong contender for USD-only users who prioritize competitive exchange rates and a straightforward experience. Choose based on your currency needs and transaction frequency.

Sources: Web reviews, user feedback on Trustpilot, Google Play Store, and posts on X.

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