Monnify is a product of Moniepoint that provides payment gateway for businesses and entrepreneurs for the purpose of collecting payments from their customers via bank transfer, bank card, and USSD. The payment gateway is implemented via APIs, web SDK, and Mobile SDK into merchant's checkout page.
The Monnify API is a payment gateway that set rules and protocols, allowing business or merchant software applications to communicate with each other for the purpose of collecting payments from customers.
The Web SDK is another payment gateway of Monnify but for websites and web applications. It allows merchants to accept payment directly on websites through bank transfer, debit/ATM card, or USSD code from customers.
The Mobile SDK is another payment gateway that allows merchant to integrate multiple payments options on their checkout page. All these payment gateways are for the purpose of integrating multiple payments options on web or app checkout pages and to increase merchant conversion rates.
However, it's important to note that to use the Monnify payment gateways, you'll need to create an account on the platform and complete your personal and business KYC verification. The platform charges zero setup fees (no onboarding fees), zero maintenance costs, and no hidden charges. But, note that for both account transfers and card payments, a 1.5% fee applies, capped at ₦2,000 per transaction. For account transfers, there is also an option of a ₦500 flat rate. All fees are VAT exclusive.
Monnify Payment Methods
Once you integrate Monnify payment gateway via API, web SDK, or Mobile SDK, these payment options are available on your checkout pages based on your selection:
- Bank Transfer
- USSD Transfer
- Cards
- Phone Number
- Agent Cash Collections
The phone number payment method allows your customers to make payments by using their phone numbers, and the agent cash collection collect payment from your customers offline through any Moniepont agent location close to them.
Once the customer makes a payment, Monnify instantly verifies and confirms it, then notifies the business through the dashboard and/or an API callback, and funds are settled into the business’s bank account.
FAQs About Monnify
Who owns Monnify?
Monnify is exclusively owned by Moniepoint Inc. Monnify is Moniepoint's payment gateway product designed for businesses to easily collect payments from their customers through various payment methods. Moniepoint is co-founded by Tosin Eniolorunda—the company's CEO and Felix Ike. Tosin run all the activities of Moniepoint and Monnify since inception. Learn more about Tosin Eniolorunda.
Monnify vs Paystack
They're both payment gateways that allows merchants to collect payments from their customers. However, Monnify is best for SMEs who only have Nigeria based customers. Paystack, on the other hands, is designed for businesses that focus primarily on Global audiences.
Which bank uses Monnify?
First if all, I want you to understand that Monnify is not a bank. It's a fintech company owned and operate by Moniepoint Microfinance Bank (MFB). Other reputable banks that use Monnify includes: WEMA Bank, Sterling Bank, Providus Bank, and VDF Microfinance Bank.
In conclusion, Monnify—as a merchant's payment gateway provider in Nigeria—removes the need for manual payment confirmation by automating the matching of payments to customers, which helps businesses save time, reduce errors, and improve their payment experience.
