Need to return money to a customer? Whether they changed their mind, an item is unavailable, or a payment error occurred, Monnify lets you reverse transactions directly from your dashboard or via the API.

Key Things to Notes

Two things to note before you initiate a refund:

1. Refunds apply to bank transfer payments only. Card transactions are not eligible.
2. Refunds are processed from your Monnify Wallet, not your bank account. Ensure your wallet has sufficient balance before proceeding.

Types of Refunds

Depending on the scenario, you can choose how much money to send back:

1. Partial Refund: Return a specific portion of the initial payment. This is ideal for overpayments or refunding a single item from a multi-item order.
2. Full Refund: Return the exact total amount of the original transaction.

How to Process a Refund

Note for Engineering Teams: Refunds can be processed via the Monnify dashboard or API. This guide covers the dashboard setup. For API integration, refer to the Transaction Refund API Documentation.

Step 1: Request Feature Access

From the email address linked to your Monnify account, send a request:

1. To: [email protected]
2. Subject: Need to Set Up Refunds: [Your Business Name]
3. Body: Provide your Monnify Business Code, specify where you want the feature activated (Dashboard UI, API, or both), and briefly describe your intended use case.

Tip: You can find your Business Code at the top of your dashboard menu.

Step 2: Initiate the Refund

Our team typically reviews and activates these requests within 24 hours. Once confirmed, you will be notified within the same email thread. Then follow these steps:

1. Log in to your Monnify Dashboard and select Transactions from the menu.
2. Locate and click the specific successful transaction you want to refund.
3. Click Refund in the top right corner of the transaction details screen.
4. Fill the required information. You can also provide the customer’s alternate bank account.
5. Click Refund to submit.

(Note: If your wallet balance is insufficient to cover the refund, the system will reject the request and redirect you to the dashboard home page to fund your wallet).

Refund FAQs

Will I be charged a fee for issuing a refund?

For payments originally made via Bank Transfer, a processing fee of ₦10 applies. Both the refund amount and the ₦10 fee are deducted from your Monnify wallet.

Can I cancel a refund after submitting?

No. Once submitted, the refund is immediately sent to the banking network and cannot be paused, reversed, or canceled. Always verify the amount and customer details carefully before submitting the form.

When will my customer receive the refund?

Refunds are typically credited to the customer's bank account within 24 hours.