There are two categories of businesses that can be signed up on Monnify, they are:
- Starter Business: These are businesses that are not yet registered with CAC.
- Registered Business: A Monnify registered business is a corporation that is duly registered with company regulators in Nigeria. These are businesses that are registered with CAC.
Monnify Non-permissible businesses
There are a couple of business categories not allowed to use Monnify due to regulatory/compliance reasons. Some of such are:
- Cryptocurrency trading platform.
- Payment gateways.
- Unlicensed digital banks.