Introduction To Monnify

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Monnify Products & Services

We are more than a payment gateway, we provide a comprehensive financial infrastructure. We offer 4 broad service categories:

  1. Payment Collection
  2. Payouts/ Disbursements/ Transfers
  3. Verification Services
  4. Bills Payment


1. Payment Collection

Stop chasing alerts. Monnify provides multi-channel payment avenues to accelerate your cash flow. We do the heavy lifting just so you can focus on what’s important; selling your products.


Supported Payment Methods 

Give your customers the freedom to pay how they want. See our supported payment methods:

  • Cards: Seamless processing for Visa, Mastercard, and Verve. 
  • Account Transfer: A seamless way to make payments through online transfer.
  • USSD: Capture even customers without internet access.
  • Phone Number: A quick, low-friction option for mobile-first users.
  • Agent Cash Collection: Your customers can walk into any Moniepoint agent location and pay cash directly into your Monnify account. This service is exclusive to Monnify.


Collection Channels: Integrate it Your Way

Whichever way you’d rather use our payment methods, we have the tools:

  1. SDKs for Checkout: Integrate our robust SDKs (web, Android, iOS, Flutter, React) for a smooth payment flow on your app or website. 
  2. Direct API Integration: Need a custom solution? Integrate our APIs directly. Merchants call the API to initialize a transaction. With our APIs, you can create: One time payments or Invoices with custom expiry dates (up to 6 months).
  3. Reserved Account: Reserve accounts for frequent customers. Generate reserved accounts that can accept payments of any amounts, and do not expire. 
  4. Plugins: Move faster with our plugins. Monnify provides ready-made plugins and libraries to extend the flexibility of your application. 


Other Powerful Features

Need more flexibility? See other amazing features you can incorporate into your desired Payment Collection Channel:

  • Transaction Splitting: Skip the headache of manual reconciliation. Automate your revenue sharing. With Transaction Splitting, an incoming payment can be automatically divided between 2 or more accounts instantly. You only need to define the percentage, leave the math to us.


  • Recurring Payments: Debit a customer’s account automatically for repeat purchases without requesting an OTP every time. We offer two powerful ways to automate your collections:

a. Card Tokenization: Give your customers a frictionless experience. After the first successful transaction, you can charge their card for future payments instantly, with zero input required from them.

b. Direct Debit: Direct Debit allows you to create and activate mandates, a formal agreement that authorizes you to debit a customer’s bank account directly at set intervals


  • Refunds: A customer changed their mind? Refund them without hassle. Refund customers without friction partially or totally via the Dashboard or API. It’s instant, transparent, and helps you maintain your brand integrity.



2. Payouts

Skip manual transfers. Automate payments to your customers, vendors etc, directly from your wallet using the Monnify dashboard or a direct API integration.


Supported Channels for Payout

  • Bank transfer via APIs: Integrate our robust Payout APIs to send funds from your Monnify wallet into any bank account in Nigeria.
  • Paycode: Generate a 10-digit payment code for your customers to take to a Moniepoint agent and withdraw cash instantly. This feature is exclusive to Monnify.
  • Bulk Transfers: Pay multiple vendors or employees in a single click with our bulk payout tool.



3. Verification Service

Protect your business from fraud by knowing exactly who your customers are. Our Know-Your-Customer (KYC) suite protects your business from impersonation and fraud in real-time.

  • Name Enquiry: Stop guessing. Instantly verify that a bank account number actually matches the name of the user claiming it.
  • BVN and Account Name Match: Instantly validate that the BVN provided by a user matches the name registered on their bank account. 
  • BVN Match: Secure your onboarding. Verify that the Bank Verification Number (BVN) provided matches the specific bank account number linked to it.
  • NIN Verification: Authenticate your customers against the National Identity Management Commission (NIMC) database.  



4. Bills Payment

Retain customers by providing in-demand services. Our Bills Payment API is a robust API-only solution designed for merchants who want to offer value-added services directly on their platforms. 


Whether your customers need to purchase electricity or data bundles, seamlessly integrate our Bills Payment API and offer in-demand utilities directly on your platform.

See the Bills Payment API documentation.