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:

1. Cryptocurrency trading platform.
2. IMTO.
3. Payment gateways.
4. Unlicensed digital banks.