When you make a payment online in Nigeria and it goes through smoothly, no failed transaction, no delayed confirmation, no debit without value, there is a good chance Monnify is involved.
Most users don’t pay attention to what goes on in the backend but for businesses, especially those processing payments at scale, that layer matters. It is what ensures collections are successful, transactions are properly reconciled, and money moves when it should.
In 2025, Monnify processed ₦25 trillion in transactions, about $18 billion, representing a 38 percent increase from 2023.
This growth came during a period when Nigerian businesses were dealing with currency volatility, rising costs, and increasing pressure on infrastructure to perform consistently.
Monnify did not just handle that demand, it grew within it. It became more relied on when reliability mattered most.
Powering Nigeria’s leading platforms
To understand Monnify, it helps to look beneath the surface of the ecosystem in which it operates.
Monnify sits within TeamApt, the technology infrastructure arm of Moniepoint Inc. While Moniepoint MFB is the consumer and business banking face that millions of Nigerians interact with daily, TeamApt is the engine underneath, and Monnify is its payment gateway service built for businesses that need to collect and disburse money at scale.
Its customer base reflects the breadth of Nigeria’s digital economy. On the fintech side, companies like PiggyVest, Cowrywise, Bamboo, Rise, and Nomba are part of the platform’s ecosystem. In commerce and distribution, players such as OmniRetail and Olam also integrate with it, alongside transport companies like GIGM, mobility platforms like MAX, and organisations across education, cooperatives, utilities, and government.
Today, more than 100,000 merchants use Monnify, supported by integrations across 27 Nigerian banks.
Part of what differentiates the platform is its licensing structure. TeamApt holds a switching licence from the Central Bank of Nigeria, while Monnify operates with a Payment Solution Service Provider licence. This allows it to connect directly to key parts of the financial system without relying heavily on intermediaries.
The result is better control over transactions, faster settlements, and stronger success rates.
The early bet that paid off
In 2019, Monnify introduced virtual accounts into Nigeria’s payments ecosystem. At the time, the concept was not widely adopted. Today, it is standard.
Speaking to Techeconomy, Damilare Ogunnaike, vice president, Monnify Payment Gateway, said the virtual accounts allow businesses to assign unique account numbers to customers or transactions, making it easier to track payments automatically without manual reconciliation.
Ogunnaike said:
““For fintechs handling thousands of inflows daily, or cooperatives collecting dues across multiple locations, this removed a major operational burden.
“What now feels like a basic feature required early conviction. Monnify built the infrastructure, demonstrated its value, and adoption followed as more businesses began to prioritise automation and scale.
What drove its ₦25 trillion year
Scale in payments is not only about acquiring customers. It is about retaining them through consistent performance.
For many businesses, reliability is the deciding factor when choosing a payment partner. Transactions need to go through, confirmations need to be immediate, and systems need to hold up during peak periods.
Ogunnaike said that Monnify has focused heavily on this layer.
“Internal testing has recorded settlement times as fast as three seconds on select bank routes. The platform has also invested in handling higher transaction volumes without a drop in success rates during peak cycles such as month-end collections and high-traffic events. These are the moments where payment systems are most likely to fail, and where businesses are most sensitive to performance.
“Pricing has also played a role. For companies processing large volumes of transactions, costs scale quickly. Our pricing structure has made it a commercially viable option for both growing startups and established platforms, reinforcing its position as a long-term partner.
“That combination of consistent performance and cost efficiency is what drives volume at scale, and it is a key reason Monnify was able to process ₦25 trillion in transactions in 2025”, the VP said.
From one-off payments to predictable revenue
In 2025, Monnify expanded into direct debit, moving beyond one-time collections into automated, recurring payments. For businesses such as lenders, utilities, subscription platforms, and educational institutions, this is critical. Predictable collections translate directly into predictable revenue.
The opportunity is still largely untapped. Direct debit currently accounts for just 0.44 percent of Nigeria’s total payment volume and Monnify is positioning itself to change that.
Commenting on the recent partnerships, Ogunnaike said they point to where this could have the most impact. With Baobab Renewable Energy, “it supports collections across distributed clean energy networks operating in multiple states. With Awabah, a platform focused on pension adoption among informal sector workers, Monnify enables automated contributions for users who have historically operated outside formal savings systems”.
These use cases highlight a broader shift from simple transactions to financial infrastructure that supports long-term participation in the economy.
Stepping into the spotlight
For years, Monnify has built its reputation within developer and business circles, powering payments for companies rather than interacting directly with end users. That is beginning to change.
With products like direct debit, the platform is moving closer to the end customer experience. As more businesses adopt automated collections, Monnify’s infrastructure will increasingly shape how individuals pay for services, manage subscriptions, and participate in financial systems without necessarily knowing it.
At the same time, the company is pushing to deepen its reach across industries, with a focus on onboarding more businesses and expanding use cases for its payment rails. The ambition is not just to support transactions, but to become a more embedded layer across how money moves within the economy.
The recent launch of its new website reflects this shift. Clearer positioning, improved documentation, and a more defined product narrative signal a company that is no longer operating only in the background, but is becoming more deliberate about how it is seen and understood.
₦25 trillion in transactions is a milestone built largely behind the scenes. How that scales as Monnify steps into the spotlight is worth looking forward to.
