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Frequently Asked Questions


Monnify is a payment gateway designed to help accept payments from customers happening in a seamless manner from multiple payment channels ranging from account transfers to card payments. It helps to achieve swift and reliable transaction notification mechanisms for confirming customer payments. Designed with Merchants and customers in mind, Monnify aims at making payment experience seamless and cheaper for both parties involved.

Monnify can be used by both individuals and businesses to collect payments.

Monnify is built to suit a wide range of business use cases. Monnify allows for both online and offline payments because of the unique features. Here are some business types that can use Monnify.

  • SME's
  • Large Retail Stores
  • Supermarkets
  • Online Stores
  • Hotels
  • Restaurants
  • Tertiary Institutions
  • Secondary Schools
  • Betting & Gaming
  • Delivery & Logistics
  • Religious Organisations
  • Utility Companies
  • Insurance
  • Government Organisations and Taxes
  • Electricity Companies
  • Petrol Stations
  • Super Agent/ MMOs
  • Pensions

Monnify offers the lowest cost in the industry. With Monnify, you can create a free account and set-up for free with zero maintenance charges. See our competitive pricing page and use the price calculator to see how much you get charged (Link to pricing and transaction charges).

Monnify is highly secured with security as a high priority. Merchants and payers’ data is highly secured when using the Monnify gateway. We have PCI-DSS-certified systems and 24/7 automated fraud monitoring.

  • Low Cost of the Transaction fee
  • More Payment Options (Offline and Online)
  • Instant Payment Notification
  • Zero Reconciliation and Zero Manual Payment Confirmation
  • API Integration
  • High Success Rates
  • Fraud Monitoring
  • Experienced Customer Support

Getting Started

Getting started on monnify is very easy in just a few steps.

  1. Sign Up to get a Monnify Account (sign up Link)
  2. After you have created an account, set up your preferred collection channel that suits your business.
  3. Submit the required KYC Documents for your business type. (link to KYC requirements)
  4. Go Live and start receiving payments.

Monnify requires minimum set-up requirements.

The following KYC documents will be required :

  • Any valid means of identification (National ID card, Drivers Licence, Voters Card or Intl. Passport)
  • Certificate of Incorporation (CAC7)
  • Settlement Account Number
  • Verify your BVN linked to the account.

Yes, Monnify has numerous tools that you can easily integrate with.

You can easily install the WEB SDK to your web site or install the MOBILE SDK to your mobile app. See documentation for the guide.

Yes, you can, in a few simple steps, anyone can install the Monnify SDK on their website with no technical skills.

Using Monnify

Monnify can be used in one of the following ways depending on which best suits your business.

  • Dynamic Account Payments for one-time transactions.
  • Customer Reserved Accounts for your recurring payments.
  • POS and Till Account for tellers and cashier points.
  • Invoice payments for payments that are on hold or would be paid at a later time.

Dynamic Account Payments works best for online payment collection. The customer on the point of checkout will be presented with a dynamic account number that is unique to only that transaction. Once the customer completes a bank transfer using that account number, the gateway instantly notifies the customer of a successful transaction.

A dynamic account number expires after 10 minutes and is only be valid for that payment session. The expiration timer is displayed on the SDK. A dynamic account number can not be reused for another session or after it has timed out.

This feature is created for merchants whose customers are on a subscription plan, have recurring payments or need to fund their wallets.

The merchants can create a reserved account for a particular customer using a customer id or any identifiable reference by the merchant as the account reference. Hence, once a transfer is made to that account, the merchant will be notified of the payment with the given reference.

This mode of payment falls under the physical payment category. The till accounts feature is created specifically for merchants that have physical store locations. Merchants with physical stores can sign up to monnify and request for virtual accounts that will be tied to their Tills. Customers can walk into the merchant’s store, purchase items and pay via transfer to the account displayed at the till counter.

Invoicing payments allows merchants to create an invoice for a customer and specify the expiration time. The invoice will contain a checkout URL and a unique account number that the customer can make payments with. With Monnify a merchant can create invoices and present to their customers via emails.

The invoice will expiry when the expiration time specified by the merchant elapses and customers will no longer be able to pay on that invoice.

An invoice is valid as long as the expiration time has not elapsed. The expiration time is specified at the point of creation.

Monnify accepts card payments from Verve, Visa, and Mastercard

Yes, you can control the charge bearer to be either the customers or merchants. Monnify offers a very low transaction processing fee. See how much the charge bearer will pay using the price calculator.

Yes, you can initialize transactions with the split payment methods.

To do that, you’ll need to create sub-account(s) and specify the percentage of the transaction to split into that subaccount. You can have as many sub accounts necessary. See the documentation on how to use the split payments APIs (link to split payments documentation).

Our default settlement for transactions done with account transfers is Twice Daily including weekends and public holidays.

For card transactions, settlements occur the Next Day excluding weekends and public holidays.

Pending and abandoned transactions happen when a customer starts to make a payment however doesn’t finish it. In this situation, the payment status would not be completed but rather pending or abandoned. It doesn’t mean the transaction failed because it never occurred in any case.

For customers who choose to make payments with the bank transfer option, If only a name inquiry on the account number presented is done and no payment was made then that transaction would be a pending transaction until a transfer is made.

Here are a couple of reasons why transactions can be abandoned or pending.

  1. Insufficient account balance in the payer's account will result in the payer not completing that transaction.
  2. Most often, abandoned transactions come down to what could be compared to "window shopping" - customers here and there snap around the page out of sheer interest, to perceive what the different products are.
  3. Platforms with a short route to the checkout button can have very high rates of abandoned transactions. That is because it's basic for the customer to stack the checkout in two or three snaps.
  4. A customer could have a change of mind at the last moment and fails to complete the payments.
  5. For customers paying with cards, and can not confirm the OTP sent to their mobile phones or tokens, such transactions will be abandoned.