Monnify
Monnify is a CBN-licensed Nigerian payment gateway, operated by TeamApt Ltd, that lets businesses accept, verify, and disburse funds across virtual accounts, bank transfers, cards, USSD, and cash via API and no-code tools.
- Company typePrivate
- Founded2019
- HeadquartersLagos, Nigeria
- Headcount—
- GTM typeB2B
- OfferingSoftware
What Monnify does
Monnify is a Nigerian payment gateway and API platform operated by TeamApt Ltd under Central Bank of Nigeria licence (No. RC 1143), founded in 2019 and headquartered at 12 Wole Ariyo Street, Lekki Phase 1, Lagos. The platform enables businesses to accept electronic payments across virtual accounts, bank transfers, cards, USSD, QR codes, and offline cash, and to disburse funds via single transfers, bulk payouts, and offline pay-outs, with sub-products including card tokenization, direct debit/mandates, transaction splitting for marketplaces, and integrated wallets. Verification APIs for BVN and NIN, plus a bills payment module covering airtime, data, and electricity, round out the stack, which is exposed via REST APIs and SDKs for Web, iOS, Android, and Flutter and complemented by no-code tools and a Slack developer community.
Underlying infrastructure sits inside the TeamApt/Moniepoint ecosystem, which processed ₦412 trillion in total transaction value across digital transfers, POS, and Monnify's ₦25 trillion web gateway in 2025, and is backed by PCI-DSS Level 1 and NDPR compliance. Monnify monetizes via per-transaction fees deducted before settlement to merchants, with rates not publicly disclosed (quote-based), and sells primarily through a self-serve developer/SMB funnel at app.monnify.com with a contact-sales motion and referrer program for enterprise and channel partners. Named customers span cross-border payments (Afriex, Nala Payments, Fincra, Dlocal), fintech (Cowrywise, Bamboo, BudPay, Monieworld), telecom (MTN Nigeria), commodities (Olam Nigeria), energy (BuyPower), gaming (Sportybet), and logistics/delivery (Chowdeck, Raenest).
Monnify firmographics
Firmographics- Name
- Monnify
- Legal name
- TeamApt Limited
- Website
- https://monnify.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Short description
- Monnify is a CBN-licensed Nigerian payment gateway, operated by TeamApt Ltd, that lets businesses accept, verify, and disburse funds across virtual accounts, bank transfers, cards, USSD, and cash via API and no-code tools.
- Ownership category
- akta.pro rank
Monnify industry classification
Industry- Product category
- Payment Gateway / Payment Processing Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)
- akta.pro secondary industries
- Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
Keywords
Where Monnify is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Monnify business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Transaction Fees: Fees are deducted from all transactions processed through Monnify before remitting funds to merchants. Card transactions settle on T+1 basis. Transfer transactions settle by 11pm on transaction day. Fees are calculated per transaction and are exclusive of VAT and applicable taxes.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Transaction-based pricing |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels10 records
Monnify product offering
Product offeringCore offering
Monnify is a payment gateway and API platform that enables Nigerian businesses to accept, reconcile, and disburse electronic payments across multiple channels — virtual accounts, bank transfers, cards, USSD, QR codes, and offline cash. It also offers automated bulk payouts for salaries/vendors/refunds, BVN/NIN identity verification, bills payment (airtime, data, electricity), and embedded wallet functionality, served through both no-code self-serve tools and developer APIs.
Product overview
Monnify is a multi-channel web and mobile payment gateway developed by TeamApt Ltd, licensed by the Central Bank of Nigeria. The platform provides a unified payment solution comprising core products: Accept Payments (virtual accounts, bank transfers, cards, USSD, cash), Payouts (automated bulk disbursements), Verification Service (BVN/NIN validation), Bills Payments (airtime, data, electricity), Wallets, and Offline Collection. These products are supported by sub-products including Reserved/Virtual Accounts, Card Tokenization, Direct Debit/Mandates, and Transaction Splitting. The platform offers both no-code tools for quick setup and API integrations with SDKs for Web, iOS, Android, and Flutter, along with a built-in virtual assistant called Moni.
Differentiator
Problem solved
Functional benefit
Products and services
- Accept Payments
Quantifiable outcome
- Processes ₦412 trillion total transaction value (2025)
- +1 more outcomes
Companies that use Monnify
Customer profileNamed customers14 records
Segments5 records
Ideal customer profiles5 records
Monnify technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature15 records
Monnify partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- TeamApt LtdcoreMonnify is a product of TeamApt Ltd. TeamApt is the parent company that operates the Monnify payment platform. Monnify is Licensed by Central Bank of Nigeria — Licence No. RC 1143, TeamApt Ltd. TeamApt owns all intellectual property rights to the Monnify platform.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Monnify competitors and assessment
Company assessmentDirect peers
- Remita: Remita is a Nigerian payment gateway enabling businesses to accept payments, make bulk payouts, and process bills. It directly competes with Monnify on payment acceptance, virtual accounts, and disbursement infrastructure for Nigerian businesses.
- Flutterwave: Flutterwave is a pan-African payment gateway offering multi-channel acceptance, payouts, and APIs to businesses across Nigeria and other African markets. It directly competes with Monnify on payment acceptance, virtual accounts, and bulk payouts for African businesses.
- Squad (formerly TeamApt Payments) - sister brand: Squad is a payment gateway operating within the broader Nigerian fintech ecosystem, offering card payments, transfers, and disbursements. It is comparable to Monnify as a direct payment gateway competitor in Nigeria, though it sits within a different corporate parent.
- Fincra: Fincra is a Nigerian payment infrastructure provider offering payment acceptance, payouts, and APIs for African and cross-border businesses. It directly competes with Monnify on payment APIs and is also listed as a Monnify customer, illustrating the dual competitor/partner dynamic.
- dLocal: dLocal is a cross-border payment processor enabling merchants to accept payments in emerging markets, notably Africa. Listed as a Monnify customer, it also competes with Monnify in providing emerging-market payment infrastructure for international merchants.
- Paystack: Paystack is a Nigerian-founded payment gateway offering virtual accounts, bank transfers, cards, and payouts via APIs. It is the closest direct competitor to Monnify in the Nigerian online payment acceptance market and was acquired by Stripe, increasing competitive intensity.
Regional players
- Paga: Paga is a Nigerian mobile money and payment services company offering deposits, withdrawals, transfers, and bill payments. It is a regional player overlapping with Monnify on bill payments and person-to-business payment flows within Nigeria.
Broad incumbents
- Razorpay: Razorpay is an Indian payment gateway offering payment acceptance, payouts, and developer APIs across multiple payment methods. Comparable to Monnify as a developer-first, multi-channel payment gateway serving emerging-market SMBs and enterprises.
- Interswitch: Interswitch is Nigeria's largest established electronic payment and digital commerce infrastructure provider, offering payment gateway, bill payment, and card services. It is a broad incumbent that overlaps with Monnify's gateway and bill payments offerings but operates across a much wider product portfolio.
- Stripe: Stripe is the global payment platform that owns Paystack and offers payment gateway, payouts, and developer APIs at global scale. It is a broad incumbent with growing presence in Nigeria through Paystack that competes with Monnify for enterprise and developer-led payment volumes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Monnify social profiles
Digital presenceMonnify compliance and trust
Trust signalCompliance3 records
Monnify financial estimates
Financial estimateRevenue estimate
Valuation estimate
Monnify leadership team
Management profileNumber of profiles
Monnify funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Monnify M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Monnify
What does Monnify do?
Monnify is a payment gateway and API platform that enables Nigerian businesses to accept, reconcile, and disburse electronic payments across multiple channels — virtual accounts, bank transfers, cards, USSD, QR codes, and offline cash. It also offers automated bulk payouts for salaries/vendors/refunds, BVN/NIN identity verification, bills payment (airtime, data, electricity), and embedded wallet functionality, served through both no-code self-serve tools and developer APIs.
Is Monnify a public or private company?
Monnify is a private company. It is classified as corporate owned and is currently operating.
When was Monnify founded?
Monnify was founded in 2019.
Where is Monnify based?
Monnify is headquartered in Lagos, Nigeria, in the Africa region.
How does Monnify make money?
One revenue line is on record: transaction Fees.
Who are Monnify's main competitors?
Direct peers on record are Remita, Flutterwave, Squad (formerly TeamApt Payments) - sister brand, Fincra, dLocal and Paystack. Paga is listed as a regional player. Broad incumbents are Razorpay, Interswitch and Stripe.
Does Monnify have an API?
Yes. RESTful API for payment processing including Accept Payments (one-time payments, recurring payments, virtual accounts, direct debit, card tokenization), Transfer/Payouts (single transfers, bulk transfers, offline payouts), Bills Payment, Wallets (create wallet, balance, statement), Verification APIs (BVN, NIN verification), Webhooks, and Settlement management. Supports no-code and simple API integrations. Provides sandbox/test environment and go-live process. SDKs available for Web, iOS, Android, and Flutter. Developer documentation is at developers.monnify.com.
What industry is Monnify in?
Monnify's product category is Payment Gateway / Payment Processing Platform. Its primary akta.pro industry code is FSAGABAN, Payouts, Disbursements & Mass Payments Infrastructure, with a secondary code of BPAMAFAF, Bill Pay, Invoicing & Payables Platforms. Its NAICS code is 52232.