Monnify API
Payments · Banking & Fintech · Nigeria
Monnify is a Nigerian payment gateway and payment infrastructure provider operated by Moniepoint Inc, a CBN-licensed payment solutions company and one of Nigeria's largest agent banking networks. Originally launched as a standalone product by TeamApt, Monnify was rebranded under the Moniepoint brand as the company expanded.
Monnify API Highlights
Monnify by Moniepoint powers high-frequency instant bank transfer checkout and dedicated automated virtual NUBAN accounts for top Nigerian digital businesses.
Basic Auth (base64 of apiKey:secretKey) OR OAuth Bearer Token
Not publicly specified
NigeriaMonnify API is best for:
Nigerian businesses, SaaS platforms, and fintechs that prioritize same-day settlement, competitive bank transfer fees, and a well-documented API from Moniepoint's CBN-licensed payment infrastructure.
- Local cards/USSD:1.5% capped ₦2,000
- Bank transfer/Direct Debit:1.5% capped ₦2,000 (or ₦500 flat)
- International cards:4%
- Payouts:₦10 (<₦10K), ₦20 (₦10K ₦49,999), ₦40 (₦50K+)
- No setup/monthly fees
- Rates exclude VAT
Monnify API Core Features & Capabilities
Features Included
Not Supported
Monnify API Supported Webhook Events
Webhooks supported (Webhooks). Check official documentation for endpoint setup.
Required Access Documents for Monnify API
- CAC Registration CertificateRequiredCertificate of Incorporation or Business Name Registration from the Corporate Affairs Commission.
- Director BVN and Government IDRequiredBVN and valid government-issued ID for directors required for live account activation.
- Business Bank AccountRequiredActive Nigerian bank account in the business name for NGN settlement.
- Business DescriptionRequiredDescription of business model and expected transaction volumes reviewed during compliance onboarding.
Different Monnify API use cases
- Same-Day Settlement E-commerce:Nigerian online stores that need fast access to funds can use Monnify for its same-day settlement by 10pm processing card and bank transfer payments with funds arriving the same day they're collected.
- Direct Debit Subscription Billing:Nigerian SaaS and utility companies can use Monnify Direct Debit to automatically debit customer bank accounts on recurring schedules collecting subscription fees or installments without manual processing.
- Agent Banking Payouts:Monnify's payout API (₦10 ₦40 flat fee per transfer) is ideal for fintech platforms disbursing commissions to hundreds of agents across Nigeria at a predictable low cost per transaction.
- Identity-Verified Checkout:Nigerian lending and fintech platforms can use Monnify's built-in BVN/NIN verification endpoint to confirm user identity at checkout combining payment collection and identity verification in one integration.
- Bank Transfer Collections for Marketplaces:Nigerian marketplace platforms can use Monnify's bank transfer API at the ₦500 flat option for large-value B2B transactions capping collection costs regardless of transaction size.