Monnify API vs Squad API Comparison: Discover the best for Payment Gateways & Processors in Nigeria

Monnify 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.. Meanwhile, Squad API is best for: Nigerian developers and businesses that want a GTBank-backed payment gateway with lower fee caps than competitors gateway capped at ₦1,500, virtual accounts capped at ₦1,000 with full developer API, subscription billing, and BVN verification.. Your choice should align with whether your team prioritizes Monnify API's developer ecosystem or Squad API's specific capability set.

Monnify API provides a dedicated sandbox testing environment and has webhook status unverified. Squad API offers sandbox testing and has webhook status unverified.

Monnify API pricing: 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.. Squad API pricing: Gateway (card/USSD/bank transfer): capped at ₦1,500. Virtual accounts: capped at ₦1,000. Payment links: 1% local, 3.5% international. No setup fees, no hidden charges.. Both platforms offer tailored pricing structures for Nigerian transactions.

Monnify API uses Basic Auth (base64 of apiKey:secretKey) OR OAuth Bearer Token authentication with Not publicly specified. Squad API uses Bearer Token (Secret Key from Squad Dashboard) authentication with Not publicly specified.