Monnify processes N25 trillion in 2025 as Nigerian businesses deepen reliance on payment infrastructure

Monnify processes N25 trillion in 2025 as Nigerian businesses deepen reliance on payment infrastructure

Monnify, the payment infrastructure platform owned by TeamApt, processed N25 trillion in transactions in 2025, reinforcing its growing position as one of the most relied-upon payment gateways for digital businesses in Nigeria.

The transaction value, equivalent to about $18 billion, represents a 38% increase from 2023 and highlights the increasing role of backend payment infrastructure providers in powering Nigeria’s expanding digital economy.

The growth comes at a time when businesses across the country are contending with foreign exchange volatility, rising operating costs, and mounting pressure on digital infrastructure to deliver seamless payment experiences without downtime or failed transactions.

According to the company, more than 100,000 merchants currently use Monnify, with integrations across 27 Nigerian banks.

Commenting on the 2025 milestone, VP, Monnify Payment Gateway, Damilare Ogunnaike, said:

The company noted that one of the factors strengthening its position in the market is its direct connection to the country’s financial infrastructure.

TeamApt holds a switching licence issued by the Central Bank of Nigeria, while Monnify operates with a Payment Solution Service Provider licence.

This licensing structure allows the company to connect directly to critical payment rails within the banking ecosystem without depending heavily on third-party intermediaries, helping improve transaction control, settlement speed, and payment success rates.

Industry analysts say reliability has increasingly become the defining factor for businesses choosing payment providers, especially as transaction volumes continue to rise across Nigeria’s digital economy.

For businesses processing thousands of transactions daily, failed payments, delayed confirmations, and reconciliation challenges can translate directly into revenue losses and customer dissatisfaction.

Monnify said it has focused heavily on improving settlement speed and transaction performance.

Internal testing by the company showed settlement times of as little as three seconds across some banking routes, while the platform has also expanded capacity to handle peak transaction periods such as month end collections and high traffic payment cycles.

Pricing has also emerged as a competitive advantage. As transaction costs continue to scale alongside business growth, many startups and large enterprises are prioritizing payment partners capable of balancing reliability with lower processing costs.

Monnify’s rise within Nigeria’s payment ecosystem can also be traced to an early strategic decision around virtual accounts.

In 2019, the company introduced virtual accounts into the Nigerian payments ecosystem at a time when the concept had not yet gained widespread adoption.

According to the company, direct debit currently accounts for only 0.44% of Nigeria’s total payment volume despite growing demand from sectors such as lending, utilities, subscriptions, clean energy, and education.

Monnify said its direct debit infrastructure is already being deployed in partnerships with companies such as Baobab Renewable Energy and pension-focused platform Awabah, enabling automated collections for energy payments and retirement savings contributions.

The company said these use cases reflect a broader evolution of payment infrastructure from facilitating basic transactions to enabling long-term financial participation and predictable revenue models for businesses.

For years, Monnify largely operated behind the scenes within developer and enterprise circles, with most consumers unaware of the infrastructure powering their transactions.

That is beginning to change as the company expands products that increasingly shape end-user financial experiences, including recurring payments, subscriptions, and automated collections.

The company recently launched a redesigned website as part of efforts to improve visibility, product communication, and customer onboarding, signaling a more deliberate attempt to establish itself as a visible infrastructure brand within Nigeria’s financial technology ecosystem.

While many consumers may not interact directly with Monnify, the platform increasingly sits behind some of the country’s largest fintech, commerce, and mobility platforms, helping businesses process collections, automate reconciliation, and move funds efficiently across the banking system.

The company also supports businesses in commerce, logistics, transportation, utilities, education, cooperatives, and government services.