When you make a payment online in Nigeria and it goes through smoothly, no failed transaction, no delayed confirmation, no debit without value, there is a good chance Monnify is involved.

Most users don’t pay attention to what goes on in the backend but for businesses, especially those processing payments at scale, that layer matters. It is what ensures collections are successful, transactions are properly reconciled, and money moves when it should.

In 2025, Monnify processed ₦25 trillion in transactions, about $18 billion, representing a 38 percent increase from 2023. This growth came during a period when Nigerian businesses were dealing with currency volatility, rising costs, and increasing pressure on infrastructure to perform consistently.

Monnify did not just handle that demand, it grew within it. It became more relied on when reliability mattered most.

Monnify sits within TeamApt, the technology infrastructure arm of Moniepoint Inc. While Moniepoint MFB is the consumer and business banking face that millions of Nigerians interact with daily, TeamApt is the engine underneath, and Monnify is its payment gateway service built for businesses that need to collect and disburse money at scale.

Its customer base reflects the breadth of Nigeria’s digital economy. On the fintech side, companies like PiggyVest, Cowrywise, Bamboo, Rise, and Nomba are part of the platform’s ecosystem. In commerce and distribution, players such as OmniRetail and Olam also integrate with it, alongside transport companies like GIGM, mobility platforms like MAX, and organisations across education, cooperatives, utilities, and government.

Today, more than 100,000 merchants use Monnify, supported by integrations across 27 Nigerian banks.

Part of what differentiates the platform is its licensing structure. TeamApt holds a switching licence from the Central Bank of Nigeria, while Monnify operates with a Payment Solution Service Provider licence. This allows it to connect directly to key parts of the financial system without relying heavily on intermediaries.

The result is better control over transactions, faster settlements, and stronger success rates.

The early bet that paid off

In 2019, Monnify introduced virtual accounts into Nigeria’s payments ecosystem. At the time, the concept was not widely adopted. Today, it is standard.

Virtual accounts allow businesses to assign unique account numbers to customers or transactions, making it easier to track payments automatically without manual reconciliation. For fintechs handling thousands of inflows daily, or cooperatives collecting dues across multiple locations, this removed a major operational burden.

What now feels like a basic feature required early conviction. Monnify built the infrastructure, demonstrated its value, and adoption followed as more businesses began to prioritise automation and scale.

What drove its ₦25 trillion year

According to Damilare Ogunnaike – VP, Monnify Payment Gateway, “Scale in payments is not only about acquiring customers. It is about retaining them through consistent performance.

For many businesses, reliability is the deciding factor when choosing a payment partner. Transactions need to go through, confirmations need to be immediate, and systems need to hold up during peak periods.

Monnify has focused heavily on this layer. Internal testing has recorded settlement times as fast as three seconds on select bank routes. The platform has also invested in handling higher transaction volumes without a drop in success rates during peak cycles such as month-end collections and high-traffic events. These are the moments where payment systems are most likely to fail, and where businesses are most sensitive to performance.

Pricing has also played a role. For companies processing large volumes of transactions, costs scale quickly. Monnify’s pricing structure has made it a commercially viable option for both growing startups and established platforms, reinforcing its position as a long-term partner.

That combination of consistent performance and cost efficiency is what drives volume at scale, and it is a key reason Monnify was able to process ₦25 trillion in transactions in 2025.

From one-off payments to predictable revenue

In 2025, Monnify expanded into direct debit, moving beyond one-time collections into automated, recurring payments. For businesses such as lenders, utilities, subscription platforms, and educational institutions, this is critical. Predictable collections translate directly into predictable revenue.

The opportunity is still largely untapped. Direct debit currently accounts for just 0.44 percent of Nigeria’s total payment volume and Monnify is positioning itself to change that.

Its recent partnerships point to where this could have the most impact. With Baobab Renewable Energy, it supports collections across distributed clean energy networks operating in multiple states.

With Awabah, a platform focused on pension adoption among informal sector workers, Monnify enables automated contributions for users who have historically operated outside formal savings systems.

These use cases highlight a broader shift from simple transactions to financial infrastructure that supports long-term participation in the economy.

Stepping into the spotlight

For years, Monnify has built its reputation within developer and business circles, powering payments for companies rather than interacting directly with end users. That is beginning to change.

With products like direct debit, the platform is moving closer to the end customer experience. As more businesses adopt automated collections, Monnify’s infrastructure will increasingly shape how individuals pay for services, manage subscriptions, and participate in financial systems without necessarily knowing it.

At the same time, the company is pushing to deepen its reach across industries, with a focus on onboarding more businesses and expanding use cases for its payment rails. The ambition is not just to support transactions, but to become a more embedded layer across how money moves within the economy.

The recent launch of its new website reflects this shift. Clearer positioning, improved documentation, and a more defined product narrative signal a company that is no longer operating only in the background, but is becoming more deliberate about how it is seen and understood.

₦25 trillion in transactions is a milestone built largely behind the scenes. How that scales as Monnify steps into the spotlight is worth looking forward to.

National Information Technology Development Agency (NITDA) has said it has granted approval to the 2025 Annual Report and 2026 Business Plan of the Nigeria Internet Registration Association (NiRA).

The Agency, through an official statement it released on Sunday, also revealed that the “nation’s active .ng domains have hit a total of 241,000.”

Hajiya Hadiza Umar, director of Corporate Communications, NITDA, who signed the statement disclosed that the approval came during a strategic meeting at NITDA headquarters, Abuja, where Adesola Akinsanya, president, NiRA led members of the association’s board to present its 2026 vision to NITDA.

According to NITDA, the endorsement will ensure the acceleration of the adoption of Nigeria’s country code top-level domain, .ng.

It was also disclosed that through the endorsement, both organisations have pledged to strengthen collaboration towards increasing the adoption of .ng domains across Nigeria and supporting the Federal Government’s digital economy agenda.

The statement also noted that  Kashifu Inuwa Abdullahi, director general, NITDA has directed NiRA to work closely with NITDA’s e-Governance and Digital Economy Department to ensure effective implementation, project monitoring and regular progress reporting.

‎You have my full approval for these initiatives. Let us change our strategy, sync up more closely, and ensure everything we have agreed upon during this presentation is fully implemented by next year,” Inuwa stated.

‎Speaking on the association’s achievements in 2025, Akinsanya disclosed that NiRA recorded 98,285 new domain registrations, 71,470 renewals and 1,970 restorations, bringing the total number of active .ng domains to 241,000.

‎He said that beyond the growth in registrations, NiRA strengthened the security of Nigeria’s internet ecosystem through the implementation of Domain Name System Security Extensions (DNSSEC), while also improving registrar support and stakeholder engagement.

‎According to him, the association’s 2026 strategy is focused on positioning .ng and .gov.ng domains as the preferred digital identity platforms for government institutions, businesses and citizens.

‎Akinsanya praised NITDA for its continued support and called for joint awareness campaigns and digital capacity-building initiatives to encourage wider adoption among state governments, local councils and public institutions.

‎He further revealed that NiRA is upgrading its internal systems through increased automation and constitutional reforms aligned with global best practices to ensure long-term sustainability.

NiRA is looking into deeper stakeholder engagement and moving into areas where we see massive possibilities. We are specifically targeting startups and aligning with tech events across the country. With stronger collaboration, we can drive widespread adoption across every tier of government,” he said.

The Federal Government has called for the development of inclusive and human-centred artificial intelligence policies that protect workers’ rights and prevent job losses while harnessing the technology’s potential to drive economic growth and productivity.

The Minister of Labour and Employment, Dr. Muhammad Dingyadi, made the call during the 114th Session of the International Labour Conference in Geneva, Switzerland, while responding to the report of the Chairperson of the Governing Body and the Director-General of the International Labour Organisation, titled “A Moment of Choice: Harnessing Artificial Intelligence for Decent Work,” on Thursday.

Dingyadi said the rapid advancement of AI is transforming labour markets, workplace practices and employment relationships globally, creating both opportunities and challenges for governments, employers and workers.

He noted that while AI can stimulate innovation, improve productivity and expand economic opportunities, it also poses significant risks, including job displacement, widening inequalities and the erosion of the human role in some sectors of the economy.

“The world is moving forward at a rapid pace, underpinned by advances in AI, and we as an organisation must match that pace. While welcoming the positive transformations AI offers, we are also pondering the uncertainties it connotes.

“These shifts, despite their benefits, also cast a dark cloud of uncertainty. Where AI creates new jobs, there may be job losses. Where digital and AI infrastructures are created, there may be a loss of the traditional role and value of the human factor in the work process. We therefore need a balanced approach that ensures that, while harnessing the benefits of AI, the attendant risks do not rob our societies of the gains of decent work,” he said.

The minister commended the ILO leadership for its commitment to advancing the organisation’s mandate despite mounting global economic and social challenges.

Highlighting Nigeria’s efforts to position itself within the rapidly evolving digital economy, Dingyadi said the Federal Government had established the Ministry of Communications, Innovation and Digital Economy to spearhead policies aimed at accelerating technological development and strengthening the country’s competitiveness.

According to him, Nigeria has already begun integrating digital technologies and AI into governance systems through the automation of civil service processes and public service delivery.

“I’m also pleased to inform you that Nigeria is steadily harnessing the gains of this initiative in our Public Service. There is the service-wide automation of civil service processes and communication with AI playing a significant role. Additionally, platform work is gaining ground,” he said.

The minister also welcomed ongoing discussions within the ILO on regulating work in the platform economy, stressing the need for labour standards that protect workers engaged in emerging forms of employment created by digital technologies.

Beyond AI, Dingyadi reiterated Nigeria’s longstanding call for reforms within the ILO, urging member states to accelerate the ratification of the 1986 Amendment to the organisation’s Constitution and review the criteria used to determine countries of Chief Industrial Importance.

He argued that such reforms would promote greater inclusivity, fairness and regional representation within the ILO’s governance structures.

The minister further urged countries to align the ILO Centenary Declaration and the Global Coalition for Social Justice with national development priorities to ensure that technological innovation contributes to social progress and decent work.

Nigeria’s intervention comes amid growing global debate over the impact of artificial intelligence on jobs and the future of work.

According to international labour and development agencies, AI is expected to automate some routine tasks while simultaneously creating new employment opportunities in technology, data science, digital services and other emerging sectors.

However, concerns persist that workers in administrative, clerical and repetitive occupations could face significant disruptions if governments fail to implement policies that support skills development, social protection and workforce transition.

The issue has become a central focus of discussions at the ongoing International Labour Conference, where governments, employers and workers’ representatives are examining how AI can be deployed in ways that promote productivity and economic growth without undermining labour rights, job security and social justice.

For Nigeria, the conversation is particularly significant as the country pursues an ambitious digital transformation agenda aimed at expanding broadband access, growing the digital economy and creating millions of technology-driven jobs for its youthful population.

Experts have repeatedly stressed that achieving these goals will require investments in digital skills, education and worker protections to ensure that the benefits of AI are broadly shared across society.