E-Business
Monnify Processed ₦25 Trillion Worth of Transactions in 2025, Stepping into the Spotlight
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.
President Bola Tinubu has directed the National Identity Management Commission (NIMC) to ensure that every Nigerian is enrolled in the national identity database before the end of 2026, according to Abisoye Coker-Odusote, director general and chief executive officer of the agency.
Abisoye Coker-Odusote, director general and chief executive officer, NIMC
Coker-Odusote, who appeared on Channels Television, said the directive forms part of the federal government’s efforts to establish a comprehensive national identity system capable of supporting effective governance, planning, and service delivery.
“The President has given us till the end of this year to make sure that we capture every single Nigerian,” she said.
According to her, NIMC is working with partners under the World Bank-supported Identification for Development (ID4D) project to accelerate nationwide enrolment.
“What we have done is we have partnered through the World Bank ID4D project with front-end partners. They are part of the digital identity ecosystem. These are private citizens that we’ve enabled and given jobs to enrol citizens on our behalf,” she explained.
She stressed that the National Identification Number (NIN) remains a unique identifier, ensuring that every individual is registered only once.
“That’s why it’s called a unique identifier, so that you’re only enrolled once,” the NIMC DG added.
Coker-Odusote said Nigeria’s actual population remains uncertain, with estimates ranging from 200 million to 250 million, making a comprehensive identity database essential for national planning.
“It is estimated that we’re 200 million. When we’re done enrolling, we will then know the actual numbers that we have. Some estimates say 230 million, while a few people say 250 million.
“Your identity is basically the foundation for effective governance and service delivery. How can you plan if you don’t know the total number of persons that you have? We have been mandated by Mr President to go down to the community levels to enrol every single Nigerian”, she said.
Responding to concerns about whether an individual could obtain multiple identities by registering in different locations or under different names, the NIMC boss said the commission’s biometric verification system prevents such occurrences.
She explained that while the previous system could accept duplicate enrolments before detecting them later, the current process automatically identifies and invalidates multiple registrations.
“The legacy system had no way of verifying at the front end whether you had already been captured. Once the record comes into the system, it flags it as a duplicate or that the person already exists in the database.
“You would only have one identity generated for you. The other record goes into a deduplication bucket where it is invalidated,” she said.
The NIMC DG added that biometric verification, including fingerprints and facial recognition, makes it virtually impossible for one person to maintain multiple identities.
“Absolutely. One of the things that this Act has done is to cement our role in capturing biometrics. Private and public sector organisations will no longer capture biometrics independently. They will validate identities through API integration with NIMC.
“The telcos are already doing that with us. If you need a SIM card, they capture your facial biometrics, which are matched against our database in real time to confirm that you are who you claim to be. We’re using biometric validation to tighten security around identity confirmation,” she said.
The remarks come weeks after Tinubu signed the National Identity Management Commission (NIMC) Act 2026 into law on June 26, repealing the 2007 legislation.
The new law reinforces the “One Person, One Identity” policy by making the NIN the country’s foundational identity credential for accessing government and essential private services, including banking, passport applications, tax administration, pensions, land transactions, and consumer credit.
It also introduces stiffer penalties for identity theft, multiple registrations and unauthorised access to personal identity data, while strengthening data privacy protections and granting NIMC wider powers to investigate identity-related offences.
Cybersecurity and privacy experts are raising concerns around the growing trend of sports fans using generative AI to create World Cup-related images, mock-ups, predictions and social media content.
Whilst offering new ways for supporters to engage with major sporting events, these tools also introduce risks that many users may underestimate. In light of this, Kaspersky has shared the key risks fans should keep in mind when using generative AI tools, so they can continue enjoying the championship with peace of mind.
When fan AI goes rogue. A growing number of AI tools are being used to create World Cup-themed visuals, avatars, memes and other fan content. While these services may seem creative and harmless, not all of them come from trusted providers.
Many are launched quickly to capitalise on interest around major events, increasing the likelihood that users will interact with platforms that offer limited transparency around data handling, lack adequate privacy and security measures, or might even be designed with malicious intent.
Personal data at stake. To create customised World Cup content, users are often asked to upload selfies, sign up with an email address, connect social media accounts or share other personal information. In doing so, they may reveal more information than necessary without fully understanding how that data will be stored, used, or potentially exposed.
“AI-driven fan content may seem harmless, but one of the key privacy risks is that users are often encouraged to share far more personal information than necessary. A simple request to generate a themed avatar can involve the collection of photos, contact details, account data and behavioural insights – information that may later be insufficiently protected.
“Because major global events often create an ideal environment for opportunistic actors, fans should take a closer look at how these tools manage personal data before engaging with them,” says Anna Larkina, web content analysis and privacy expert at Kaspersky.
When fan content becomes a scam. AI-generated World Cup content in some cases can also be used to support fraud. Cybercriminals may use convincing mock-ups, fake giveaways, or official-looking fan pages to attract attention and build trust. Once users engage, they may be redirected to phishing sites, fake stores, fraudulent offers, or betting-related scams. Generative AI makes these campaigns easier to produce, more persuasive and far easier to scale.
The myth of AI predictions. Another area that deserves caution is AI-powered match prediction. However advanced or data-driven these tools may appear, AI cannot reliably predict inherently uncertain sporting outcomes. When used to promote betting, paid subscriptions or “insider communities”, such services can create a false sense of confidence and encourage risky decisions.
Multi-asset global broker JustMarkets has launched its Web Terminal, an advanced browser-based trading terminal now available to all clients in any country supported by the broker.
JustMarkets
The company said the new platform forms part of its ongoing effort to expand and strengthen its trading ecosystem. Before the official launch, the Web Terminal went through a preparation phase during which the team fine-tuned its technical performance and gathered user feedback.
“At JustMarkets, we never stop evolving,” a JustMarkets representative said. “With the Web Terminal, we wanted to remove every barrier between traders and the markets. Now every client can trade directly from their browser, with all the professional tools they need at their fingertips.”
The Web Terminal is fully available for MT5 accounts, allowing traders to access a professional trading environment without downloading or installing any software. The broker said the platform runs entirely in the browser, enabling clients to start trading instantly from any device.
To access the terminal, users are required to choose a trading account, press the “Trade” button, and then select “JustMarkets Terminal” from the window that appears.
The broker said the platform includes advanced charts with technical indicators and graphical tools, flexible volume settings that allow trade volume to be set in lots or in units of the asset, detailed asset descriptions, a market sentiment tool that provides real-time trading sentiment, timely updates on trading schedules and margin changes, and tools for managing multiple trading positions and pending orders.
According to the company, the launch follows the introduction of the JustMarkets mobile app for trading on the go and represents another step in its broader innovation strategy.
JustMarkets said it remains committed to growth and has additional features, tools, and improvements already in development.
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