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.
E-Business
NPC Opens 131 Births, Deaths Registration Centres in Anambra

National Population Commission (NPC) has announced commencement of full digital registration of births and deaths through the VitalReg platform, which became operational nationwide on July 1, 2026.

Chidi Ezeoke, federal commissioner representing Anambra, disclosed this in Awka during a press conference to announce commencement of full digital birth and death registration under the Electronic Civil Registration and Vital Statistics (E-CRVS) system and the marking of World Population Day commemorated every July 11.
He revealed that a total of 131 registration centres had been opened in the 21 local government headquarters and several communities in the state, adding that more centres would be opened later.
Ezeoke described the initiative as a major milestone in Nigeria’s Civil Registration and Vital Statistics (CRVS) system, to ensure every birth and death in the country was captured through a digitally enabled registration platform.
“It builds on the launch of the E-CRVS system and the inauguration of the National Coordination Committee on Civil Registration and Vital Statistics by President Bola Tinubu on Nov. 8, 2023.
“A total of 4,011 functional registration centres has been established across the 774 LGAs of the federation and the commission iswas working to expand the number to about 8,000.
“In Anambra, 131 registration centres have been opened in the 21 local government headquarters and several communities. More centres had been proposed for the state,” he said.
According to the Commissioner, the VitalReg platform would provide faster registration services, 24-hour online access, digital certificate issuance where applicable, reduced paperwork and waiting time, improved data validation and a more secure national CRVS database.
While noting that the platform would serve as a foundational database to support other national data systems and strengthen interoperability across Nigeria’s digital identity ecosystem, Ezeoke urged Nigerians and other stakeholders to support the initiative by ensuring prompt registration of all births and deaths.
Speaking on the 2026 World Population Day themed, “Realising the Hopes and Aspirations of Young People – Today and for the Future”, the Commissioner called for greater investment in education, healthcare, skills development, decent employment opportunities and youth participation in governance for sustainable national development.
Earlier, Mr Obiakonwa Okagwu, state director, NPC, said the occasion served as a reminder of great opportunities provided to harness young people’s capabilities, which he said would shape the future of the country when adequately harnessed.
He called on residents to take registration of births and deaths as national responsibility, just as he urged the media to take the message on civil registration to all parts of the State.
E-Business
Report Says Cybercriminals Deploy Malware to Hijack Crypto Wallets, Monitor Browsers Telegram

Cybersecurity researchers at Kaspersky have uncovered a sophisticated malware framework, dubbed OkoBot, that is targeting cryptocurrency users by stealing wallet recovery phrases, browser credentials and other sensitive information through a multi-stage attack campaign spanning more than 25 countries.

The researchers said the malware, active since April 2025, employs more than 20 malicious payloads and has evolved into an advanced cybercrime platform focused on compromising digital asset holders. According to Kaspersky’s Global Research and Analysis Team (GReAT), the campaign remains active and has already affected hundreds of users worldwide.
Kaspersky disclosed that one of the framework’s most dangerous components, known as SeedHunter, injects malicious code into legitimate cryptocurrency wallet applications, including Ledger Wallet, Ledger Live and Trezor Suite, before displaying fake recovery phrase prompts designed to trick victims into surrendering their seed phrases.
The security firm explained that once attackers obtain a victim’s recovery phrase, they gain complete control over the cryptocurrency wallet, enabling them to transfer digital assets with virtually no chance of recovery.
Commenting on the discovery, Dmitry Galov, security researcher at Kaspersky’s GReAT, said.
“This campaign has been running for more than a year and remains active. OkoBot is not just a single piece of malware but an extensible framework built primarily to compromise cryptocurrency users.”
Galov added that the malware is continuously maintained and enhanced, underscoring the attackers’ long-term focus on financial theft.
According to Kaspersky, victims are typically infected through ClickFix phishing attacks or malicious GitHub repositories masquerading as legitimate software downloads. In one instance, a fake Microsoft SQL Server Management Studio repository secretly installed a trojanized version of the Audacity audio editor embedded with malicious code.
Following the initial compromise, the attackers deploy a PowerShell downloader called TookPS,which establishes an encrypted SSH connection to attacker-controlled infrastructure.
The malware then harvests browser cookies, wallet files, stored credentials and system information before downloading additional malicious modules.
Among the additional payloads is OkoSpyware which monitors more than 100 applications, which includes cryptocurrency wallets and password managers—records user activity and captures keystrokes and video of application windows. Another module silently installs malicious browser extensions capable of stealing financial information and authentication tokens.
However, Kaspersky’s telemetry indicates that the largest concentrations of victims have been recorded in Brazil, Vietnam, Canada, Mexico and Türkiye, although the malware campaign has spread to users across more than 25 countries.
The cybersecurity firm advised cryptocurrency users never to enter wallet recovery phrases into prompts displayed by desktop applications or websites unless they have independently verified their authenticity.
Furthermore,It also urged users to download wallet software exclusively from official sources, enable multi-layered endpoint protection, and remain cautious of software offered through unofficial repositories or phishing websites.
Kaspersky noted that while hardware wallets themselves remain secure, attackers are increasingly exploiting the software that accompanies them, making user awareness a critical line of defence against evolving cryptocurrency-focused cyber threats.
E-Business
HURIWA, CLO Protests Bill Asking Social Media Firms’ to Open Shops Nigeria

Human Rights Writers Association of Nigeria (HURIWA) has opposed a bill seeking to compel major global social media companies to establish physical offices in Nigeria.

The rights advocacy group urged the National Assembly to discard the proposed legislation, warning that it could become a tool for censorship and undermine citizens’ constitutional right to freedom of expression, despite being presented as a measure to strengthen Nigeria’s digital economy and improve corporate accountability.
The position was contained in a presentation submitted yesterday by Emmanuel Onwubiko, national coordinator, HURIWA, to the chairman of the Senate Committee on ICT and Cyber Security.
The bill, sponsored by Senator Ned Munir Nwoko, has already passed second reading in the Senate and is before the committee for further legislative consideration.
HURIWA said it carefully reviewed the proposed legislation and concluded that compelling global technology companies to establish offices in Nigeria was unnecessary and potentially counterproductive.
The organisation argued that while the firms generate substantial revenue from Nigeria’s vast digital market, they already engage Nigerians through existing structures, including paying eligible content creators, working with local technology professionals and participating in legal proceedings whenever required.
According to the group, appointing local representatives where necessary would adequately address concerns about engagement with regulators and users without forcing the companies to maintain physical offices.
It also dismissed claims that mandatory country offices would significantly improve consumer complaint resolution, technology transfer or employment generation.
HURIWA maintained that the platforms already have effective feedback mechanisms for resolving users’ complaints and routinely appear before Nigerian courts through their representatives whenever litigation arises.
The group, however, said its greatest concern was the potential for the proposed law to be used as an instrument for restricting freedom of expression.
It argued that establishing local offices could expose global social media companies to pressure from government authorities to remove online content considered critical of those in power.
According to the rights group, the presence of social media companies in Nigeria could become an avenue for authorities to pressure them into abandoning internationally recognised digital rights standards in favour of politically motivated content moderation.
It recalled previous attempts to regulate social media in Nigeria that generated widespread concerns over possible restrictions on free speech, stressing that any legislation affecting the digital space must contain clear safeguards against abuse.
The organisation warned that the proposed law should never become “a backdoor mechanism for government surveillance, arbitrary content removal or political censorship.
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