By Juliet Umeh

The payment gateway arm of TeamApt and part of the Moniepoint ecosystem, Monnify, has announced that it processed over N25 trillion in transactions in 2025, reinforcing its position as one of Nigeria’s leading financial infrastructure providers for businesses.

The transaction volume, equivalent to approximately $18 billion, represents a 38 percent increase from 2023 and reflects the growing reliance of businesses on digital payment systems amid increasing economic and operational challenges.

Speaking on the milestone, Vice President, Monnify Payment Gateway, Damilare Ogunnaike, said the achievement underscores the confidence businesses have placed in the platform’s ability to deliver reliable and scalable payment infrastructure.

According to him, “Processing N25 trillion in transactions is more than a numerical milestone for us. It reflects the trust that thousands of businesses have placed in our infrastructure and our ability to support them as they scale. Our focus has always been on building reliable payment rails that enable businesses to collect, reconcile and disburse funds seamlessly.”

Monnify currently serves more than 100,000 merchants across Nigeria and supports integrations with 27 banks. Its customer base spans fintech firms, commerce and distribution companies, transport operators, educational institutions, cooperatives, utilities and government organisations.

Among businesses leveraging the platform are PiggyVest, Cowrywise, Bamboo, Rise, Nomba, OmniRetail, Olam, GIGM and MAX.

The company attributed part of its growth to its early investment in virtual account technology, which it introduced in 2019. The innovation allows businesses to assign unique account numbers to customers and transactions, simplifying payment tracking and eliminating the need for manual reconciliation.

“Virtual accounts have become a standard feature in Nigeria’s digital payments ecosystem today, but when we introduced the solution several years ago, adoption was still at an early stage. We saw the need for automation and built the infrastructure ahead of the curve. The widespread adoption we see today validates that decision,” Ogunnaike stated.

He noted that beyond customer acquisition, the company’s success has been driven by a strong emphasis on transaction reliability, fast settlements and cost efficiency.

“For businesses operating at scale, payment reliability is non-negotiable. Transactions must be successful, confirmations must be instant and settlements must happen when expected. We have continued to invest heavily in our infrastructure to ensure businesses can depend on us, even during peak transaction periods,” he said.

As part of its expansion strategy, Monnify has also entered the direct debit segment, enabling businesses to automate recurring payments and collections.

The company believes the move will support sectors such as lending, utilities, education and subscription-based services, where predictable collections are critical to sustainable growth.

Ogunnaike explained that direct debit remains significantly underutilised in Nigeria despite its potential to drive financial inclusion and improve operational efficiency.

He said: “Direct debit currently accounts for a very small share of payment transactions in Nigeria. We see a significant opportunity to help businesses automate collections while creating a more seamless payment experience for customers. This is about moving beyond one-off transactions and enabling long-term participation in the formal economy.”

According to him, recent partnerships with organisations such as Baobab Renewable Energy and Awabah demonstrate how payment infrastructure can support broader economic participation by enabling automated contributions, subscriptions and repayments across underserved segments.

He added that Monnify is positioning itself to become a more visible and strategic player in Nigeria’s financial services ecosystem.

“For years, we have worked largely behind the scenes, powering payments for some of Nigeria’s most innovative businesses. As we continue to expand our products and use cases, we are becoming more deliberate about how we engage the market. Our ambition is not just to process transactions but to provide the infrastructure that powers how money moves across the economy,” Ogunnaike said.

The company recently launched a redesigned website as part of efforts to strengthen its market positioning, improve developer access and provide clearer information on its growing suite of payment solutions.