By Kingsley Samuel
Monnify, the payment gateway platform powered by TeamApt, the technology infrastructure arm of Moniepoint Inc., has announced that it processed over N25 trillion in transactions in 2025, reinforcing its growing role as one of the key drivers of Nigeria’s digital payments ecosystem.
The transaction volume, equivalent to approximately $18 billion, represents a 38 percent increase from 2023 and underscores the increasing reliance of businesses on digital payment infrastructure amid a challenging economic environment marked by currency volatility, rising operational costs and growing demand for reliable financial services.
Speaking on the milestone, Vice President, Monnify Payment Gateway, Damilare Ogunnaike, said the achievement reflects years of investment in building resilient infrastructure that enables businesses to collect and disburse payments efficiently at scale.
According to him, the company’s growth was driven by a relentless focus on reliability, automation and solving real operational challenges faced by businesses across different sectors of the economy.”
We are proud of the N25 trillion milestone, but more importantly, we are proud of what it represents. Every naira processed reflects a business transaction, a customer payment, a merchant collection, or a service delivered successfully through our infrastructure.”
Our focus has always been on building payment systems that businesses can trust.
When businesses choose a payment partner, they are not just looking for a gateway; they are looking for reliability, speed, transparency and the confidence that transactions will go through when they matter most,” Ogunnaike said.
He explained that Monnify has evolved into a critical payments infrastructure provider supporting fintech companies, educational institutions, cooperatives, utilities, transportation firms, government agencies and enterprise businesses across Nigeria.Today, the platform serves over 100,000 merchants and is integrated with 27 banks nationwide.
Among businesses leveraging Monnify’s infrastructure are leading fintech firms including PiggyVest, Cowrywise, Bamboo, Rise and Nomba, as well as organisations in commerce, mobility, logistics and retail sectors.
Ogunnaike noted that a major differentiator for the platform has been its direct integration into critical components of Nigeria’s financial ecosystem through TeamApt’s switching licence and Monnify’s Payment Solution Service Provider licence.”
This structure gives us stronger control over transaction processing, enables faster settlements and improves success rates. It allows us to build for scale without depending heavily on intermediaries.
“Businesses want certainty. They want payments to arrive when expected and reconciliation to happen automatically. Our infrastructure was built to solve these problems,” he said.
The Monnify boss recalled that one of the platform’s most significant contributions to Nigeria’s payment ecosystem came in 2019 with the introduction of virtual accounts.
At the time, he said, the concept was relatively unfamiliar, but it has since become a standard feature adopted across the financial services industry.”When we introduced virtual accounts, we saw an opportunity to eliminate one of the biggest pain points for businesses, which was manual reconciliation.
Today, virtual accounts are widely used because they simplify collections, improve efficiency and make scaling easier for organisations handling large transaction volumes.
“It required conviction at the time because the market had not fully embraced the concept, but we believed in its potential and invested in building the infrastructure early,” he stated.
According to him, sustaining growth in the payments sector requires much more than customer acquisition.
He said reliability during peak transaction periods remains one of the most important considerations for businesses selecting payment providers.
“Payments infrastructure is only as valuable as its performance under pressure. Businesses need systems that remain available during month-end collections, high-volume sales periods and other peak transaction cycles.We have invested heavily in ensuring that our infrastructure maintains high success rates even during periods of intense demand.
Internal tests have recorded settlement times as low as three seconds on some bank routes, demonstrating the level of efficiency we continue to pursue,” Ogunnaike disclosed.
Beyond collections, Monnify has also expanded into direct debit services, enabling businesses to automate recurring payments.
The company believes the solution could unlock significant opportunities in sectors such as lending, education, utilities and subscription-based services.
Ogunnaike noted that direct debit currently accounts for only 0.44 percent of Nigeria’s total payment volume, leaving substantial room for growth.”The future of payments is not just about one-time transactions; it is about creating predictable and seamless payment experiences.
“Direct debit allows businesses to automate collections and improve revenue predictability, while customers enjoy greater convenience. We see enormous potential for growth in this area, particularly as more organisations embrace digital financial services,” he said.
He highlighted recent partnerships with organisations such as Baobab Renewable Energy and Awabah as examples of how digital payment infrastructure can support broader financial inclusion and economic participation.
According to him, Monnify’s ambition extends beyond processing payments to becoming a foundational layer supporting how money moves across the economy.
“Our vision is to become deeply embedded in the financial journeys of businesses and consumers. Whether it is paying for a service, contributing to a savings plan, repaying a loan or subscribing to a platform, we want our infrastructure to make those experiences seamless.
“For years, we worked largely behind the scenes powering businesses. As we continue to innovate and expand our capabilities, more people will begin to recognise the role our technology plays in everyday financial interactions,” Ogunnaike added.
He said the company’s recently redesigned website, improved developer tools and clearer product positioning reflect its intention to engage more directly with businesses while maintaining its reputation as one of the country’s most dependable payment infrastructure providers.
“Processing N25 trillion is a significant milestone, but we see it as a foundation rather than a destination. Our focus remains on building the infrastructure that will power the next phase of Nigeria’s digital economy and support millions of businesses for years to come,” Ogunnaike said.
