Fintech Giant Moniepoint's Monnify Soars, Processing Staggering $18B in Payments

Monnify, a prominent payment gateway operating under Moniepoint Inc.’s technology arm TeamApt, processed a staggering ₦25 trillion, equivalent to approximately $18.3 billion, in transaction volume during 2025. This significant achievement underscores the increasing reliance of Nigerian businesses on robust digital payment infrastructure. The platform demonstrated substantial growth, recording a 38% increase in transaction volume compared to 2023, despite a challenging period marked by currency volatility, rising costs, and pressures on Nigeria's digital payment systems.

Moniepoint Inc. was founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, evolving to offer comprehensive services including payments, banking, credit, and various business tools to over 10 million businesses and individuals. While Moniepoint serves a broader clientele, Monnify specifically functions as a non-consumer-facing application. It operates behind the scenes, connecting over 100,000 merchants to 27 Nigerian commercial banks, thereby forming a critical backbone for various sectors within the digital economy.

Monnify's diverse client portfolio includes leading savings platforms like PiggyVest and Cowrywise, major commerce companies such as OmniRetail and Olam, transport operators like GIGM and MAX, and institutions across education, utilities, cooperatives, and government bodies. This broad adoption highlights its integral role in handling high-volume collections and disbursements for enterprises. Damilare Ogunnaike, Vice President of Monnify Payment Gateway, emphasized that the ₦25 trillion milestone solidifies Monnify’s position as a core layer facilitating money movement in Nigeria’s digital economy.

The growth of Monnify illustrates that some of Nigeria’s most crucial fintech infrastructure operates invisibly to the average user. Consumers interact with payment pages or bank transfer options, but the underlying infrastructure, which connects merchants, banks, and financial platforms, is often managed by payment gateways like Monnify. This processing volume demonstrates the sheer scale and depth of Nigeria’s digital economy, where a wide array of entities, from savings apps to government agencies, require reliable collection and payout mechanisms.

Monnify's strategic placement within the broader Moniepoint ecosystem grants it access to an expansive financial network, while distinctively maintaining its enterprise infrastructure role separate from Moniepoint’s consumer and business banking services. Looking ahead, the primary challenge for Monnify will be ensuring reliability at scale. As transaction volumes continue to surge, the platform must effectively manage uptime, prevent fraud, ensure timely settlement, integrate seamlessly with various banks, maintain compliance, and provide robust customer support. By successfully navigating these challenges and sustaining trust, Monnify is well-positioned to remain a pivotal backend layer for Nigerian businesses.