Monnify processed ₦25 trillion, or about $18.3 billion, in transaction volume in 2025 as Nigerian businesses continued to rely on digital payment infrastructure.
The payment gateway, which operates within Moniepoint Inc.’s technology arm TeamApt, recorded 38% growth in transaction volume compared with 2023. The growth came during a period marked by currency volatility, higher costs and pressure on Nigeria’s digital payment systems.
Moniepoint was founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike. It now provides payments, banking, credit and business tools to more than 10 million businesses and individuals.
Monnify is not a consumer-facing app. It works behind the scenes for more than 100,000 merchants, connecting businesses to 27 Nigerian commercial banks. Its clients include savings platforms such as PiggyVest and Cowrywise, commerce companies such as OmniRetail and Olam, transport operators including GIGM and MAX, and institutions across education, utilities, cooperatives and government.
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The platform sits apart from Moniepoint MFB, which serves customers through banking and retail products. Monnify handles high-volume collections and disbursements for enterprises. Damilare Ogunnaike, vice president of Monnify Payment Gateway, said the ₦25 trillion milestone shows the platform is becoming a core layer in how money moves in Nigeria’s digital economy.
Key Takeaways
Monnify’s growth shows that some of the most important fintech infrastructure in Nigeria is invisible to most users. Consumers may see a payment page, bank transfer option or wallet confirmation, but the underlying rails are often handled by payment gateways that connect merchants, banks and financial platforms. Processing ₦25 trillion in one year shows how large that infrastructure layer has become. It also shows the depth of Nigeria’s digital economy, where savings apps, transport firms, retailers, schools, utilities and government agencies all need reliable collections and payouts. Monnify’s position inside Moniepoint gives it access to a wider financial ecosystem while keeping its enterprise infrastructure role separate from Moniepoint’s consumer and business banking services. The challenge will be reliability at scale. As transaction volumes rise, payment providers must manage uptime, fraud, settlement delays, bank integrations, compliance and customer support. If Monnify can keep growing while maintaining trust, it can remain a key backend layer for Nigerian businesses.