Monnify, the payment infrastructure platform owned by TeamApt, processed N25 trillion in transactions in 2025, underscoring its growing role as a critical backbone of Nigeria’s digital payments ecosystem.
The transaction volume, valued at approximately $18 billion, represents a 38 per cent increase compared to 2023 and reflects the rising dependence of businesses on reliable payment infrastructure to power operations in Africa’s largest digital economy.
The milestone comes as businesses navigate foreign exchange volatility, rising operational costs, and increasing demand for seamless, real-time digital payment experiences.
According to the company, more than 100,000 merchants currently use Monnify, with the platform integrated across 27 Nigerian banks.
Speaking on the achievement, Damilare Ogunnaike, Vice President of Monnify Payment Gateway, said the company has evolved from a behind-the-scenes payment processor into a foundational layer supporting the movement of money across Nigeria. “Processing N25 trillion in a single year is a milestone built largely behind the scenes. As Monnify expands its reach across industries, it is no longer merely supporting transactions; it is becoming a critical part of how money moves within Nigeria’s digital economy,” Ogunnaike said.
One factor driving Monnify’s growth is its direct integration with Nigeria’s financial infrastructure.
TeamApt holds a switching licence from the Central Bank of Nigeria (CBN), while Monnify operates under a Payment Solution Service Provider (PSSP) licence. This structure allows the company to connect directly to key payment rails without heavy reliance on third-party intermediaries, improving transaction success rates, settlement speed and operational efficiency.
Industry experts note that reliability has become a decisive factor for businesses selecting payment providers, as failed transactions, delayed settlements and reconciliation issues can directly impact revenue and customer satisfaction.
Monnify said it has invested heavily in enhancing transaction performance and settlement speed.
According to the company, internal testing recorded settlement times as low as three seconds on some banking routes. The platform has also expanded its capacity to manage high transaction volumes during peak periods such as month-end collections and major payment cycles.
Competitive pricing has also strengthened its market position, particularly as businesses seek cost-effective payment solutions that can scale alongside growth.
