Moniepoint built Monnify in 2015 and since then, the company has grown to become one of Africa's fastest-growing digital payments providers for merchants and businesses to accept and manage payments from their customers.
Moniepoint and Monnify work together to provide a comprehensive suite of financial services, particularly in Nigeria. Monnify is known for pioneering virtual accounts in Nigeria, which simplify online transactions.
Many startups are using Monnify to generate virtual accounts for their customers. Examples of apps that use Monnify includes data and airtime provider apps. Other companies like e-commerce websites, educational institutions, utility bill payment apps, betting and gaming platforms and financial services providers.
As for Moniepoint, it focuses on rendering financial services to individuals and businesses through personal banking app, business banking app, and through a network of agents who use POS terminals to offer basic banking services to the underserved communities.
| Moniepoint | Monnify |
|---|---|
| Moniepoint focuses mainly on business banking, personal banking and POS solutions. | Monnify provides payment gateway and API-based payment solutions to merchants and businesses. |
| Targeted at retailers, SMEs, and businesses willing to have a personal and business bank account. | Targeted at developers, startups, and businesses integrating payment systems to collect payment from their respective customers. |
| Provides POS devices, business accounts, working capital loans, and transaction management. | Offers APIs, virtual accounts, and multiple payment channels (bank transfer, card, USSD) |
| Focuses on enabling businesses to manage transactions and finances. | Focuses on powering businesses to accept payments through multiple methods. |
| Operates as a standalone platform for business management. | Works as an API-based solution for payment integration. |
| Supports POS devices, mobile apps, and web interfaces Logins. | Supports bank transfers, cards, USSD, and e-wallets. |
| Complements Monnify through business tools powered by financial infrastructure. | Provides backend infrastructure for Moniepoint and payment processing. |
Relationship between Monnify and Moniepoint
Both Moniepoint and Monnify share same owner. They are both products of Moniepoint Inc, formerly TeamApt. Having same parent company let them leverage the company’s expertise in financial technology.
More so, Moniepoint focuses on providing direct business tools and infrastructure to individuals and businesses to manage their funds on the go, while Monnify serves as the backend payment gateway that enables businesses to integrate and accept payments in various formats including cards, bank transfer, USSD e.t.c.
Conclusion
Moniepoint and Monnify are siblings. Essentially, Monnify provides the technological infrastructure for digital payments, while Moniepoint offers the physical network of agents for cash transactions. Together, they aim to improve financial inclusion and streamline payment processes in Nigeria.
