MONNIFY VS PAYSTACK: Which Is Better in 2023?


What is Monnify?

Monnify logo -

Monnify is a payment gateway that enables businesses to accept payments from clients/customers at a time or on concurrent occasions. It offers a cheaper, easily accessible, and faster way for people to get paid either on the mobile application or on the web. Monnify offers all of its services at good rates and at the same time payment methods that are convenient.

Payment can be received online and offline from clients to customers via USSD, POS, ATM cards, transfers on the web, or the mobile application. The platform is available to Small and Medium-sized enterprises, government bodies, private organizations, and also to individuals who wish to use it to process payments.

With difficulties faced in businesses over the years in regards to making payments and accessing funds on the wallet and in bank accounts, technology has moved a step ahead by providing gateways for payment just in a bid to aid the banking and finance sector in handling financial services. And that comes with the invention of USSD, mobile banks application, and also internet banking as opposed to just going to the bank to process payments in the past.

The Monnify App is one of the most reliable and valuable payment gateways in Nigeria and is owned by the Fintech Company, Moniepoint. Monnify helps customers/clients to make and receive payments without no hassle through the web or Mobile applications. All you need to do is to create a Monnify account and that helps you to collect payments from customers and vice-versa.

Read also: All You Need to Know about the Monnify App


  • Account Transfer: 0.75% fee is capped at N200 per transaction or a flat rate of N100
  • For Cards: 1.3% fee is capped at N2,000 per transaction.

There are some features that Monnify has that have made them one of the fastest, cheapest, safest, and easily accessible payment gateways over the years, and below is a list of some of those features.

  • Unique number: Each customer is assigned a customized number that enables them to make payments at will. A customer can decide to pay using USSD, a Quick Response (QR) or POS agent, the mobile application or even resort to internet banking.
  • General acceptability: Monnify is highly recognized by all financial bodies, hence, there is no rejection whatsoever.
  • Fraud detection: Monnify is well-built to detect fraudulent activities and as such, payments are validated and confirmed.
  • Multiple transactions: Monnify helps to make more than a transaction at a go. It helps in disbursing payments in bulk.
  • Safe and Fast: Transactions on Monnify are secured and fast just as it is safe so this enhances the smooth flow of funds between customers.
  • Sweet Rate: There is a viable flat rate of N300 on every transaction. When VAT is added, it adds up to N500.
  • Payment Docket: There You can print your daily summary showcasing all of your daily transactions.
  • Utility bills settlement: Monnify also helps to pay for electricity, DSTV subscription, and rent payments.

What is Paystack?

Paystack logo -

Right from the time you sign up, you can start receiving payments within 15 minutes, hence, Paystack is a simple and fast way to make and accept payments online. Transactions can be made using any mode either with a card, mobile money, USSD, i.e. code, by transfer, or even through POS.

With Paystack, you can rest assured that any fraud would be detected. There is also ease with Paystack since you can get your daily transaction reports on all transactions including the successful, pending, and failed transactions. And you can even look up your clients or customers’ details just for follow-up.

The most exciting part is that you can receive payments from anywhere in the world. Now for a safe and successful business transaction, Paystack automatically redirects payment through various gateways. It also has fair pricing, i.e., they earn only when agents do because, with no transaction, there is no commission.

  • Paystack charges N100 for transactions below N2,500 and the maximum you pay per transaction locally is capped at N2,000.
  • For international transactions: 3.9% +N100.
  • For a transfer of N5,000 below, it’s N10 per transfer;
  • Between N5,001 to N50,000 is charged at N25 per transfer;
  • Any transfer above N50,000 is N50 per transfer.

To use Paystack effectively, you have to understand what a PT Account is. A PT Account is an account you need to create if you want to be a merchant for Paystack. During registration, a bank is partnered with, just to enable transfers and perform several other transactions. You can get a PT account if you are running a registered business in Nigeria. Sign up on the Paystack dashboard (website/mobile app) where you will need to complete compliance and sign a consent form.


Similarities Between Monnify and Paystack

  • They are both payment gateways, i.e. you can receive payment using either of the gateways using your ATM card – Verve, Mastercard, or Visa. And of course, they are both tech companies offering services that enable the flow of payment to individuals, entrepreneurs, global brands, and large organizations.
  • Both payment gateways are equipped with Payment Card Industry Security Standards Council (PCI SSC) systems. The PCI SSC enhances the security of payment account data globally, by developing standards and supporting services that drive education, awareness, and effective implementation by stakeholders. And with this system, personal information is secure whenever a transaction is made using either Monnify or Paystack to process the payment.
  • There is no doubt that both payment gateways offer 24/7 customer support.

Difference Between Monnify and Paystack

The difference between these two payment gateways is only a few. One of which includes:

  • The commission for using Paystack is a little higher than that of Monnify.
  • Monnify integration allows users to generate virtual dedicated accounts for their customers which individuals can send money to for wallet funding purposes. However, Paystack does not have that feature.
  • Paystack allows payment from customers from a larger geographical location across Africa and in USD via international debit cards or Apple Pay. Whereas Monnify currently only supports payment processes within Nigeria.
  • Monnify’s physical stores have POS whereas Paystack does not have, yet.

Reasons Why You Should Choose Monnify

With Monnify, you are sure of safe and on-time payment processing. And since the payment gateway has excellent customer support, you can confidently integrate more than one account into Monnify. Another reason why you should choose Monnify is that it accepts all kinds of debit cards in Nigeria, be it Verve, Mastercard, or Visa.

And there is no need to worry because you do not need to pay any fee upfront to integrate or authenticate Monnify. Payment can be processed using various methods such as USSD, mobile bank applications, internet banking (web), Quick  Response (QR), or POS agent.

Reasons Why You Should Choose Paystack

The reason why you should choose Paystack is that it has a secure, safe, and fast payment channel with 24/7 customer support and you can receive payment within Nigeria and even internationally. Apple Pay, mobile money, transfer through bank, card payment or even QR codes are all means by which payment can be processed. And the best part is that there is no integration fee.


Both Monnify and Paystack payment gateways have proven to be the fastest, safest, and most secure gateways to be used in processing payments for business so it is advisable to choose either of them or even both to help in facilitating the sending and receiving of money from customers and clients without any form of hassle. 

Now if you are the type that all your transactions are limited to only Nigeria, I would suggest that you go for Monnify but if your transaction would in the long run involve an international customer then Paystack would be a better option.

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