In most cases, people take Monnify as Moniepoint. Meanwhile, they're different financial service offering different financial solutions to businesses and individuals.
Moniepoint is a Nigerian financial services company that provides banking solutions, including business accounts, loans, and payment processing for individuals and businesses.
Monnify is a payment gateway that enables businesses to receive payments seamlessly via bank transfers, cards, and other digital channels. It provides businesses with unique virtual accounts for automated reconciliation, making it easier to track and manage payments.
While Moniepoint operates as a mobile money platform, offering services such as POS terminals, transfers, bill payments, and cash withdrawals, Monnify API is widely used by fintech companies, e-commerce platforms, and service providers for secure and efficient transaction.
Now, that you can know the differences between the two financial service, you will then redirect your question as "Monnify API". The point is that, Moniepoint does not offers API because it deals directly with businesses by giving them business bank accounts and terminal for processing payments from their customers.
However, with Monnify, businesses can create virtual bank accounts to their customers using it API. See Moniepoint as a digital bank and Monnify as bank of the bankers. Although, both companies are owned and managed by Moniepoint Inc, but Monnify offers advanced banking features with it API.
How does Monnify API works
Monnify is platform that allows businesses and entrepreneurs to seamlessly integrate payment solutions into their platforms. It helps authentic payment collections from businesses' customers, it gives one-time payment, it offers customer reversed account, it authentic disbursement, customers verification, wallet management and more.
Monnify API also assist developers offering them various integration tools, including Software Development Kits (SDKs) for web and mobile platforms, sample code snippets, plugins, and webhook configurations. All these resources harness seamless integration process that's essential for easy deployment of payment solutions.
The one thing I love most about Monnify API is that it works offline. In other words, you can accept cash payments from your customers or make cash payments to your customers offline through Moniepoint Agents.
You can check the offline payment page to understand how the Offline Product types works, and necessary endpoints to set it up, and the Request and Response format those endpoints must follow for it to work as expected.
I hope you've known the differences between Monnify and Moniepoint now. By now, you should understand better that Moniepoint doesn't offer an API service, Monnify does.
For more enquiry, feel free to drop it in the comments section and I will reply as soon as possible. Cheers!
