Doing business in Nigeria requires grit to withstand the everyday struggles of an average business owner. Because of this, at Monnify, we think long and hard about ways to deliver swift, easy, and adaptable payment solutions for our merchants so they have one less thing to worry about. 

Business owners work very hard to get paid. However, they sometimes struggle to access their money from their payment gateway in due time. At Monnify, we've historically offered instant settlement on select payment methods like bank transfers. We also made settlements flexible daily or hourly, customised to business operational needs, yet these solutions were not enough. We later recognised this critical behavioural insight within our target audience. 

What Is Settlement

Settlement is the process of crediting merchants for funds collected on their behalf from customers' payments. While the default settlement time for Monnify is 10:00 PM the same day, several merchants have opted for various settlement times, with some being twice daily, four times daily, etc., as deemed fit. 

The Problem 

To meet the pace and demand of their business, business owners can not afford to wait for the scheduled settlement times. That means they would not be liquid enough to stock up, pay bills, settle suppliers, or run their business smoothly.

The Solution 

Introducing Express Settlement, our newly launched feature designed to give you immediate access to your funds exactly when you need it, anytime, any day.

We understand that business operations extend beyond standard hours. You may want to seal that unexpected deal, address urgent customer demands, or manage cash flow during weekends or public holidays. That means you can't afford any delay to hinder your momentum. Express Settlement eliminates those constraints.

How To Make A Request

The process of making a request is straightforward to navigate. 

Step 1: Log into your Monnify dashboard. If you don't have an account, sign up at 

app.monnify.com to get started 

Step 2: Click “Get Settled Now” under your pending settlement.

Step 3: Choose your settlement destination, i.e. Wallet or Bank account 

Step 4: If "Bank account" is selected, the user can select any settlement account of their choice and click on proceed

Step 5: An OTP will be sent to authorise the attempt 

Step 6: After a successful OTP verification, all outstanding settlements will be sent to your account in real-time.

The Power Is Now In Your Hands

An additional benefit to this feature is the on-demand capacity of up to three times daily at no extra cost. Monnify Express Settlement is an upgrade and a strategic tool to support your operations and keep your business thriving on your terms. The power is now in your hands to get your Settlement, even on weekends and public holidays.

A preset timeline no longer binds you; you've been empowered to operate in agile circumstances. 

Frequently Asked Questions

1: What is the minimum and maximum amount I can withdraw from the dashboard?

You can only withdraw a minimum of N5,000, and for the maximum amount, there is no limit. Unlike other payment gateways that cap your maximum withdrawal amount, you can withdraw any amount.

2: How many times can I request in a day?

You are only allowed to withdraw 3 times daily. The rest of your Settlement will be sent to you at the default settlement time (same day, 10pm).

3: When will I receive my funds if I request Express Settlement?

Instantly. 

4: What type of businesses can access Express Settlement?

It is available to all merchants on Monnify, irrespective of your business type. 

5: Can I access Express Settlement via API?

No. You can only access this feature via your Monnify dashboard.

Need Help?

If you want to learn more about this new feature or ask questions, kindly contact our customer/sales support at [email protected] or +2349087797899 on WhatsApp.

We can't wait to see how this feature amplifies your business growth.