What is monnify account?
A monnify account is an online banking system that accept payments from customers, it is a payment gateway for businesses and is use by many vtu websites to allow users to fund wallet with automated method by generating account number to any user on their dashboard of a website to which they have registered.
This account number will be generated along side with account name that will include part of user data and website name.
In the above screenshot we can see that a user have got his account number generated with full details as if he created new account in a bank.
We can see that the account number is visible on dashboard, and there is an account name which includes the website name first and end with part of the user username pri while his full username is princejj, lastly the bank name also included in this section.
What is monnify fund?
Monnify fund is a normal money like any other money we save in any online wallet or bank. All users of your vtu website are using automatic generated account number to fund their wallet for making transactions while you provide a figures of numbers according to what they send to your monnify account from their account numbers respectively.
That figures on their wallet balance is what they use to buy data, airtime, bill payment and tv subscriptions on your website.
On the other hand, all money they are sending Will be accumulated in your monnify wallet as monnify fund which you will later transfer to your normal bank, this is what we called monnify fund.
How do i active my monnify account?
To create and active monnify account, we most comply with monnify terms and conditions and their guide lines, and meet the following requirement.
Cooperate Affairs Commission certificate (CAC) Is required to create monnify account successfully for both business and individuals.
Apart from these, we will also need to provide company profile and company resolution for the adoption of the monnify collection solution.
With all the above requirement, monnify account will be created successfully.
Which types of banks monnify account works with
As we can see, monnify is in agreement with four banks in Nigeria which include wema bank, SterlinBank, Rolex bank(moniepoint micro finance bank)and fidelity bank.
These are the banks that are in alliance with monnify and works to serve customers. These four banks account numbers will be generated automatically to a user upon his signup to any vtu website that is working with monnify account.
How admins withdraw cash from monnify account
As an admin of a vtu website, you will need to know how to withdraw money from you monnify account, here is a process to should follow:
- Login to your monnify account using the sign in button
- From the sidebar, navigate to the transfer and click on it.
- Now on the transfer page click on make transfer button to make transfer from monnify wallet to your normal bank account.
- Confirm or choose account number to which you wanted to send the money to and complete your transfer
The above process show the complete process of moving money from monnify wallet to normal bank account.
How admin integrated monnify to his vtu website
Any vtu website have monnify integration page added by developer in admin area, to integrated monnify to your vtu website try to locate monnify on your admin dashboard as this will differ depending on the how your own admin area was design.
From the above picture we can see that the monnify integration page was created in admin area to allow admin to enter his monnify secrete key, monnify API key, and monnify contract number.
This is what will help monnify work on the particular vtu website to allow users get monnify account number and funded their wallet on that website with it.
As monnify offer different types of payment methods, payment with ATM card is also supported upon the integration. The more developer added this features during the development of the website then it will appear as an option to pay with card in the user dashboard as flutterwave and paystack do. This will enable user to pay with card if the find the use of generated account number difficult or inconvenience.
How do I contact monnify customer service?
Contacting monnify is very easy as they provide different channels to reach them out if you don’t have monnify address. If you onready have an account with monnify, login to your monnify account and click on the live chat button to the lower side of your right hand, one of monnify agent will respond to you as soon as they can.If you don’t have account with them or don’t wish to contact them using live chat, then you can send them an email with your request using support@monnify.com and they will reply to your request shortly
Finally if all the above method never work for you, then you can contact monnify microfinance bank directly from their contact page, or else you can use monnify whatsapp number.
Failures of using monnify in vtu website
Like any other aspect of like, monnify also have it own weakness and we have to tell you this not because monnify is weak. Monnify is the best automated payment method use in vtu website in Nigeria.
Mostly some times users experience problem of funded money not reflecting on their dashboard or monnify number not generated for new registered users, this is because of network problem on the site a user have register, or on the monnify website and sometimes from the banks that are collaborating with monnify.
Conclusion
From the above tutorial,we have learnt that monnify account is the best automated payment method use in vtu website to help users fund their wallet automatically with out making contact with live person, which make the use of vtu business very easy and comfortable. If you have any questions please feel free to contact us using our contact page.
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