Signing Up
Before you can start integrating to Monnify, you will need to sign up on Monnify. Click here to sign up.
How it Works
Monnify Customer Reserved Accounts allows a merchant generate a virtual account number which is dedicated to each of his customers. Every payment to that virtual account number is thereby associated with the customer for which the account was reserved.
This is extremely useful for merchants whose customers can only pay for a single service or merchants whose payment process involves a wallet. Here are a few examples of scenarios where a customer reserved account is perfect:
- Merchants, Fintechs or Aggregators whose customers/agents have wallets (e.g. Super Agents, Investment Apps, Betting Sites, Schools, Logistics apps etc.). Reserve an account number for each wallet allowing customers top up by simply doing a transfer to that account.
- Merchants whose customers are known and can only pay for one particular service (e.g. Electricity Companies, Insurance Companies, Internet Service Providers etc.). Reserve an account number for each customer allowing them to pay for that service by simply doing a transfer to their reserved account.
Step by step guide
Monnify Customer Reserved Accounts Integration can be complete in three steps:
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BVN Restriction - This allows you to specify the BVN(s) of the individual(s) permitted to successfully make a payment to a virtual account they are assigned to. (i.e. If Mr. Olu Musa Emeka is issued a virtual account by XYZ Limited, his BVN is mapped to the assigned virtual account, and transactions from accounts without the same BVN would be rejected and automatically reversed to sender. |
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