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How it Works
Monnify Customer Reserved Accounts allows a merchant to generate a virtual account number of which the Wema bank account number is the default. This account 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 to 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 completed in three steps: