Step-by-Step: Setting Up Monnify on Your Nigerian Site

The Digital Economy in Nigeria is growing at a rapid rate because online transactions are considered vital operational tools in business. In 2023, electronic transactions in Nigeria rose to N600 trillion, the Nigeria Inter-Bank Settlement System (NIBSS) said. Growing dependence on the payment gateways online adds business value to the solution, which proves handy, especially when an organization looks for reliable security and inexpensive routes to pay.

As a business client, Monnify’s payment gateway solution has a respectable position within the Nigerian market. Monnify is a payment gateway developed by Moniepoint (formerly TeamApt) that offers a dependable solution for payment processing through bank transfer and card payment, as well as USSD code receipt. In the case of PiggyVest, Cowrywise, ALAT and thousands of other Nigerian businesses, the payment gateway is affordable in terms of its charges, transaction verification is quick, and the integration system is straightforward.

Monnify supports customers to have this secure payment experience on the website through a Monnify site integration, which works for an e-commerce, subscription-based, or service-based business model. This complete guide is about Monnify setup, which entails explaining its advantages and the step-by-step instructions on how to set up Monnify API for hassle-free Nigerian website online payment collection.

 

Why Choose Monnify for Your Nigerian Website Payment Gateway?

A payment gateway is the direct avenue that has an impact on business sales growth as well as better customer satisfaction and fraud prevention. Here’s why Monnify stands out:

1. Consequently, Monnify’s transaction fees are among the most competitive rates in the market and therefore, businesses of all sizes can afford it.

2. The system will allow the customers to make the bank transfer payment that will be automatically verified without the need for any manual employee intervention.

3. With this, the payment system observes that there are many customers who may require using different payment methods, so we accepted a range of payment methods from cards, USSD and bank transfers to meet different customer needs.

4. Instant payment is used for payment confirmation in real time, and that shortens processes and increases business efficiency.

5. Transactions are protected from fraud using encrypted measures, which Monnify ensures are PCI-DSS compliant for this protection.

6. The platform can be easily integrated into your website with its Monnify API, as well as with mobile applications.

 

Step-by-Step Guide to Setting Up Monnify on Your Website

1. Create a Monnify Merchant Account

First and foremost, you have to create a Monnify merchant account, which would be the first step in adding Monnify to your website.

- First of all, visit the Monnify website to get the sign-up option.

- This is the selection of the account to be made in the business.

- In the system, you will enter your business identification in part Business Name and Email and then Bank Details.

- Provide your email and your phone number so it can verify it thoroughly..

- You will have to verify your KYC with essential documents to the system.

- After approval, you'll have access to the Monnify Merchant Dashboard.

 

2. Generate Your API Keys

Obtaining your API keys from the Monnify platform is required to use your website integration with Monnify.

- Using your account credentials, enter the Monnify dashboard.

- From your account, go to the Settings page, and from there, go to the API Keys section.

- Through the copy function, you get your Client ID and API Key.

- Also, you need to use these generated credentials in your Monnify API implementation.

 

3. Integrate Monnify API on Your Website

With this API framework, Monnify provides an API framework through which developers can integrate its services using any platform, including WordPress, Laravel or even custom-made sites. Here’s a basic implementation:

 

For Developers (Using JavaScript & HTML)

<button id="payWithMonnify">Pay Now</button>

<script type="text/javascript" src="https://sdk.monnify.com/plugin/monnify.js"></script>

<script>

document.getElementById("payWithMonnify").addEventListener("click", function () {

    MonnifySDK.initialize({

        amount: 5000,

        currency: "NGN",

        reference: "{{TRANSACTION_REFERENCE}}",

        customerName: "John Doe",

        customerEmail: "johndoe@example.com",

        apiKey: "YOUR_API_KEY",

        contractCode: "YOUR_CONTRACT_CODE",

        paymentDescription: "Payment for services",

        paymentMethods: ["CARD", "ACCOUNT_TRANSFER", "USSD"],

        onComplete: function (response) {

            console.log(response);

        },

        onClose: function () {

            console.log("Transaction closed");

        }

    });

});

</script>

 

For WordPress Users (Using a Plugin)

Monnify’s WooCommerce plugin helps the users of WordPress platforms integrate Monnify without using any codes.

- Here, you will need to go to WordPress Dashboard > Plugins > Add New.

- On WordPress, you should search for the Monnify Payment Gateway for WooCommerce plugin.

- Install and activate the plugin.

- For that, you will have to insert your Monnify API authentication credentials into the plugin's settings page.

- In Monnify, it should enable WooCommerce as the payment option through its settings.

 

4. Test Your Integration

- Before you deploy your integration, you need to perform integration tests on Monnify's sandbox environment.

- After that, open your Monnify dashboard and select Test Mode from the available options.

- The test call bank accounts and card details Monnify gives for transaction simulation purposes must be used.

- In Live Mode, you switch only after confirming the results of testing.

 

5. Go Live and Start Accepting Payments

With that, your website starts acquiring payments with Monnify once your setup is done, and everything else works fine. Continuously check transactions on your merchant dashboard while you’re also able to provide customer support when needed.

 

Conclusion         

In the fast-moving digital economy, Nigerian businesses which would want to expand and make transactions simple for them should have dependable payment gateway systems. Monnify is an endpoint payment solution that delivers secure and user-friendly payment processing with costs and serves ecommerce businesses as well as service providers and online platforms.

Through this Monnify setup guide, we help businesses combine payment processing features by allowing customers to carry out bank transfer payments and card payments, as well as USSD payments, in real time. To achieve flexibility, the Monnify API Implementation is done to benefit both developers as well as non-tech-savvy users.

If it is intended for the Nigerian market, it would help your business to lead the market whilst providing your customers a smooth payment process as the number of online transactions continues to grow, which will make implementing Monnify payment integration easy.