Settlement is the process of Monnify crediting your wallet or bank account for payments received on your behalf (payments made by your customers). At settlement time, all payments received from your customers are made available to you by crediting your wallet on Monnify and optionally moving the funds to your external bank account.

Settlement Time and How It Works

The Settlement Cycle describes the frequency of settlement, i.e how often a beneficiary is credited for payments received on her behalf.
There are two types of settlement cycles.

  1. Instant - Each transaction received is settled to the beneficiary individually immediately after the payment is received.
  2. Bulk Settlement - Transactions are settled to the beneficiary in bulk at the agreed settlement time (or settlement cycle.)

Default Settlement Cycles for Monnify Merchants

Payment MethodSettlement Cycle
Account Transfer10 PM same day
Card10 PM next working day
USSD10 PM next working day
Phone Number10 PM next working day

How It Works

  1. A transaction is performed on Monnify by your customers.
  2. Internal postings required for the transaction to be settled to merchant is done. Time of this internal posting is dependent on the settlement trigger of the payment provider powering the payment method.
  3. At merchant’s settlement time, if internal posting required on transaction has been completed, funds are moved from settlement payable account to merchant’s wallet account number.
  4. If merchant has external sweep enabled, funds are moved to merchant’s bank account via Atlas.

Settlement Retrieval API

You can get information about any settlement done on your behalf by Monnify. You can get information about a settlement either by using settlement reference or transaction reference. For more details on implementation, check Get Transactions By Settlement Reference API and Get Settlement Information For Transaction.

Settlement Webhook

The Settlement webhook notifies merchants via API whenever settlement has been successfully made to his settlement destination(Wallet or Bank Account). Sample payload format for the settlement notification and hash calculation is found in the Webhook section.

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