Settlements

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 their behalf.

There are two types of settlement cycles.

1. Same Day Settlement - Transactions are settled to the beneficiary in bulk at the agreed settlement time (10 PM on the day the payment is received).
2. Express Settlement - Allows merchants to instantly withdraw their available balance on demand, up to 3 times per day, without waiting for the scheduled settlement window.

Default Settlement Cycles for Monnify Merchants

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 bankaccount via Atlas.

Express Settlement

Express Settlement lets you access your pending funds on demand, without waiting for the scheduled 10 PM window. It is available to all Monnify merchants and works on weekends and public holidays.

How to Request an Express Settlement

1. Log in to your Monnify dashboard at app.monnify.com.
2. Locate the Get Settled Now button beneath your pending settlement balance.
3. Select your settlement destination: Wallet or Bank Account.
4. If you selected Bank Account, choose your preferred settlement account and proceed.
5. Enter the OTP sent to your registered contact to authorise the request.
6. Once the OTP is verified, your outstanding settlements are transferred to your account in real time.

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.