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Monnify

Monnify

Nigerian Bank Transfer Collection

VS

FastPay

UK small and medium businesses and charities that want to collect recurring or one-off payments by Bacs Direct Debit, either under FastPay's SUN or their own.

FastPay
Fees from
1.5%–4% vs Managed Pay as you go: 10-50p per transaction, one-off set-up fee (£375), no monthly or annual fees, Bacs DD or AUDDIS file submission & processing £5.00. Managed Flat Rate: £49 per month, up to 100 debits FREE, no set-up fee. Bureau Pay as you go: From 3p per transaction, one-off set-up fee, no monthly or annual fees.
Features

0 shared

2 unique to Monnify
Regions

0 shared

1 unique to Monnify
Pay methods

1 shared

2 unique to Monnify · 1 unique to FastPay
On settlement

Not enough published data on settlement speed for a fair verdict — open the full specs below for reference.

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Show full specs
2 features · 4 payment methods · 1 regions. We don't rank these — they're here for reference.
Monnify Monnify
FastPay FastPay
Quick Facts
Fees
Standard transaction rate
1.5%–4%
Managed Pay as you go: 10-50p per transaction, one-off set-up fee (£375), no monthly or annual fees, Bacs DD or AUDDIS file submission & processing £5.00. Managed Flat Rate: £49 per month, up to 100 debits FREE, no set-up fee. Bureau Pay as you go: From 3p per transaction, one-off set-up fee, no monthly or annual fees.
Settlement
Time to receive funds
—
FastPay will immediately transfer cleared funds to your account
Founded
2019
—
Headquarters
Lagos, Nigeria
—
Sandbox / Test Mode
✓
—
Webhook Support
✓
—
Features
Monnify leads (2 vs 0)
Low Fees Unique
✓
—
Startup Friendly Unique
✓
—
Payment Methods
Monnify leads (3 vs 2)
Bacs Unique
—
✓
Bank Transfer Unique
✓
—
Direct Debit
✓
✓
Ussd Unique
✓
—
Regions
Monnify leads (1 vs 0)
Africa Unique
✓
—

Monnify is best when you...

Nigerian Bank Transfer Collection
Need Low Fees
Not available with FastPay
Need Startup Friendly
Not available with FastPay
Want coverage in Africa
FastPay doesn't cover this region
View Monnify

FastPay is best when you...

UK small and medium businesses and charities that want to collect recurring or one-off payments by Bacs Direct Debit, either under FastPay's SUN or their own.
View FastPay

Frequently Asked Questions

What is the difference between Monnify and FastPay?
They share 1 payment method and 0 regions. Monnify adds Bank Transfer, USSD that FastPay does not list; FastPay adds Bacs that Monnify does not list; Monnify also covers Africa; only Monnify offers Low Fees, Startup Friendly.
Which is cheaper, Monnify or FastPay?
Monnify has published rates from 1.5%–4%; FastPay has published rates from Managed Pay as you go: 10-50p per transaction, one-off set-up fee (£375), no monthly or annual fees, Bacs DD or AUDDIS file submission & processing £5.00. Managed Flat Rate: £49 per month, up to 100 debits FREE, no set-up fee. Bureau Pay as you go: From 3p per transaction, one-off set-up fee, no monthly or annual fees.. Headline rates exclude fixed per-transaction fees, FX and chargeback costs, so model your own mix before deciding.
Where can I use Monnify and FastPay?
Monnify lists 1 region and 3 payment methods; FastPay lists 0 and 2. Check the country list on each profile before onboarding — regional coverage is not the same as local acquiring.
How do Monnify and FastPay compare on integration and settlement?
Monnify offers a sandbox, FastPay does not list one; Monnify supports webhooks; FastPay publishes a settlement time of FastPay will immediately transfer cleared funds to your account.

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