Transactions

Overview

Transactions are the core of Monei infrastructure. whether you’re sending Naira to a bank account, swapping tokens, or paying bills. This guide covers transaction types, lifecycle, monitoring, and troubleshooting. What you’ll learn:

Transaction types and flows
Creating and submitting transactions
Monitoring transaction status
Transaction history and filtering
Error handling and recovery

Transaction Types

Monei supports multiple transaction types across different rails:

Fiat Transactions
Crypto Transactions
Offramp Transactions
Bill Payments

Naira-based operations

Bank transfers (payouts)
Virtual account deposits
Peer-to-peer transfers
Bill payments
Wallet funding

Characteristics:

Instant to near-instant
Nigerian Naira only
KYC limits apply
Requires transaction PIN

Learn more →

Transaction Lifecycle

Every transaction goes through several states:

Initiated

Transaction created and submitted to MoneiActions:

Request validation
Balance check
KYC limit verification
Fee calculation

Processing

Transaction being executedFor Fiat:

Banking network processing
Account verification
Transfer execution

For Crypto:

Blockchain submission
Network propagation
Miner/validator pickup

Confirming

Waiting for confirmations (crypto only)Confirmations required:

Ethereum: 12 blocks (~3 minutes)
BSC: 15 blocks (~45 seconds)
Polygon: 128 blocks (~4 minutes)
Solana: 32 slots (~13 seconds)

Completed

Transaction successfully finalizedUpdates:

Balance updated
Transaction record created
Webhooks triggered
Receipts generated

Failed (if applicable)

Transaction could not be completedCommon reasons:

Insufficient balance
Invalid recipient
Network congestion
Gas estimation failure
KYC limit exceeded

Creating Transactions

Bank Transfer (Fiat)

import MoneiSDK from 'monei-sdk';

const monei = new MoneiSDK({
  apiKey: process.env.MONEI_API_KEY,
});

// Send Naira to bank account
const transaction = await monei.payout.bankTransfer({
  amount: 10000,
  bank: '058', // Bank code
  accountNumber: '0123456789',
  transactionPin: 'your-4-digit-pin',
  narration: 'Payment for services'
});

console.log('Transaction ID:', transaction.transactionId);
console.log('Status:', transaction.status);
console.log('Reference:', transaction.reference);

EVM Token Transfer

// Send ERC-20 token (e.g., USDT)
const cryptoTx = await monei.evm.sendToken({
  to: '0xRecipientAddress',
  tokenAddress: '0x55d398326f99059fF775485246999027B3197955', // USDT on BSC
  amount: '100',
  chainId: 56
});

console.log('Transaction Hash:', cryptoTx.txHash);
console.log('Status:', cryptoTx.status);
console.log('Explorer:', `https://bscscan.com/tx/${cryptoTx.txHash}`);

// Monitor confirmation
const checkStatus = async () => {
  const status = await monei.evm.getTransactionStatus(cryptoTx.txHash);
  console.log('Confirmations:', status.confirmations);
  
  if (status.confirmations >= 15) {
    console.log('Transaction confirmed!');
  } else {
    setTimeout(checkStatus, 3000); // Check every 3 seconds
  }
};

checkStatus();

Solana Transfer

// Send SOL
const solTx = await monei.solana.transfer({
  to: '5AH3qo1v1EZfT3QKQpSsx1F8W5JyGEVZPcD5DzkX1N1d',
  amount: '0.5',
  network: 'mainnet-beta'
});

console.log('Signature:', solTx.signature);
console.log('Status:', solTx.status);

Monitoring Transactions

Get Transaction Status

// Get status by transaction ID
const status = await monei.transactions.getStatus(transactionId);

console.log('Status:', status.state);
console.log('Amount:', status.amount);
console.log('Created:', status.createdAt);
console.log('Updated:', status.updatedAt);

// Check if completed
if (status.state === 'completed') {
  console.log('Transaction successful!');
} else if (status.state === 'failed') {
  console.log('Transaction failed:', status.errorMessage);
}

Transaction States

State	Description	Next Action
`initiated`	Transaction created	Wait for processing
`processing`	Being executed	Monitor status
`confirming`	Waiting for confirmations	Wait for finality
`completed`	Successfully finalized	None - done
`failed`	Could not complete	Review error, retry if needed
`cancelled`	User cancelled	Create new transaction

Transaction History

Get All Transactions

// Get transaction history
const transactions = await monei.transactions.getUserTransactions({
  page: 1,
  limit: 20,
  type: 'all', // 'fiat', 'crypto', 'offramp', 'bills'
  status: 'all' // 'completed', 'pending', 'failed'
});

console.log('Total:', transactions.total);
console.log('Page:', transactions.page);

transactions.data.forEach(tx => {
  console.log(`${tx.type}: ₦${tx.amount} - ${tx.status}`);
  console.log(`  Date: ${tx.createdAt}`);
  console.log(`  ID: ${tx.id}`);
});

Filter Transactions

// Filter by date range
const filtered = await monei.transactions.getUserTransactions({
  startDate: '2024-01-01',
  endDate: '2024-01-31',
  type: 'crypto',
  status: 'completed'
});

// Filter by amount range
const byAmount = await monei.transactions.getUserTransactions({
  minAmount: 1000,
  maxAmount: 100000
});

// Search by reference
const byReference = await monei.transactions.getTransactionByReference({
  reference: 'INV-2024-001'
});

Gas Fees (Crypto Transactions)

Understanding and managing blockchain transaction fees:

Estimating Gas

// Estimate gas for token transfer
const gasEstimate = await monei.evm.estimateGas({
  to: '0xRecipientAddress',
  tokenAddress: '0xTokenContract',
  amount: '100',
  chainId: 56
});

console.log('Estimated Gas:', gasEstimate.gasLimit);
console.log('Gas Price:', gasEstimate.gasPrice, 'gwei');
console.log('Total Fee:', gasEstimate.totalFeeEth, 'BNB');
console.log('USD Value:', gasEstimate.totalFeeUsd);

Gas Optimization Tips

Timing

Check network congestion before transactions
Use off-peak hours for lower fees
Monitor gas price trends
Set max fee limits

Network Selection

Use Polygon or BSC for low-value transfers
Ethereum for high-value or security-critical transactions
Solana for ultra-low fees
Layer 2s (Arbitrum, Optimism) for balance

Batching

Combine multiple operations when possible
Use multicall contracts
Batch token approvals
Group similar transactions

Network Gas Comparison

Network	Avg. Gas Fee	Transfer Time	Best For
Polygon	~$0.01	~30s	Micro-transactions
BSC	~$0.10	~3s	Low-cost transfers
Arbitrum	~$0.20	~1m	Medium transfers
Optimism	~$0.15	~1m	dApp interactions
Ethereum	~$5.00	~3m	High-value transfers
Base	~$0.05	~2s	Coinbase ecosystem
Solana	~$0.001	~13s	High-frequency trading

Error Handling

Common Transaction Errors

Insufficient Balance
Invalid Recipient
Network Congestion
KYC Limit Exceeded

Error Code: INSUFFICIENT_BALANCECause:

Not enough funds for transaction amount
Not enough native token for gas fees
Balance reserved for pending transactions

Solutions:

try {
  await monei.evm.sendToken({...});
} catch (error) {
  if (error.code === 'INSUFFICIENT_BALANCE') {
    // Check balances
    const balance = await monei.evm.getBalance({...});
    console.log('Available:', balance.available);
    console.log('Reserved:', balance.reserved);
    
    // Fund wallet or reduce amount
  }
}

Error Code: INVALID_RECIPIENTCause:

Invalid address format
Wrong network for address
Contract address without ABI

Solutions:

// Validate address before sending
const isValid = await monei.evm.validateAddress({
  address: '0xRecipientAddress',
  chainId: 56
});

if (!isValid.valid) {
  console.error('Invalid address:', isValid.reason);
  return;
}

Error Code: NETWORK_CONGESTIONCause:

High gas prices
Transaction timeout
RPC issues

Solutions:

// Implement retry logic with exponential backoff
async function sendWithRetry(tx, maxRetries = 3) {
  for (let i = 0; i < maxRetries; i++) {
    try {
      return await monei.evm.sendToken(tx);
    } catch (error) {
      if (error.code === 'NETWORK_CONGESTION' && i < maxRetries - 1) {
        await new Promise(r => setTimeout(r, Math.pow(2, i) * 1000));
        continue;
      }
      throw error;
    }
  }
}

Error Code: KYC_LIMIT_EXCEEDEDCause:

Transaction exceeds daily/monthly limit
KYC tier insufficient

Solutions:

// Check limits before transaction
const limits = await monei.user.getKycLimits();

console.log('Daily limit:', limits.dailyLimit);
console.log('Used today:', limits.dailyUsed);
console.log('Remaining:', limits.dailyLimit - limits.dailyUsed);

if (amount > limits.dailyLimit - limits.dailyUsed) {
  console.log('Upgrade KYC tier or wait until tomorrow');
}

Webhooks for Real-Time Updates

Set up webhooks to receive transaction updates automatically:

Webhook Events

// Express.js webhook endpoint
app.post('/webhooks/monei', async (req, res) => {
  const event = req.body;
  
  // Verify webhook signature
  const signature = req.headers['x-monei-signature'];
  if (!monei.webhooks.verify(event, signature)) {
    return res.status(401).send('Invalid signature');
  }
  
  // Handle different event types
  switch (event.type) {
    case 'transaction.initiated':
      console.log('Transaction started:', event.data.id);
      break;
      
    case 'transaction.completed':
      console.log('Transaction completed:', event.data.id);
      // Update your database, notify user, etc.
      break;
      
    case 'transaction.failed':
      console.log('Transaction failed:', event.data.id);
      console.error('Reason:', event.data.error);
      // Handle failure, retry, notify user
      break;
  }
  
  res.status(200).send('OK');
});

Learn more about webhooks →

Best Practices

Verify Before Sending

Always verify recipient address and amount before submitting transactions

Monitor Status

Use webhooks or polling to track transaction progress in real-time

Handle Errors

Implement proper error handling with user-friendly messages

Test Small First

Send small test transactions before large transfers

Next Steps

Networks

Learn about supported blockchain networks

Error Handling

Comprehensive error handling guide

Transaction Management

Advanced transaction management features

Webhooks

Set up real-time transaction notifications

Introduction

Core Concepts

Account Management

Naira Wallet

EVM Blockchain

Solana

Offramp (Crypto to Fiat)

Bill Payments

Security

Testing

​Overview

​Transaction Types

​Transaction Lifecycle

​Creating Transactions

​Bank Transfer (Fiat)

​EVM Token Transfer

​Solana Transfer

​Monitoring Transactions

​Get Transaction Status

​Transaction States

​Transaction History

​Get All Transactions

​Filter Transactions

​Gas Fees (Crypto Transactions)

​Estimating Gas

​Gas Optimization Tips

​Network Gas Comparison

​Error Handling

​Common Transaction Errors

​Webhooks for Real-Time Updates

​Webhook Events

​Best Practices

Verify Before Sending

Monitor Status

Handle Errors

Test Small First

​Next Steps

Networks

Error Handling

Transaction Management

Webhooks

Overview

Transaction Types

Transaction Lifecycle

Creating Transactions

Bank Transfer (Fiat)

EVM Token Transfer

Solana Transfer

Monitoring Transactions

Get Transaction Status

Transaction States

Transaction History

Get All Transactions

Filter Transactions

Gas Fees (Crypto Transactions)

Estimating Gas

Gas Optimization Tips

Network Gas Comparison

Error Handling

Common Transaction Errors

Webhooks for Real-Time Updates

Webhook Events

Best Practices

Next Steps