Emma OKonji
Mastercard has collaborated with Mono Technologies Nigeria Limited to introduce account-to-account (A2A) payments and a suite of other open banking products, powered by Mastercard Gateway.
The collaboration will leverage Mono’s expertise in open banking and Mastercard Gateway’s advanced payment technology to provide businesses in the region with a secure and streamlined A2A payment solution, addressing evolving consumer needs and enhancing the overall payment experience. This is the first A2A payment implementation via Mastercard Gateway in the Eastern Europe, Middle East, and Africa (EEMEA) region.
Speaking about the collaboration, Country Manager and Area Business Head, West Africa at Mastercard, Folasade Femi-Lawal, said: “Embedding Mono’s open banking solution within Mastercard Gateway forms an integral part of our strategic blueprint to enrich and expand the payment methods available to our customers. We envision a future where secure, efficient A2A payments transcend from being merely aspirational to an everyday reality, providing seamless transaction experiences for our customers. This collaboration not only underscores Mastercard’s commitment to driving innovation and advancing financial inclusion in Nigeria and beyond, but also aligns closely with Central Bank of Nigeria’s mission to provide digital payment experiences to Nigerian citizens.”
CEO and co-Founder of Mono, Abdul Hassan, said: “This is an important step for us and for Fintech and Open Banking payments in Africa. The collaboration with Mastercard bolsters our efforts and expands our influence in Nigeria and the African region, allowing us to provide more innovative Open Banking payment solutions and contribute actively to the evolving needs of internet businesses and consumers in Africa.”
Mono, an Open Banking infrastructure company, aims to enable businesses to collect direct bank payments and get user-permissioned access to customer financial data reliably and securely. With over 50 financial connections across Africa, Mono’s mission is to power Africa’s internet economy and enable businesses to provide personalised and innovative services to consumers across the continent. Through the collaboration with Mastercard, Mono will be enabled to expand its influence in the open banking space in Nigeria and the African region, Hassan further said.
The collaboration also represents a continuation of Mastercard’s capacity building for Mono. In 2022, Mono became the first Nigerian and Open Banking company to join the inaugural Mastercard Open Banking Start Path Program. Through the Start Path program, Mono leveraged Mastercard’s open banking and financial technology expertise, as well as Mastercard’s robust network of partners, banks, and merchants, to deliver and scale its Open Banking solutions.
