Mono partners Mastercard to power payment solutions for digital commerce in Africa

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April 2, 2024
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2 min read
Mono X Mastercard
  • Mono Technologies Nigeria Limited, an open banking infrastructure for African businesses, has announced a strategic partnership with Mastercard to use its Gateway technology to introduce account-to-account (A2A) payments and other open banking products. 
  • The A2A payment implementation through Mastercard Gateway is arguably the first of its kind in Eastern Europe, the Middle East, and Africa (EEMEA) region. 
  • Per the statement, the collaboration will use Mono’s open banking expertise and Mastercard’s advanced payment technology to help businesses in the region access an efficient A2A payment solution. 

The new technology will allow merchants, fintechs, telcos, governments, and financial institutions to take advantage of account-to-account capabilities, instantly enhancing the payment experience for individuals and businesses.

The new solution is expected to enable businesses in Africa and other regions to meet evolving consumer needs and improve the overall payment experience. 

Consequently, Mastercard and Mono hope to build an ecosystem that advances the region’s digital economy through financial inclusion, innovation, and growth. 

For Mastercard, the collaboration is a significant advancement for its Alternate Payment Methods (APM) strategy in Nigeria and a major step towards its goal of making Mastercard Gateway a multi-rail gateway. 

Folasade Femi-Lawal, Country Manager and Area Business Head at Mastercard, West Africa, explains that embedding Mono’s open banking solution within Mastercard Gateway aligns with the payment giant’s strategic blueprint to improve and expand the payment methods available to its customers. 

Mono, on the other hand, wants businesses to be able to receive direct payments and get access to customer financial data efficiently. 

The open banking infrastructure company has over 50 financial connections across Africa, allowing it to drive Africa’s internet economy and help businesses personalise and innovate services for their users. 

Abdul Hassan, CEO and co-founder of Mono, notes that this collaboration is “an important step for us [Mono] and for fintech and Open Banking payments in Africa.” 

This is not the first time Mastercard and Mono will be working together. In 2022, Mono was part of the inaugural Mastercard Open Banking Start Path Program. The programme allowed Mono to maximise the payment technology company’s open banking and financial technology expertise, and extensive network of partners, banks, and merchants to set up and scale its open banking solutions.

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On October 11, 2021, Mono, announced a $15m Series A round, four months after raising $2 million in seed funding.

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