Nigerian fintech startup, Mono, has partnered MasterCard to introduce account-to-account (A2A) payments and a suite of other open banking products, powered by MasterCard Gateway.
Mastercard has partnered with @mono_hq to introduce A2A payments and a suite of other open banking products. This is the first A2A payment implementation via Mastercard Gateway in the Eastern Europe, Middle East, and Africa (EEMEA) region.
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— ab (@ijbguy) April 2, 2024
Established in August 2020, Mono is a company specializing in open banking infrastructure, facilitating secure access to financial data and the acceptance of direct bank payments for emerging businesses across Africa through robust APIs, all integrated into a unified platform.
Its plug-and-play technology empowers clients such as Flutterwave, Carbon, and Indicina to effortlessly tap into a diverse array of top-tier financial data sourced from institutions throughout Africa via a unified API.
Partnering with MasterCard, Mono will harness its proficiency in open banking alongside MasterCard Gateway’s cutting-edge payment technology. This collaboration aims to furnish businesses in the region with a secure and seamless Account-to-Account (A2A) payment solution, meeting the changing demands of consumers and elevating the overall payment journey.
“This 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,” said Abdul Hassan, CEO and Co-Founder of Mono.
The W21 Y Combinator alumni successfully closed a Series A funding round totalling $15 million in October 2021, spearheaded by Tiger Global. Following this investment, the company extended its operations to Kenya.
“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,” said Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at MasterCard.
“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.”
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