Nigerian fintech startup Mono, which is building open banking infrastructure that enables access to customer financial data and bank payments for digital businesses in Africa, has partnered Mastercard to introduce account-to-account (A2A) payments and a suite of other open banking products, powered by Mastercard Gateway.
Founded in August 2020, Mono is an open banking infrastructure company that enables next-generation businesses in Africa to securely access financial data and accept direct bank payments with powerful APIs all on one platform.
Its plug-and-play technology allows customers like Flutterwave, Carbon and Indicina to access a broad range of high-quality financial data from institutions across Africa through a single API.
The startup, which took part in the W21 batch of the renowned Silicon Valley-based Y Combinator accelerator, secured a US$15 million Series A round led by Tiger Global in October of 2021, and subsequently expanded to Kenya.
The collaboration with Mastercard 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.
Abdul Hassan, CEO and co-founder of Mono, said the partnership was an “important step for us and for fintech and open banking payments in Africa”.
“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,” he 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,” 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.”
