Mastercard has joined forces with Mono Technologies Nigeria Limited to introduce innovative account-to-account (A2A) payments and a range of open banking products, utilizing the cutting-edge technology of Mastercard Gateway.
Empowering Seamless Payments with A2A Solutions
By combining Mono's expertise in open banking with Mastercard Gateway's advanced payment technology, this collaboration aims to revolutionize the payment landscape, particularly in the Eastern Europe, Middle East, and Africa (EEMEA) region. The introduction of secure and streamlined A2A payment solutions addresses the evolving needs of consumers and enhances the overall payment experience for businesses.
Pioneering A2A Payments in EEMEA
This initiative represents the first implementation of A2A payments via Mastercard Gateway in the EEMEA region, marking a significant milestone in Mastercard's Alternate Payment Methods (APM) strategy. The collaboration underscores Mastercard's commitment to driving innovation and financial inclusion in Nigeria and beyond.
Creating a Thriving Payment Ecosystem
Through this partnership, both Mastercard and Mono aim to create an ecosystem that fosters financial inclusion, drives innovation, and stimulates growth in the region's digital economy. By instantly providing account-to-account capabilities to a diverse range of customers, including merchants, fintechs, telcos, governments, and financial institutions, this collaboration elevates the payment experience for individuals and businesses alike.
Mono's Role in Open Banking
As an Open Banking infrastructure company, Mono is dedicated to enabling businesses to collect direct bank payments and securely access customer financial data. Founded in 2020 by Abdulhamid Hassan and Prakhar Singh, Mono has facilitated over 200 million financial transactions and boasts connections with over 50 financial institutions across Africa.
Expanding Influence in Nigeria and Africa
Through the collaboration with Mastercard, Mono is poised to expand its influence in the open banking space in Nigeria and beyond. This partnership aligns with Mono's mission to power Africa's internet economy and provide personalized and innovative services to consumers across the continent.
Continued Support and Collaboration
Abdul Hassan, CEO, and co-founder of Mono, emphasizes the importance of this collaboration in advancing fintech and Open Banking payments in Africa. The partnership with Mastercard enables Mono to deliver more innovative Open Banking solutions and actively contribute to the evolving needs of internet businesses and consumers in Africa.
Driving Innovation Through Collaboration
This collaboration represents a continuation of Mastercard's capacity-building efforts for Mono. By joining Mastercard's Open Banking Start Path Program in 2022, Mono leveraged Mastercard's expertise and network to deliver and scale its Open Banking solutions. Together, Mastercard and Mono are driving innovation and shaping the future of financial services in Africa.
