Mono, MasterCard to Power Digital Commerce in Nigeria

By Adedapo Adesanya

Mono announced a strategic partnership with Mastercard, to introduce Mono’s DirectPay Pay with Bank on the Mastercard Payment Gateway System (MPGS), according to a statement seen by Business Post on Tuesday.

It was noted that the partnership would make it possible for the thousands of businesses that already leverage Mastercard’s robust MPGS tools and services to accept payments in one more innovative way from their customers.

The MPGS is a robust, single touch point for developers and businesses to access innovative payment methods, APIs, SDKs, and fraud protection services.

This will also allow businesses looking to offer commercial services in Nigeria to leverage Mono’s account-to-account payment solution.

According to the company, its DirectPay Pay with Bank method will allow businesses to collect fast and secure account-to-account payments from their users.

This means that businesses delivering services to consumers in Nigeria can leverage the MPGS solution to get access to Mono DirectPay to collect payments seamlessly.

According to Mr Abdul Hassan, the Co-founder and chief executive officer (CEO) at Mono, the move will see Mono power innovative payment solutions for digital commerce in Nigeria.

“This partnership was also made possible by a sustained relationship between us and Mastercard after being the first Nigerian Open Banking company to be accepted into the inaugural StartPath Open Banking program in Africa where we had the immense opportunity to access Mastercard’s technology, network, and expertise.

“For Mono, this partnership will allow us to expand the scale of our Pay with Bank account-to-account payment offering, address evolving consumer and business needs, receive valuable feedback from diverse businesses, deepen our Open Banking expertise, and contribute to building the future of digital commerce and payments in Africa,” he said.

The three-year-old startup will be looking to build on its 2023 growth. It enabled 1,046,471 users to securely link their accounts to many businesses to share their financial data. It also processed N1.61 billion in successful payments via Mono DirectPay and said it helped 687,170 users share their identity data using the Mono Lookup APIs.

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