Mastercard partners with Mono to power innovative payment solutions in Nigeria

By
Milcah Lukhanyu
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Mono Technologies Nigeria Limited, an open banking infrastructure for African businesses has  partnered with Mastercard, to introduce Mono’s DirectPay Pay with Bank on the Mastercard Payment Gateway System.

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

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.

The A2A payment implementation through Mastercard Gateway is arguably the first of its kind in Eastern Europe, the Middle East, and Africa (EEMEA) region.

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Mono aims to help  businesses receive direct payments and get access to customer financial data efficiently. This partnership will enable  thousands of businesses that already leverage Mastercard’s robust MPGS tools and services to accept payments in one more innovative way from their customers, and allow businesses looking to offer commercial services in Nigeria the opportunity to leverage Mono’s account-to-account payment solution.

Mono’s DirectPay Pay with Bank method allows businesses to collect fast and secure account-to-account payments from their users. Businesses delivering services to consumers in Nigeria can leverage the MPGS solution to get access to Mono DirectPay to collect payments seamlessly.

This partnership will allow Mono to  expand the scale of its  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

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.

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