Mono Teams Up with Mastercard to Introduce Account-to-Account Payments

Mono Technologies Nigeria Limited, an open banking infrastructure provider for African businesses, has announced a strategic collaboration with payments giant Mastercard. 

This partnership will harness Mono’s proficiency in open banking alongside Mastercard Gateway’s cutting-edge payment technology to deliver a secure and efficient account-to-account (A2A) payment solution for businesses in the region. Also, this initiative aims to meet evolving consumer demands and elevate the overall payment experience.

For Mastercard, the collaboration is a significant advancement for its Alternate Payment Methods (APM) strategy in Nigeria and a major step towards its goal of making Mastercard Gateway a multi-rail gateway. 

Speaking on the partnership, Country Manager and Area Business Head at Mastercard, West Africa, Folasade Femi-Lawal, said that embedding Mono’s open banking solution within Mastercard Gateway aligns with the company’s strategic blueprint to improve and expand the payment methods available to its customers. 

In her words,

“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 everyday reality, providing seamless transaction experiences for our customers. 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.” 

Also speaking, Abdul Hassan, CEO and co-founder of Mono, notes that the collaboration is an important step for Mono and for fintech and Open Banking payments in Africa.

Through this collaboration, Mono’s mission to power the internet economy in Africa and provide open banking infrastructure and solutions for the future of financial services converges with Mastercard’s mission to connect and power a digital economy that benefits everyone.

Consequently, Mastercard and Mono hope to build an ecosystem that advances the region’s digital economy through financial inclusion, innovation, and growth.