Mono collaborates with MasterCard to effectively power payment solutions for digital commerce in Africa. Mono Technologies Nigeria Limited, a company providing open banking infrastructure for businesses in Africa, has entered into a strategic partnership with Mastercard.
The collaboration aims to leverage Mastercard’s Gateway technology to introduce account-to-account (A2A) payments and other open banking products.
Mono Collaborates With MasterCard to Power Payment Solutions
The collaboration between Mono Technologies Nigeria Limited and Mastercard marks a significant milestone in the Eastern Europe, Middle East, and Africa (EEMEA) region, as they introduce a pioneering account-to-account (A2A) payment solution.
By harnessing Mastercard’s Gateway technology and Mono’s open banking expertise, businesses across the region can now access efficient A2A payment capabilities.
This innovative solution is poised to revolutionize payment experiences for merchants, fintechs, telcos, governments, and financial institutions. By enabling direct payments and facilitating access to customer financial data, the collaboration aims to meet the evolving needs of consumers and enhance the overall payment ecosystem.
What This Partnership Represents for MasterCard
For Mastercard, this partnership represents a strategic advancement in its Alternate Payment Methods (APM) strategy in Nigeria, aligning with its vision to expand payment options and improve customer experiences.
Folasade Femi-Lawal, Country Manager of MasterCard West Africa, underscores the significance of embedding Mono’s open banking solution within MasterCard Gateway to achieve these objectives.
The Importance of the Collaboration
Similarly, Abdul Hassan, CEO and co-founder of Mono, emphasizes the importance of the collaboration for advancing fintech and open banking payments in Africa. With Mono’s extensive financial connections across the continent, businesses can leverage innovative solutions to personalize services and drive growth in Africa’s internet economy.
This collaboration builds upon previous engagements between Mastercard and Mono, including Mono’s participation in the Mastercard Open Banking Start Path Program. Through this program, Mono leveraged Mastercard’s expertise and network to scale its open banking solutions.
The Partnership Between Mono and MasterCard Represents A Strategic Alliance
Overall, the partnership between Mono and MasterCard represents a strategic alliance aimed at driving financial inclusion, innovation, and growth in Africa and beyond.
As businesses embrace digital transformation, solutions like A2A payments hold the potential to revolutionize the payment landscape and empower businesses to thrive in the digital economy.
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