Mono and Mastercard partner with one another on payment solutions

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Mastercard and Mono Technologies Nigeria Limited have unveiled A2A payments and a range of open banking solutions, all powered by Mastercard Gateway.

The collaboration will leverage Mono’s expertise in open banking and Mastercard Gateway’s advanced payment technology to provide businesses in the region with a secure and streamlined A2A payment solution, addressing evolving consumer needs and enhancing the overall payment experience.

Mastercard said in a statement that this was the first A2A payment implementation via Mastercard Gateway in the Eastern Europe, Middle East, and Africa region.

The Country Manager and Area Business Head of West Africa at Mastercard, Folasade Femi-Lawal, said embedding Mono’s open banking solution within Mastercard Gateway formed an integral part of the company’s strategic blueprint to enrich and expand the payment methods available to its customers.

Femi-Lawal expounded, “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 the Central Bank of Nigeria’s mission to provide digital payment experiences to Nigerian citizens.”

The Chief Executive Officer of Mono, Abdul Hassan, noted, “This is an important step for us and for fintech and open banking payments in Africa.”

“This collaboration with Mastercard bolsters our efforts and expands our influence in Nigeria and the African region, allowing us to provide more innovative open banking payment solutions and contribute actively to the evolving needs of internet businesses and consumers in Africa.”

With over 50 financial connections across Africa, Mono’s mission is to power Africa’s internet economy and enable businesses to provide personalised and innovative services to consumers across the continent.

Through this collaboration with Mastercard, Mono will be able to expand its influence in the open banking space in Nigeria and the African region.