Mono Technologies Nigeria Limited, a leader in open banking infrastructure in Africa, has announced a partnership with Mastercard to transform digital payments across the continent. The collaboration aims to introduce secure and efficient account-to-account (A2A) payments using Mastercard’s Gateway technology.
This is the first A2A payment implementation via Mastercard Gateway in the Eastern Europe, Middle East and Africa (EEMEA) region, which highlights a significant milestone for the digital payments industry in the region.
According to the Empower Africa website, the combination of Mono’s open banking solutions and Mastercard’s payment technology offers businesses a simplified A2A payment option. This new solution opens up several possibilities for merchants, fintech companies, telecom providers, governments and financial institutions, improving the payment experience for individuals and businesses.
“The partnership is a crucial step towards promoting financial inclusion, innovation and growth in Africa’s digital economy,” Mastercard and Mono said in a joint statement.
For Mastercard, this collaboration strengthens its Alternative Payment Methods (APM) strategy in Nigeria and advances its vision of a multi-rail Mastercard Gateway.
“The integration of Mono’s open banking solution aligns perfectly with our commitment to expand and improve payment methods for our customers,” emphasized Folasade Femi-Lawal, Country Manager and Area Business Head at Mastercard, West Africa.
Mono aims to empower businesses with efficient direct payments and access to valuable customer financial data. With more than 50 financial connections established across Africa, Mono plays a key role in driving the Internet economy on the continent and enables companies to customize and innovate their services.
