Nigerian open banking startup Mono has partnered with Mastercard to bring Mono’s DirectPay Pay with Bank to the Mastercard Payment Gateway System (MPGS).
This collaboration between Mono and Mastercard will allow thousands of businesses that already use MPGS to accept account-to-account payments from their customers.
The Mastercard Payment Gateway System is a pinnacle of innovation, offering developers and businesses access to a comprehensive suite of payment methods, APIs, SDKs, and fraud protection services through a single touchpoint.
Notably, this partnership opens doors for businesses seeking to offer commercial services in Nigeria, providing them with the opportunity to leverage Mono’s cutting-edge account-to-account payment solution.
Mono’s DirectPay Pay with Bank method ensures fast and secure transactions, enabling businesses to collect payments effortlessly from their users.
For Mono, the collaboration makes its goal seamless, enhancing digital commerce and payments in Africa. The partnership was facilitated by a longstanding relationship, cemented when Mono became the first Nigerian Open Banking company to join the inaugural StartPath Open Banking program in Africa.
Through this program, Mono gained access to Mastercard’s outstanding technology, network, and expertise.
Mono will now expand the reach and capabilities of its Pay with Bank account-to-account payment offering, as the company is presented with an opportunity to address evolving consumer and business needs, gather valuable feedback from a diverse range of enterprises, deepen its expertise in Open Banking, and contribute to shaping the future of digital payments across the continent.
For Mastercard, the partnership allows the Fintech giant to offer its MPGS customers an innovative new payment method.
This collaboration is expected to play a major role in shaping the future of digital commerce and payments in Africa. In providing businesses with a faster and more secure way to collect payments, Mono and Mastercard are helping to drive financial inclusion and innovation across the continent.
While businesses welcome this new payment solution, consumers can look out for a more seamless and secure digital payment experience, pushing Africa towards a cashless future.
