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Mono and Mastercard Partner to Power Payment Solutions for Digital Commerce in Africa

Key Developments

Mono and Mastercard Partner to Power Payment Solutions for Digital Commerce in Africa

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Mono Technologies Nigeria Limited, a provider of open banking infrastructure for African businesses, has announced a strategic partnership with Mastercard to revolutionize digital payments across the continent.

This collaboration leverages Mastercard’s Gateway technology to introduce secure and efficient account-to-account (A2A) payments, along with a suite of other open banking products.

Significantly, this marks the first-of-its-kind A2A payment implementation via Mastercard Gateway in the Eastern Europe, Middle East, and Africa (EEMEA) region.

The combined expertise of Mono’s open banking solutions and Mastercard’s advanced payment technology empowers businesses with a streamlined A2A payment option.

This new solution unlocks a wave of possibilities for merchants, fintech companies, telecommunication providers, governments, and financial institutions.

They can now leverage account-to-account capabilities to streamline transactions and significantly enhance the payment experience for both individuals and businesses.

“This partnership is a crucial step forward for fostering financial inclusion, innovation, and growth within Africa’s digital economy,” said a joint statement from Mastercard and Mono.

For Mastercard, this collaboration strengthens their Alternate Payment Methods (APM) strategy in Nigeria and advances their vision of a multi-rail Mastercard Gateway.

Folasade Femi-Lawal, Country Manager and Area Business Head at Mastercard, West Africa, emphasized, “Integrating Mono’s open banking solution aligns perfectly with our commitment to expand and improve payment methods for our customers.”

Mono, on the other hand, aims to empower businesses with efficient direct payments and access to valuable customer financial data.

With over 50 established financial connections across Africa, Mono plays a critical role in driving the continent’s internet economy and enabling businesses to personalize and innovate their services.

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Kenyan Clean Cookstove Company BURN Secures $12 Million to Expand Across Africa

New Investments

Kenyan Clean Cookstove Company BURN Secures $12 Million to Expand Across Africa

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BURN Manufacturing, a leading Kenyan clean cookstove producer, has secured $12 million to accelerate the distribution of its clean cooking solutions across Africa.

This investment, led by Key Carbon Ltd., a company specializing in carbon project finance, will allow BURN to increase access to cleaner cooking options for millions in Sub-Saharan Africa.

The funding builds on a successful partnership between BURN and Key Carbon.

In 2021, Key Carbon provided $25 million, enabling BURN to make their cookstoves more affordable.

This latest investment will focus on expanding distribution of electric cookstoves in Kenya, Tanzania, Uganda, and Zambia, while promoting biomass cookstoves in Nigeria, DRC, Tanzania, and Mozambique over the next two years.

Traditional cooking methods, reliant on firewood and charcoal, pose significant health, environmental, and economic challenges in Sub-Saharan Africa.

Roughly 950 million people depend on these methods, leading to respiratory illnesses, deforestation, and increased carbon emissions.

Additionally, the burden of fuel collection often falls on women and girls, limiting their opportunities.

Peter Scott, BURN’s Founder and CEO, highlights the company’s impact:

“Since 2014, our industry-leading stoves have transformed lives for over 24 million people.”

This new investment is expected to reach an additional 1.5 million and avoid over 12 million tons of carbon emissions in the next seven years.

BURN’s expansion, fueled by carbon finance innovation, offers a promising path towards cleaner cooking and a healthier future for millions across Africa.

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Ghanaian Fintech Zeepay Secures $3 Million Investment From Verdant Capital Hybrid Fund

New Investments

Ghanaian Fintech Zeepay Secures $3 Million Investment From Verdant Capital Hybrid Fund

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Zeepay, a leading Ghanaian remittance and mobile money provider, announced today the closing of a $3 million equity investment from Verdant Capital Hybrid Fund. This marks Verdant Capital’s fourth investment in just over two years.

The ten-year-old company, with a presence in over 23 countries and a workforce exceeding 200 employees spread across Africa, Europe, and the Caribbean, has raised over $23 million since its inception.

Zeepay plans to leverage the fresh capital injection to solidify its financial standing in anticipation of significant growth projected for 2024.

Zeepay stands out as a non-teleco mobile money operator in Africa, holding licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.

The company specializes in facilitating remittance deposits directly into mobile wallets, functioning seamlessly across various networks and partnering with diverse stakeholders.

“We are thrilled to welcome Verdant Capital Hybrid Fund as a new shareholder in our mobile money journey,” said Andrew Takyi-Appiah, Managing Director of Zeepay.

This investment strengthens Zeepay’s position as a leading player and positions the company for continued expansion.

It also solidifies Zeepay’s attractiveness to investors, becoming the fifth institutional shareholder to join the company in less than three years. This follows the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).

Kwabena Appenteng, Director at Verdant Capital, expressed his confidence in Zeepay, highlighting the company’s “solid track record of hard currency earnings through its remittance-to-wallet business model and vast growth opportunities across Africa.”

He further commended “the strength of the management team at Zeepay” as a key factor in the company’s success.

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Kenyan Travel Tech Startup Triply Secures Investment From Y Combinator

New Investments

Kenyan Travel Tech Startup Triply Secures Investment From Y Combinator

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Kenyan travel technology startup Triply has secured a significant investment of $500,000 from Y Combinator, a world-renowned startup accelerator.

This investment marks a major milestone for Triply, fueling its growth and solidifying its position as a leader in Africa’s travel tech landscape.

Founded by Peter Wachira and Collins Muthinja, Triply offers a suite of tools designed to streamline operations for travel businesses in Africa.

Triply capitalizes on the booming African travel market, valued at a staggering $300 billion.

With domestic travel accounting for a significant portion (66% of travel spending), Triply caters to the needs of local travelers, providing them with a platform to discover and book reliable travel experiences.

Y Combinator’s investment signifies their belief in Triply’s potential to revolutionize the African travel industry.

This investment provides Triply with crucial resources, including access to Y Combinator’s mentorship network and global investor network.

With Y Combinator’s backing and its innovative approach, Triply is poised to become a game-changer in Africa’s travel landscape.

By empowering travel businesses and enhancing traveler experiences, Triply is paving the way for a more efficient and vibrant travel industry across the continent.

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