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.