In a significant move towards advancing digital payment solutions, Mono has forged a strategic partnership with Mastercard to introduce Mono’s DirectPay Pay with Bank on the Mastercard Payment Gateway System (MPGS).

The Mastercard Payment Gateway service serves as a comprehensive platform for developers and businesses to access a wide range of innovative payment methods, APIs, SDKs, and fraud protection services, offering a robust single touchpoint for payment transactions.

This collaboration aims to enable businesses already utilizing Mastercard’s extensive MPGS tools and services to accept payments more innovatively from their customers. Additionally, it provides an opportunity for businesses seeking to offer commercial services in Nigeria to leverage Mono’s account-to-account payment solution.

Mono’s DirectPay Pay with Bank method facilitates fast and secure account-to-account payments for businesses, allowing them to seamlessly collect payments from their users. With the MPGS solution, businesses delivering services to consumers in Nigeria can now access Mono DirectPay, streamlining the payment collection process.

According to Mono CEO, “This partnership was also made possible by a sustained relationship between us and Mastercard after being the first Nigerian Open Banking company to be accepted into the inaugural StartPath Open Banking program in Africa where we had the immense opportunity to access Mastercard’s technology, network, and expertise.”

For Mono, this collaboration signifies an opportunity to expand the scale of their Pay with Bank account-to-account payment offering, address evolving consumer and business needs, receive valuable feedback from diverse businesses, deepen their Open Banking expertise, and contribute to building the future of digital commerce and payments in Africa.

The partnership between Mono and Mastercard underscores a shared commitment to driving innovation in the digital payment landscape, ultimately enhancing the efficiency, security, and accessibility of payment solutions for businesses and consumers alike.