Overview
Mono is Africa’s leading open banking infrastructure platform that provides secure and reliable access to financial data and payments for businesses across the continent. The platform enables businesses to establish connections with their customers’ financial accounts, allowing real-time access to account information and facilitating direct bank payments.
Currently operational in Nigeria, Kenya, and South Africa, Mono serves innovative internet businesses by empowering them with secure access to user-permissioned financial data. The platform is designed for fintech companies, lending institutions, payment processors, and any business requiring reliable financial data access to build personalized financial solutions
Key Features
Connect API
Secure access to customer financial data and transactions
Direct Debit
Automated recurring payment collection from bank accounts
Statement Pages
Instant bank statement access without coding
Identity Verification
BVN-based customer verification system
Telco API
Access to customer telecommunications data
Multi-country Support
Operations across Nigeria, Kenya, and South Africa
Pros & Cons
Advantages
- Wide bank coverage (22+ Nigerian banks)
- Multiple mandate types (E-mandate, GSM, Signed)
- Instant settlement options available
- Comprehensive API documentation
- Real-time transaction processing
Limitations
- Limited to African markets only
- Set up fees for premium features
- Waiting periods for some mandate types
- Requires technical integration knowledge
- Bank-dependent approval times
Security Features
Data Security: Bank-grade encryption for all financial data transmissions
Authentication: Multi-factor authentication using BVN and OTP verification
Privacy Protection: Users maintain full control over data sharing permissions
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Direct Debit (₦200-₦20,000) | ₦55 minimum | Per transaction fee |
| Direct Debit (Above ₦20,000) | 1% (capped at ₦1,000) | Per transaction fee |
| Balance Inquiry (with balance) | ₦50 | Charged from the Mono wallet |
| Balance Inquiry (without balance) | ₦10 | Charged from the Mono wallet |
| Global Standing Mandate Setup | ₦500 | One-time setup fee |
| Connect API | Custom pricing | Contact sales for rates |
Getting Started
Detailed Ratings
Final Verdict
Mono stands as Africa’s most comprehensive open banking solution, offering robust infrastructure for businesses seeking reliable financial data access. The platform excels in bank coverage and API functionality, though geographic limitations and technical complexity may challenge some users.