Why we have built Mono Portal
Trust is a highly important value in every service, and even more so in financial services. It is what often separates users from confidently using digital financial services that could potentially make their financial lives better.
As a company that values trust, we prioritize and uphold transparency and data security, putting extra care into the products that we build. For the African financial services consumer, it is highly important that they can access great services while also knowing that their data is secure. This is why we are excited to announce that Mono Portal is now in Beta. Mono Portal is a consumer tool that allows end-users to view and control access to the financial data they have shared with apps or businesses, using Mono.
With over 1million end users trusting us to link their bank account to their favourite app or service, this is in line with our commitment to the privacy and security of their shared data, and we’re building to ensure that these connections they make remain secure and within their control.
How does Mono Portal work?
When end-users sign up on their favourite lending or personal finance management app that has integrated Mono’s infrastructure, they are prompted to give consent to securely share different financial data insights, such as transaction history, balance, and basic identity information with these apps or businesses. While this account-linking process is secured with bank-grade security and AES-256 bit encryption to keep all credentials safe, it is still highly important to allow users to see and manage access to the data they have shared and the apps and services they have been shared with.
How to use Mono Portal
Using Mono Portal, users can view:
1. All apps or services that have access to their financial data, and manage this access.
2. All financial accounts linked to apps and businesses, using Mono.
If you have linked a financial account to an app or business with Mono, you can access Portal in the following steps:
Instantly view all financial accounts linked and the apps or services you have securely shared your financial data with in the past.
Securely manage the access these apps have to your financial accounts.
Questions you might have, and answers
Are there any implications of unlinking my bank account from any of my favourite apps or services?
If your account is linked to an app or service that requires sustained access to your financial information to provide you with the services you need (for example lending and finance management services), unlinking your financial account might make that service unavailable to you. This may of course vary from one service provider to another depending on their terms of services.
Is Mono Portal available in all our countries of operation?
No, Mono Portal only works for users who have linked their Nigerian financial accounts to Mono-powered apps in Nigeria.
I can’t find a financial account I linked for payments. Why is this so?
This is because your financial data is not collected when you initiate a payment via Mono.
What does this mean for my app or service as a Mono partner?
When a customer unlinks their bank account via Mono Portal, you no longer have continued access to their shared financial data, unless the customer consents to linking their bank account to your app or service, using Mono, in the future.
Our belief at Mono is that Portal will help maintain trust between you and your users, as well as confidence in the services you provide. This is because customers feel safer and more confident sharing their financial information with you when they have more transparency and control.
How do I get notified if my customer unlinks their financial account via Portal by Mono?
When a customer unlinks their bank account from your app or service, we instantly send a webhook notification when the action is successful.
Have more questions?
If you have further questions about Mono Portal, please send us an email at firstname.lastname@example.org — we'd love to hear from you!