In the past six months, we have achieved some important milestones at Mono like the launch of the Mono Direct Debit product, the Mono widget v2, our partnership with Mastercard, and more.
As the second half of the year begins , we want to share a recap of our major product and company highlights from H1 of 2024.
January
We launched the Mono Credit History Lookup endpoint, to empower credit businesses to securely access potential borrowers’ recent and historical credit information from two of the largest credit bureaus in Nigeria, using their BVN information.
When the year started, we reflected on what we achieved in 2023 and shared all our favourite highlights in a video. Watch it here.
The Mono BVN Lookup API was upgraded so businesses can retrieve all the bank accounts linked to a customer’s BVN, with their consent. Try out this endpoint.
For Data Privacy Day, we hosted a webinar where we shared valuable insights into how African businesses can better protect and manage their customers’ data. If you missed it, you can watch the replay.
February
The Mono widget had its most significant upgrade, with improved features such as smoother account switching, customisable widget layout, one-click institution search, and more, making it easier and faster for your users to share their financial data with your business or make payments.
We added Alat by Wema, Pocket by Piggyvest, and Paga as connections on the Mono DirectPay widget, for users to make instant, one-time payments. Try a demo here.
We launched the Mono CAC Lookup v3 to allow Nigerian businesses to verify and retrieve more comprehensive information on registered businesses directly from the Corporate Affairs Commission (CAC), using their business name or RC number.
We wrote a technical guide on how the Mono Lookup endpoints work and how to implement it for your KYB and business verification process.
Our team attended this year's Africa Tech Summit in Nairobi, Kenya and connected with business leaders and tech entrepreneurs building great products for their users.
March
Mastercard partnered with us to enable the Mono DirectPay Pay with Bank option, its first account-to-account payment method on the Mastercard Payment Gateway System (MPGS).
As one of our earliest partners, the Carbon team shared how Mono has helped them accurately profile their customers for loans and credit across their Personal and SME Loan products to Carbon Zero.
In this video, we shared how African lenders can improve their underwriting process and make faster, low-risk lending decisions with the Mono Credit History Lookup.
We hosted a developer workshop and showed attendees how to supercharge their credit-decisioning system with secure access to users’ financial and credit information via the Mono Lookup APIs. Watch the full replay here.
April
The Mono Connect and DirectPay APIs got upgraded to version 2, with the account linking and payment experience improved for users and made more compatible with the features of the Mono widget v2.
The Settlement webhook notifications feature was implemented on the Mono dashboard to allow partners to set up alerts for when DirectPay payouts are successfully processed into their accounts.
We shared a refresher video on how businesses can build seamless onboarding and KYB verification flows with the Mono CAC Lookup API.
We wrote a technical guide breaking down how to integrate the Mono Credit History Lookup API and other Mono APIs to access more robust customer financial data and improve your credit-decisioning process.
May
E-mandate was enabled for business accounts on Mono Direct Debit to let your customers who own business accounts easily set up and authorize a payment mandate on their accounts within minutes.
The Mandate ready-to-debit webhook was added on Mono Direct Debit. This webhook is sent when a mandate is approved and the customer’s account can be debited.
We improved the Mono TIN Lookup API to allow you to now look up and verify the tax identification number (TIN) and accurate tax information of individual users. Try out the TIN endpoint.
In a recent partner story video, the Renmoney team shared how using Mono has helped them lend more securely, increase their statement collection speed by 70%, and reduce their underwriting turnaround time by 30%.
We hosted our community in a Twitter space where we discussed considerations that African startups can make when choosing cloud storage solutions. You can listen to the recording here.
June
Five months after our private beta release, Mono Direct Debit is now live and publicly available for Nigerian businesses who want to provide a faster and better recurring payment experience for their users. This lets them securely initiate mandates on customers' accounts and collect scheduled payments with their consent.
We recently shared a poll about what borrower information is important to lenders during the underwriting process. In this video, we shared how the Mono Credit History Lookup endpoint can help lenders accurately profile borrowers and get insights into their borrowing patterns.
