2024 is wrapping up, so we’ve been reflecting on our important milestones.
This year, we went live with the Mono Direct Debit product, with a record of 547,276 successful payments processed. We also helped businesses securely access the financial data of 1,645,087 users with Mono Connect, verify the identity of 2,664,731 users via the Mono Lookup APIs, and collect 168,178 successful payments using Mono DirectPay.
However, this year's story would not be complete without ambitious businesses like yours that continue to use Mono to innovate for your users and build more personalised financial experiences.
Before we draw the curtains on 2024, here’s a good look at what we got up to in the second half of the year.
July
The Mono Data Enrichment API was introduced to African businesses to enable them to glean richer insights from users’ categorised transactions.
We reduced the mandate ready-to-debit time from 8-10 hours to less than an hour, allowing businesses to collect direct debit payments more quickly.
The Mono NIN Lookup endpoint was updated to give users an alternative way to validate their NIN information by inputting the phone number registered to their NIN.
We built the Verify OTP mandate API to allow users with an existing approved mandate on Mono Direct Debit to authorise a new mandate with the OTP sent to their email or phone number.
We explored how account-to-account payments work and how Open Banking helps to make the payment experience faster and more convenient for users.
In this technical guide, we shared how to implement the Mono Telco Data API to access users’ telco information and reach underserved customers.
August
The Mono Income API was upgraded to v2, allowing you to retrieve more granular income information from customers’ analysed transactions.
We launched the Mono Creditworthiness API to enable credit businesses to easily assess borrowers’ ability to afford and repay specific loan amounts.
The custom frequency feature was implemented on Mono Direct Debit. This lets you customise how debits occur on a fixed mandate using a set number of days, weeks, or months.
We shared a report on how businesses on Mono verified over 1 million users’ identities in 2023 using the Mono Lookup API.
September
Following our 3-year partnership with Flutterwave to power their Pay with Bank checkout option with Mono DirectPay, the team spoke to us about how this has helped them provide their merchants with another seamless way to collect payments.
Mono Direct Debit was added as a billing method on the Mono dashboard, enabling you to automatically fund your Mono wallet and pay for your Mono Connect subscriptions.
The custom frequency feature was implemented on the dashboard, so you could easily customise the debit frequency for fixed mandates without coding.
We co-hosted a webinar with the Sycamore team to show how they use Mono Direct Debit to power a secure and more reliable repayment process for their users.
In this short video, we explained how Mono Direct Debit helps businesses collect future or regular payments directly from customers’ accounts.
October
We launched the No-code Mono Direct Debit Mandate feature. This enables businesses to securely create mandates on customers’ accounts via the Mono dashboard, without writing a single line of code.
Moniepoint personal banking was added as a new connection on the Mono Connect and DirectPay widget.
In this video, the PaidHR team shared how using Mono Direct Debit has helped them reduce their payroll processing time by 20%, ensuring that organizations can pay their employees on time.
Mastercard recognised us as a pioneer Open Banking partner and our efforts in building innovative direct bank payment experiences for African businesses.
In this technical guide, we shared how credit businesses can use the Mono Direct Debit APIs to automate their existing loan recovery process.
We spotlighted Lase, one of our Product Engineers, who shared his journey from starting as an intern at Mono to joining our Engineering team full-time.
We published an in-depth blog on how Direct Debit payments work, their use cases, and why they are a better payment option than cards.
November
We introduced the Mono Split Payments feature, to allow businesses to divide payouts for a Mono DirectPay or Direct Debit payment between two or more bank accounts, using a percentage of the transaction or a fixed amount. Learn more here.
In the second article of our Direct Debit content series, we shared how direct debit mandates work and how to set up one on a customer’s account.
