As the year gradually winds to a close, we have been taking stock of all the exciting products and feature improvements we have built so far, and we are excited to have powered hundreds of businesses and developers across Africa to innovate for their users.
In 2023, we enabled 1,046,471 users to securely link their accounts to many businesses to share their financial data. We also processed 1.61 billion naira in successful payments via Mono DirectPay and helped 687,170 users share their identity data using the Mono Lookup APIs.
For the first half of 2023, we shared a roundup of the milestones we achieved in a previous newsletter. For this one, we will be sharing our major highlights for the second half of the year.
July
Mono turned 3 in July. To mark this milestone, our team got on video to share our journey of 3 full years of building financial infrastructure for businesses and developers in Africa. Watch it here.
We built a better experience for our invoice billing method on the dashboard to allow partners to generate an invoice anytime and process their subscription payments using Mono DirectPay or bank transfers.
Added a new feature to our Verify BVN OTP endpoint that lets your users add an alternative phone number that is not on their BVN data.
August
Kuda PayID was added as a payment method on the Mono DirectPay widget. This allows users with Kuda bank accounts to seamlessly make payments to businesses with just their phone number and Kuda PayID.
We also added FCMB Pay with Account on the DirectPay widget to enable FCMB account holders to make payments to businesses using their account number and a one-time password (OTP). Try out a demo.
Billing currency switch: A new way for our partners in Ghana, Kenya, and South Africa to change the default billing currency on the dashboard to their preferred local currency and pay for our services.
In a partner story video, Ibitoye Michael, the Chief Liaison Officer of Raven Bank, shared how they use Mono to power digital lending and personal finance management services for their users.
In this long-form article, we wrote about how Buy Now Pay Later operators can succeed with secure access to user-consented financial data and build a robust credit decisioning process with Mono.
September
We announced the Mono Lookup API suite to businesses in Nigeria. This helps your business verify users’ identity information using their BVN, NIN, account number, house address, TIN, CAC, Driver’s license, or International passport. Here's how Mono Lookup works.
Mono in beta in South Africa: Businesses and developers in South Africa can now use Mono to securely access customer data and build personalised services for their users. To build with Mono in South Africa, here’s how to get started.
In another partner story video, the Trakka team spoke to us about how Mono helps them power core processes within their app and change the way their users can manage their finances across multiple accounts.
Test webhook URL: We implemented this feature on the dashboard to allow you send test webhook events when setting up a webhook for your application or service.
We also hosted a Mono developer workshop on how to build seamless digital lending experiences with Mono APIs. You can watch a recap of the session here.
October
Mono Connect’s real-time data: This feature when enabled, lets you retrieve your users’ financial data and maintain persistent access to their connected accounts with their permission. Here’s how this works.
The Refunds feature was added on the dashboard to allow businesses who use Mono DirectPay to easily process full and partial refunds for payments, with a click of a button.
In this video, some of our interns shared their experience with being a part of the Mono Summer Internship programme and how it helped them grow and build real, impactful projects.
The Sycamore team spoke to us about how using Mono has helped them quickly access verified statements from customers and reduce their borrower qualification process from over 24 hours to 5 hours. Watch the video here.
November
We announced that Mono Direct Debit is in private beta! Powered by the NIBSS mandate system, Mono Direct Debit allows businesses in Nigeria to securely set up single or variable recurring payment mandates on customers’ bank accounts with their consent. Join our waitlist here to get early access to Mono Direct Debit.
We added Static Wallet Accounts for Mono Connect subscription payments. This helps you easily fund your wallet and pay for your subscriptions through a quick transfer to a dedicated wallet payment account. Here's how this feature works.
Rotimi Thomas and Olaoluwa Faniyi, co-founders at Sunfi shared how Mono has helped them make data-informed credit decisions and provide solar financing to their customers, saving them over 600 million naira on fuel. Watch the video here.
