In our last newsletter, we announced the latest version of the Mono Connect and DirectPay APIs, the new Settlement webhook notification feature, shared how businesses can build better KYB processes with Mono CAC Lookup, and a technical guide on improving your credit-decisioning system with the Mono Lookup APIs.
In May, we enabled e-mandate for business accounts on Mono Direct Debit, added the Mandate ready-to-debit webhook, shared the Renmoney partner video, and more. Keep reading for the highlights.
Company & Product Updates
E-mandate for business accounts on Mono Direct Debit
We have enabled e-mandate for business accounts on Mono Direct Debit. This lets your customers with business accounts easily set up and approve a payment mandate on their accounts using the e-mandate authorization type. With the e-mandate type, mandates are usually approved within 3 minutes and your customers have to pay a NGN 50 mandate approval fee. Here's how to set up a Direct Debit mandate.
Mandate ready-to-debit webhook
The Mandate ready-to-debit webhook has been included on Mono Direct Debit. This webhook event is sent when a mandate has been approved and the customer’s account can now be debited. This notification is sent for both e-mandate and signed mandate types. Learn about the Mandate ready-to-debit webhook.
Improvements to the Mono TIN Lookup API
You can now look up and validate the tax identification number (TIN) of individual users and businesses with the improved Mono TIN Lookup endpoint. This also means you can securely retrieve users’ or businesses’ accurate tax information for regulatory and compliance purposes. Try the TIN Lookup endpoint.
How Renmoney is powering risk-free lending with Mono
Renmoney is one of the earliest digital banks in Nigeria, offering African users easy access to loans and savings. With over 10 years in the industry, Renmoney has revolutionized how consumers access digital financial services today.
The team recently shared how using Mono has helped them improve their creditworthiness process and lend more securely to customers, increasing their statement collection speed by 70% and reducing their underwriting turnaround time by 30%. Watch the video here.
Cloud storage considerations for African startups
Sometime in May, we hosted our first community event on Twitter Spaces. At this event, we engaged with our community members and discussed tips and considerations that African startups can make when choosing cloud storage solutions. If you didn’t get a chance to join the conversation, we saved the recording for you. Listen to it here.
