In our last newsletter, we announced the Mono Lookup API, shared the new Test Webhook URL feature, the Trakka partner story video, and our beta launch in South Africa.
For October, we worked on the Mono Connect real-time data feature, refunds on the dashboard, added a new Mono Lookup endpoint, filmed our interns’ experience at Mono, and more.
Company & Product Updates
Mono Connect's real-time data feature
We have added the real-time data feature to our Mono Connect product. When enabled, this feature allows you to securely access users’ financial data (transactions, statements, account information) and maintain persistent access to their connected accounts with their permission.
However, if the account has 2FA enabled, you’ll need to request re-authorization from the user via the re-authorization endpoint before new data can be retrieved.
This feature costs N10 or 0.0013 cents in USD per API call and a re-authorization fee of N5. You can activate it by adding x-realtime to your API header. Here's how this works.
Driver's License Lookup is live
The Driver’s License Lookup endpoint is now available on the Mono Lookup API suite. Your business can use this endpoint to securely verify and retrieve users’ identity information using their driver’s license number. Try out this endpoint.
We also have other Lookup API endpoints like International passport, BVN, NIN, House address, CAC, and TIN verification which can help you improve the KYC/KYB experience within your product and ensure high-converting signups.
Refunds feature is now on the dashboard
Refunds is live on the Mono dashboard. This means that partners who use Mono DirectPay can now process full and partial refunds for payments directly on their dashboard and ensure that the refund process for their customers is faster.
To process a refund, navigate to the Transactions page under the Payments tab. Click on any successful payment and the Refund payment button at the top right, then go ahead to enter your refund amount, reason, and source. You can also click the three dots (…) next to a transaction and then the Refund option. Log in to check it out.
The Mono Summer Internship Programme
As a way to find young talents who are passionate about building a career in tech, we officially started the Mono Summer Internship Programme in June. This allowed our interns to grow, work on many interesting projects, and build meaningful impact at Mono.
We got some of our interns to share what it has been like working and learning from the team. Here’s what they had to say.
How Sycamore is transforming P2P lending with Mono
Sycamore is a peer-to-peer lending business that provides users in Nigeria with access to credit and business loans.
The team spoke to us about how using Mono products like the Statements API and BVN Lookup has helped them securely access verified financial statements from their customers and cut down their credit-decisioning process from over 24 hours, down to 5 hours. Watch it here.
Recap of the Mono Developer Workshop
Our DevRel team recently hosted a Mono developer workshop to share how businesses can build a digital lending service with Mono products and optimise their borrower qualification processes. If you missed that, we have a replay of the full session on our YouTube. Watch the highlights.