Mastercard is set to leverage open banking operations for account-to-account (A2A) payment capability for African businesses.
This is as the payment company announced a partnership with Mono, an open-banking platform to provide businesses with a suite of products, powered by Mastercard Gateway.
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In a statement, Mono said this collaboration will help its mission to power the internet economy in Africa and provide open banking infrastructure and solutions for the future of financial services.
“Open banking, according to Mastercard gives you the ability to share your financial accounts’ data to access innovative financial service experiences with another financial service provider — either a different financial institution or third party, to empower you to use your data for your benefit.
“Customers benefitting from the new technology – ranging from merchants, fintechs, telcos, governments, and financial institutions – will seamlessly gain access to account-to-account capabilities instantly elevating the payment experience for individuals and businesses,” Mono explained.
Abdul Hassan, chief executive officer and co-founder of Mono emphasised the importance of the collaboration between fintech and open banking.
Hassan said, “This will bolster our efforts and expand our influence in Nigeria and the African region, allowing us to provide more innovative Open Banking payment solutions and contribute actively to the evolving needs of internet businesses and consumers in Africa.”
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“Embedding Mono’s open banking solution within Mastercard Gateway forms an integral part of our strategic blueprint to enrich and expand the payment methods available to our customers,” Folasade Femi-Lawal, country manager and area business head, West Africa, at Mastercard, added.
