Mastercard’s direct bank payment with Mono may boost the Nigerian startup in its race to profitability
- Mastercard partners with Mono to enable payments directly into bank accounts without cards or USSD codes.
- Mono expects to achieve profitability by scaling the adoption of its open finance tools.
- The partnership is advantageous for Mastercard as it explores non-card payments in Africa.
The partnership between Mastercard and Mono is a strategic move for both parties. It allows Mastercard to expand its non-card payment offerings in Africa, while Mono gains access to Mastercard's extensive merchant network. The success of the payment method in Nigeria bodes well for Mono's growth and profitability. However, the adoption of account-to-account payments in developed markets may require more incentives for users to switch from traditional card payments.
