Mono

What Mono does

Mono Technologies Nigeria Limited is a Lagos-based Open Banking API platform founded in 2020 that provides African digital businesses with programmatic access to bank account data, identity verification, and direct bank-to-bank payment rails. Its platform is organized into three product pillars — Financial Data (Connect, Statement Pages, Data Enrichment, Creditworthiness), Payments (DirectPay, DirectDebit, Global Standing Mandate, Disburse, Payment Pages), and Identity Verification (Lookup, Prove) — delivered via REST APIs, multi-language SDKs, a sandbox environment, webhooks, and no-code widgets. Mono connects to 100+ banks and fintechs across Nigeria, Ghana, Kenya, and South Africa, with 8M+ linked bank accounts representing approximately 12% of Nigeria's banked population and 100B+ financial data points processed.

The platform serves primary customer segments of digital lenders (e.g., Renmoney, Fairmoney, Carbon, Sycamore), banks and fintechs (Flutterwave, PalmPay, Kuda, Piggyvest, Moniepoint, Cowrywise), and adjacent verticals including insurance, SaaS, payroll, and PFM/accounting apps. Mono's technical stack emphasizes security (AES-256 multi-part encryption with air-gapped master key, ISO 27001/27002/27003 certifications, NDPR Trust Mark) and integrates with the NIBSS Mandate service for recurring collections and Mastercard Gateway for fraud-detection-enabled payments. The company operates a hybrid go-to-market combining self-serve PLG sign-up, a free tier, a developer portal with Slack community, and sales-assisted enterprise motions.

Mono generates revenue through monthly subscription tiers (Starter, Business, Growth, Premium), usage-based API consumption billing, and transaction-based fees on Disburse payouts (25–35 NGN + 7.5% VAT per transfer), with custom/quote-based enterprise pricing for larger deployments. Following its January 2026 all-stock acquisition by Flutterwave (valued $25M–$40M), Mono operates as a wholly owned subsidiary within Flutterwave's payments ecosystem spanning 34 African countries, continuing to serve clients independently while contributing its open banking APIs to Flutterwave's broader strategy, including a Nigerian microfinance banking licence.

Name

Mono

Legal name

Mono Technologies Nigeria Limited

Website

https://mono.co

Company type

Private

Founded year

2020

Operating status

Acquired

Headcount range

11–50 employees

Short description

Mono is a Lagos-based Open Banking API platform that provides African fintechs, lenders, and banks with real-time financial data, identity verification, and direct bank-to-bank payment rails across Nigeria, Ghana, Kenya, and South Africa.

Ownership category

akta.pro rank

Product category

Open Banking API Infrastructure

NAICS

Credit Bureaus (561450)

akta.pro primary industry

Account Aggregation & Connectivity (Multi-bank linking) (FSAGACAA)

akta.pro secondary industries

Open Banking APIs & Connectivity (FSAMAFAA), BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), A2A Bill Pay & eInvoicing (Open Banking Enabled) (FSAMAFAL)

Keywords

• Open banking APIs
• Financial data platform
• Identity verification API
• Direct bank payments
• Recurring payment collection

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Transaction fees on Disburse payouts: Per-transaction fee structure for outbound payouts: 35 NGN + 7.5% VAT for disbursement initiation, with tiered fees (25–35 NGN + VAT) per transfer based on amount bracket; all fees deducted from the business' funded Mono wallet.
2. Monthly subscription plans: Recurring monthly subscription fees billed to a client's registered card or wallet, with named tiers (Starter, Business, Growth, Premium) issued via monthly electronic invoice; subscription includes add-ons and access to API products, with VAT added on top.
3. Usage-based API consumption: Monthly fees calculated per service plan contracted by the client; invoices detail services provided that month and may include variable consumption charges tied to API calls and active linked accounts, with payment via card or bank transfer within 5 days of invoice.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Marketing channels8 records

Core offering

Mono provides an Open Banking API platform that connects African businesses to bank and fintech infrastructure through REST APIs for real-time financial data access (transactions, identity, income), identity verification (government IDs and biometrics), and direct bank-to-bank payments including one-time, recurring, and disbursement flows. The platform includes a no-code widget for end-user consent, multi-language SDKs, a sandbox, and webhooks, and is often described as the 'Plaid for Africa'.

Product overview

Mono provides a unified Open Banking API platform organized into three core product pillars: Financial Data (Connect, Statement Pages, Data Enrichment, Creditworthiness) for accessing real-time bank data and insights; Payments (DirectPay, DirectDebit, Global Standing Mandate, Disburse, Payment Pages) for direct bank-to-bank payment collection and disbursement; and Identity Verification (Lookup, Prove) for KYC and customer onboarding. The platform targets African digital businesses with over 8 million bank account linkages, serving 100+ banks and fintechs across Nigeria, Ghana, and South Africa. Following Flutterwave's acquisition in January 2026, Mono operates as a subsidiary within Flutterwave's payments ecosystem while continuing to offer its API platform independently to developers under its existing leadership.

Differentiator

Problem solved

Functional benefit

Products and services

• Connect Real-time financial data API that retrieves bank account information including transactions, identity, and income data with user permission, enabling lending, onboarding, and personal finance use cases.
• Statement Pages No-code bank statement collection tool enabling businesses to gather verified bank statements from end users without writing integration code, by sharing a secure link.
• Data Enrichment Provides enriched granular insights from financial transaction data, turning raw bank feeds into structured, categorized signals for risk and analytics use cases.
• Creditworthiness Credit eligibility verification API using financial data and transaction patterns to assess borrower creditworthiness for lending and underwriting decisions.
• DirectPay One-time bank payment API that enables businesses to collect payments directly from customers' bank accounts without cards, lowering transaction fees and chargeback risk.
• DirectDebit Recurring bank payment solution built on NIBSS Mandate service, supporting automated direct debit collections from personal, business, and joint accounts with e-mandates, signature mandates, and global standing mandates.
• Global Standing Mandate Global Standing Orders for cross-border recurring payment mandates enabling consistent recurring collections across African markets.
• Disburse Reliable outbound payment API for bulk or single payouts including salaries, loans, vendor payments, and cashback, with instant or scheduled disbursements in Nigeria (25–35 NGN + VAT per transfer, tiered by amount).
• Lookup Government-issued ID verification API to validate customer identity documents in real time for KYC and anti-fraud workflows.
• Prove Customer identity verification API to validate and verify customer-submitted data, including liveness/biometrics, for onboarding and KYC processes.
• Payment Pages No-code payment pages that let businesses collect payments via DirectPay without writing integration code.
• Portal Mono's management portal and dashboard for businesses to manage integrations, view data, fund wallets, and access Mono services.

Quantifiable outcome

• 70% faster loan application turnaround time
• +4 more outcomes

Named customers15 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature10 records

Partnerships

Five partnerships are on record, tiered advisory partner, flagship / acquirer, strategic technology partner, operational sub-processor and core infrastructure partner.

• The Chrysalis Advisors Africaadvisory partnerImplementation/ SI/ Consulting Partner · 6 January 2026The Chrysalis Advisors Africa advised on the Flutterwave–Mono acquisition transaction (all-stock deal, undisclosed financial terms), acting as transaction advisor.
• Flutterwaveflagship / acquirerStrategic or Co-development Partner · 5 January 2026Flutterwave, Africa's largest payments technology company, acquired Mono in an all-stock deal valued between $25 million and $40 million, announced January 5, 2026. Mono continues to operate independently with no changes to leadership or day-to-day operations, while contributing its open banking APIs (financial data access, identity verification, account-to-account payments) to Flutterwave's ecosystem. The acquisition supports Flutterwave's Nigerian microfinance banking licence and broader strategy to build Africa's 'payments superhighway'.
• Mastercardstrategic technology partnerTechnology or Integration · 21 October 2025Mono is featured as a customer case study in Mastercard's Merchant Cloud / Gateway division for leveraging Mastercard's AI/ML fraud technology and gateway platform for open banking infrastructure. Mastercard is also displayed as a 'Trusted by' customer on Mono's homepage (Payment Collection use case).
• Digital Oceanoperational sub-processorTechnology or Integration · 1 January 2025Digital Ocean is Mono's authorized sub-processor providing cloud services and products under a contract that sets out data protection obligations and sufficient guarantees for appropriate technical and organizational measures.
• NIBSS (Nigeria Inter-Bank Settlement System)core infrastructure partnerTechnology or Integration · 1 January 2024Mono Direct Debit is built on the NIBSS Mandate service, partnering with Nigerian banks to let customers grant permission for businesses to directly charge their accounts; NIBSS recently enabled digital e-mandate authorization (signature upload or NGN 50 transfer). Mono's DirectDebit product supports e-mandates, signature mandates, and global standing mandates with 1–72 hour approval times.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Plaid: US-based financial data connectivity platform widely considered the template for open banking APIs. Mono is consistently described as the 'Plaid for Africa', making Plaid the closest conceptual peer for product, business model, and developer-first GTM.
• Flutterwave: Pan-African payments technology company and Mono's acquirer (January 2026). Offers payment processing, APIs, and now integrates Mono's open banking layer into its payments superhighway spanning 30+ African countries.
• Interswitch: Nigeria-founded pan-African digital payments and commerce company operating payment infrastructure, cards, and identity services. Broader incumbent with overlapping presence in payments and identity verification across Africa.
• Mastercard Gateway: Global payment network with an open banking and gateway platform that Mono integrates with. Adjacent incumbent providing fraud technology and payment processing to merchants and developers globally.
• MX Technologies: US open finance platform offering data aggregation, analytics, and connectivity to financial institutions. Comparable enterprise-led GTM targeting banks and fintechs with bank-data + payment offerings.

Direct peers

• TrueLayer: UK and European open banking API platform offering account data, payments, and identity verification. Directly comparable product surface (data + payments + VRP/Direct Debit equivalents) and developer-first business model.
• Okra: Nigeria-based open banking API platform offering financial data, identity verification, and payments to African fintechs. Most direct local competitor to Mono with overlapping product suite and target customers (lenders, fintechs, banks).
• Stitch: South African open banking and payments API provider serving fintechs and enterprises across Africa. Comparable developer-first API model with financial data access and account-to-account payment flows.
• Yapily: European open banking API platform providing financial data and payment initiation services. Comparable in product scope (data + payments) and enterprise GTM targeting banks and fintechs.

Emerging players

• Banked: Real-time payments and account-to-account payment network operating in the UK and Europe. Comparable to Mono's DirectPay/DirectDebit products, focused on card-free bank payments and open banking checkout.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/mono_hq
• LinkedInlinkedin.com/company/withmono
• Facebookfacebook.com/withmonoHQ

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds7 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mono