The Mono App Helps Connect Nigerians with a Wide Range of Products
Grace Mahas — February 8, 2021 — Tech
References: app.withmono & springwise
Fintech is expanding as brands look for ways to improve access for those who are un- or under-banked and one company leading the way is Mono. Launched by two software engineers, Abdul Hassan and Prakhar Sing, the app aims to aggregate Nigerian customer's financial accounts from various banks in Nigeria.
Mono allows companies and third-party developers to retrieve information like real-time balance, account statements, historical transactions, account owner identification, income, and expense. Users can also make direct debit payments as well as pay recurring debts through the app. Currently, Mono has secured partnerships with more than 16 Nigerian financial institutions and more than 100 businesses such as property and health technology service and lending companies.
Image Credit: Mono
Mono allows companies and third-party developers to retrieve information like real-time balance, account statements, historical transactions, account owner identification, income, and expense. Users can also make direct debit payments as well as pay recurring debts through the app. Currently, Mono has secured partnerships with more than 16 Nigerian financial institutions and more than 100 businesses such as property and health technology service and lending companies.
Image Credit: Mono
Trend Themes
1. Expanded Fintech Access - Fintech companies can capitalize on opportunities to reach un- or underbanked populations through innovative solutions like Mono's app.
2. Aggregated Financial Services - Companies can continue to aggregate financial services and integrate multiple banks to provide customers with a comprehensive picture of their finances.
3. Direct Payment Solutions - Direct payment solutions, like Mono's app, can provide added convenience for users by allowing them to make payments and settle debts through a single platform.
Industry Implications
1. Finance - Finance companies can use Mono's model to expand their offerings and reach underbanked populations in other regions.
2. Technology - Technology companies can partner with fintech startups like Mono to develop and expand innovative solutions for financial access and inclusion.
3. Healthcare - Healthcare companies can take advantage of fintech innovations, such as Mono's app, to optimize payment and billing solutions, improving patient experiences.
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