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Mono Partners Mastercard to Power Innovative Payment Solutions for Digital Commerce in Africa

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Mastercard has collaborated with Mono Technologies Nigeria Limited to introduce account-to-account (A2A) payments and a suite of other open banking products, powered by Mastercard Gateway.

L-R: Folasade Femi-Lawal, Country Manager, West Africa, Mastercard; Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa (EEMEA), Mastercard; Abdul Hassan, CEO and co-founder, Mono, and Bridget Ogundijo, Head of Sales, Mono.

This collaboration will leverage Mono’s expertise in open banking and Mastercard Gateway’s advanced payment technology to provide businesses in the region with a secure and streamlined A2A payment solution, addressing evolving consumer needs and enhancing the overall payment experience. This is the first A2A payment implementation via Mastercard Gateway in the Eastern Europe, Middle East, and Africa (EEMEA) region.

This collaboration marks a significant milestone in Mastercard’s Alternate Payment Methods (APM) strategy in Nigeria and advances the goal of making Mastercard Gateway a multi-rail gateway. Through this collaboration, both parties aim to create an ecosystem that fosters financial inclusion, drives innovation, and stimulates growth in the region’s digital economy.

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.

“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. We envision a future where secure, efficient A2A payments transcend from being merely aspirational to an everyday reality, providing seamless transaction experiences for our customers. This collaboration not only underscores Mastercard’s commitment to driving innovation and advancing financial inclusion in Nigeria and beyond, but also aligns closely with Central Bank of Nigeria’s mission to provide digital payment experiences to Nigerian citizens.” said Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, at Mastercard.

Mono, an Open Banking infrastructure company, aims to enable businesses to collect direct bank payments and get user-permissioned access to customer financial data reliably and securely. With over 50 financial connections across Africa, Mono’s mission is to power Africa’s internet economy and enable businesses to provide personalized and innovative services to consumers across the continent. Through this collaboration with Mastercard, Mono will be enabled to expand its influence in the open banking space in Nigeria and the African region.

“This is an important step for us and for fintech and Open Banking payments in Africa,” shared Abdul Hassan, CEO and co-founder of Mono.” This collaboration with Mastercard bolsters our efforts and expands 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.”

This collaboration also represents a continuation of Mastercard’s capacity building for Mono. In 2022, Mono became the first Nigerian and Open Banking company to join the inaugural Mastercard Open Banking Start Path Program. Through the Start Path program, Mono leveraged Mastercard’s open banking and financial technology expertise, as well as Mastercard’s robust network of partners, banks, and merchants, to deliver and scale its Open Banking solutions.

Through this collaboration, Mono’s mission to power the internet economy in Africa and provide open banking infrastructure and solutions for the future of financial services converges with Mastercard’s mission to connect and power a digital economy that benefits everyone.

L-R: Folasade Femi-Lawal, Country Manager, West Africa, Mastercard; Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa (EEMEA), Mastercard; Abdul Hassan, CEO and co-founder, Mono, and Bridget Ogundijo, Head of Sales, Mono.


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E-Financial

FG Recovers N57Bn Debt from 10 MDAs

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Federal government has announced the recovery of N57 billion from the N5.2 trillion liaibilities owed the Federal Inland Revenue Service (FIRS) and other bodies by Ministries, Departments and Agencies (MDAs) of government

FG Recovers N57Bn Debt from 10 MDAs

Okokon Ekanem Udo, permanent secretary, Special Duties, Federal Ministry of Finance made the disclosure on Tuesday in Enugu State during a Sensitisation Workshop on Federal Government Debt Recovery Drive through Project Lighthouse Programme for South-East geo-political zone.

While declaring the event open, Ekanem stated that the debts came to the spotlight from data aggregated from over 5,000+ debtors across more than 93 MDAs.

This was according to a statement by Mohammed Manga, spokesman for the ministry.

Represented by Aisha Omar, the ministry’s director, Special Projects, Ekanem Udo, informed that it also received refunds to the government from companies who failed to deliver on projects for which payment had been made, adding that others are unpaid credit facilities granted to both corporate entities and individuals by the Bank of Industry (BOI), Bank of Agriculture (BOA), Judgment Debt in favor of Government and debts owed Pension Transitional Arrangement Directorate (PTAD) by Insurance Companies amongst others.

He added that data from Project Lighthouse revealed that many companies and individuals, who owe government agencies and refused to honour their obligations were still being paid.

This, he said, was done through government platforms such as GIFMIS and Treasury Single Account (TSA) due to lack of visibility over these transactions.

According to him, in actualising debt recovery goal, the Federal Ministry of Finance initiated Project Lighthouse, which has enabled the aggregation of relevant economic and financial information from multiple agencies who hitherto did not share data.

Ekanem Udo explained that, generally, revenue loopholes have been aided by poor information sharing and enforcement.

It may interest you to note that the Ministry, through the consolidation efforts of the Debt Analytics and Reporting Application, has been able to aggregate monumental debts of approximately N5.2 trillion, he said.

The Permanent Secretary who informed further that the debt aggregation effort is still ongoing stated that currently, approximately N57 billion has been recovered so far from this amount due to concerted efforts on the part of stakeholders and the Federal Government

He disclosed that the Ministry has taken steps to address this major revenue loophole, through the issuance of a Ministerial directive to all MDAs to aggregate all Government debt across the Public Finance Space as well as having a single window on the credit profile of Government.

 

 

 

 


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E-Financial

Access Pensions Reaffirms Commitment Towards PBMs for Nigerians

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Access Pensions has emphasized its commitment to offering thorough guidance and assistance to customers interested in Pension Backed Mortgages (PBMs).

Head of Customer Experience at Access Pensions, Ophelia Alex-Iwuanyanwu, reiterated this commitment during a recent webinar organised by the company.

She also highlighted the Access advantage, showcasing the robust financial ecosystem provided by Access Corporation and how the firm is committed to ensuring the best for its customers.

Additionally, Chief Investment Officer, Access Pensions, Wale Okunrinboye, Regional Head, Business Development, Adaeze Raji and Head of Benefits Administration, Access Pensions, Zainab Bello, provided valuable insights to webinar attendees, offering tips to enhance pension planning security and manage personal finances effectively.

They reiterated the company’s commitment to delivering top-notch relationship management services. Alex-Iwuanyanwu said, “We offer competitive pension backed mortgage finance tailored to your needs, ensuring your goal of home ownership is achieved.

“We also guide our customers through every step of the homeownership journey, starting well before the application reaches us. We offer end-to-end guidance from our team to ensure a simplified process that reduces the turnaround time, from initiation to PENCOM’s approval.”

She further added that clients benefit from dedicated relationship managers, access to digital channels, financial literacy programs and superior investment returns. Additionally, efficient benefits administration ensures timely pension payouts globally.

Also, Okunrinboye, speaking on “Investment Management: How do we manage your pensions” said: “Our investment process is built around applying an analytical approach to securities analysis, asset allocation, optimal trade execution and a quantitative approach to risk management.”

Furthermore, Raji discussed the essential steps to achieve retirement goals, emphasising the importance of setting clear income targets and developing a comprehensive plan to achieve them. She noted that this involves identifying income sources, assessing expenses, establishing a savings strategy, and effectively managing assets and risks.

Bello delved into the specifics of pension benefits. She outlined the eligibility criteria for accessing retirement benefits, which include various circumstances such as mandatory or compulsory retirement, retirement due to medical reasons, or temporary loss of employment.

Additionally, she highlighted the factors that determine the amount payable to retirees, including gender, the total balance in the retirement savings account (RSA), final salary details, and the age at which retirement occurs.

The webinar, hosted by Head of Brand and Communications, Mojisola Coker, provided an enlightening platform for customers to engage in a question-and-answer session, fostering valuable insights.

 


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Former SEC Leadership Failed to Regulate, Develop Capital Market- ASCSN

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Senior Staff Union under the aegis of Association of Senior Civil Servants of Nigeria (ASCSN) of Securities and Exchange Commission (SEC) has accused the past administration of the Commission led by Dr. Lamido Yuguda of failing in its mandate of effectively regulating and developing the capital market, which is an intricate part of the nation’s economy.

Former SEC Leadership Failed to Regulate, Develop Capital Market- ASCSN

ASCSN also urged the federal government to exempt workers of the commission from 50 percent operating surplus remittance

Abba Mamman Ali, chairman of the Union, stated this on Monday during a briefing with journalists in Abuja.

Recall that President Bola Tinubu had last Friday sacked Dr. Lamido Yuguda, former director general and announced a new management and board for the Commission.

While Mr. Mairiga Aliyu Katuka is the chairman of the new board, Dr. Emomotimi Agama is the new director-general.

Abba said the administration of the Yuguda “failed in its mandate to effectively regulate and develop the capital market, which is an intricate part of the Nigerian economy.”

Furthermore, he said the Yuguda-led Management “was insensitive and unresponsive towards issues of staff welfare especially issues bordering on staff promotion, gratuity and increase of staff emolument, amongst many others.”

He said, “Unfortunately, staff morale was at the lowest ebb under the regime of the immediate past Management.

‘It became clear to the SEC Staff Union and our parent body, the Association of Senior Civil Servants of Nigeria (ASCSN) that a vibrant capital market and a highly motivated SEC workforce could only be achieved through a change of SEC Management by Mr President.

“This prompted the Union to cry out to His Excellency, President Bola Ahmed Tinubu. By clearing out the ineffective SEC Management led by Lamido Yuguda, His Excellency, President Bola Ahmed Tinubu has lived up to his sterling reputation as a listening President.”

He said the SEC Staff Union has pledged to collaborate seamlessly with the new board under the leadership of board chairman, Mr. Mairiga Aliyu Katuka and Director General, Dr. Emomotimi Agama, to deliver a vibrant capital market in line with President Tinubu’s Renewed Hope Agenda.

However, to achieve this, he called for the commission to be exempted from the 50 per cent deductions on operating surplus as contained in the Finance Act 2024 because the Commission is a development institution.

He said, “We want this management to look into issues of staff promotion, vacancies and gratuity. We urge them to look at it very well and settle those issues as they concern staff directly.

“Also, there is need for Management to meet with the government on the issue of 50 per cent deductions on operating surplus. These deductions have almost incapacitated the Commission as the SEC has been having great difficulties carrying out its dual functions of regulating and developing the capital market.”

On the capital market, he said the Union is “urging the new management to constitute a market wide committee who will proffer solutions to the various issues currently bedevilling the market.”


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