Nigeria’s Mono expands to Kenya to push the Open Finance dream

Nigerian-based fintech Mono has announced it is expanding operations to Kenya. This follows a $15 million Series A from 2021. Mono’s aims to ”power the internet economy in Africa” by improving financial inclusion and connectivity on the continent. It does this by offering financial data to companies or third-party developers through a single API.

According to TechCrunch, Mono allows companies and businesses to retrieve information like account statements, real-time balance, historical transactions, income, expenses and account owner identification with users’ consent.

This open banking approach should help reduce the barriers and cost of entry helping with inclusion and connectivity.

Mono solution can be used by companies and businesses in the Buy Now Pay Later space, accounting, personal finance management, asset and debt advisory solutions.

The company says that prior to their official expansion into this market, they’ve worked with various local businesses, and have gained insight helping them better understand the important role that secure access to financial data plays in the Kenyan market.

LipaLater Group Product Manager has said that that using Mono’s solution has helped them improve their Turnaround Times with customers and helped them make better informed credit decisions as they need not rely on customers’ self-reported income and expenses.