Product Highlights

The Mono Creditworthiness API is live

We’re excited to introduce the Mono Creditworthiness API to businesses in Nigeria. This endpoint helps you quickly assess users’ creditworthiness in real time and check that they can afford a specific loan amount, allowing you to shorten your loan approval times and reduce lending risk for your business.

How does the Mono Creditworthiness API work?

To assess a user's eligibility for credit using the Mono Creditworthiness API, the business needs to provide certain information in the body parameters of the API call. This includes:

• The principal: The initial loan amount to be given to the user/potential borrower, e.g. ₦ 5,000,000

• The interest rate: The annual interest rate for the loan amount i.e. 5%, which will be passed as an integer parameter in the body as integer5

• The term/tenor: This refers to the repayment period in months. This means that a loan to be repaid in 2 years will be passed as integer24

• The credit history check: This determines whether Mono should include the user’s credit history information from the Credit Bureau, in the creditworthiness calculation.

You can read more about this here.

The Mono Income API v2 is live

We have upgraded the Mono Income endpoint to v2, to allows businesses like lenders and wealth management services instantly understand users’ cashflow and earning capacity, and leverage this data to build more financially relevant products for their customers.

With the updated Mono Income endpoint, we are analysing customers’ transactions more extensively to give businesses the information that they need about their customers’ income at a glance. This returns deeper income insights from connected customers’ accounts, such as;

• Total income

• Income type and streams

• Monthly average income

• Description of last income earned

• The currency of the income

• Total regular and irregular income amount

• The frequency and stability of the income

• The employer who paid them

• Last recorded income amount and more

You can learn more about how the Income endpoint v2 can benefit your business.

Product Improvements

Mono API

1. We’ve added extra fields for DirectPay successful webook transactions, to indicate suspicious transactions and held settlements.

   • flagged: indicates if a transaction has been flagged as suspicious

   • flag_reasons: displays the reason why this transaction is considered suspicious

   • held_settlement: indicates if the settlement for this transaction has been withheld pending review. This is explained below.

2. We have also added a new 'processing' status for Direct Debit transactions . The processing status is to allow for confirmation of pending transactions with NIBSS after the Debit Account API has been called. The processing webhook (events.mandates.debit.processing) is now sent to indicate a debit transaction is in a pending state. When the transaction is finally confirmed as successful or failed, the respective webhook is sent and the status will be updated.

3. We’ve added custom debit frequency on our mandate creation endpoint to allow partners to customize how far apart debits can happen on a fixed mandate. Beyond the standard daily, weekly, bi-weekly, monthly, and yearly options, we have introduced custom-frequency types such as 'days', 'weeks', 'months'. This update comes with a newly introduced request field 'interval' which expects any whole number (e.g., 1, 5) that specifies the frequencies. You can read here for details on this update.

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