Product Highlights

Mono Direct Debit is live

We’re excited to share that Mono Direct Debit is now live! This empowers businesses operating in Nigeria with a faster and more seamless way to collect single and recurring payments from customers’ accounts with their consent. With Mono Direct Debit, you can set up post-dated, variable, and fixed mandates on customers’ accounts across multiple financial institutions and account types.

To improve the experience of approving mandates, we have also built the Mono Direct Debit widget so your customers can easily approve a mandate on their accounts using their preferred authorization method and account type, all within your app.

How does it work?

1. The customer is prompted to set up a payment mandate on their account via the Direct Debit widget

2. The customer selects their preferred bank

3. They choose the account type (personal, business, or joint account)

4. The customer verifies ownership of the account with their login credentials, to complete the account linking

5. The customer authorizes the mandate by transferring NGN 50 to a NIBSS account (e-mandate), or via a signature which will be confirmed by the account holder's bank

After the mandate agreement is set up, you can now directly debit payments from the customer’s account, as agreed.

Pricing

A 1% transaction fee, capped at NGN 1000 is charged for every successful direct debit payment.

FAQs

1. Is Mono Direct Debit available to all the countries Mono serves?

No, Mono Direct Debit is currently available to businesses operating in Nigeria.

2. How long does it take for a mandate to be approved?

This depends on the preferred authorization method and varies from bank to bank, however e-mandates take 1 minute while the approval time for signature mandates take between 1 hour to 72 hours.

3. Can you set up multiple mandates on one account?

Yes, you can but you will need to wait for one mandate to be approved before you can set up a new one on that same account.

Product Improvements

Financial institutions

1. Risevest Authentication Outage: We have resolved this issue and your users can now link their Risevest accounts via the Mono Connect widget to securely share their financial data.

2. Union mobile Authentication Outage: We have resolved this issue and your users can now link their Union mobile banking accounts via the Mono Connect widget to securely share their financial data with your business.

3. Pocket PWA payment failure: This issue has been resolved and your users can now securely make payments with their Pocket wallet accounts.

4. FCMB PWA payment failure: We have resolved this issue and your users can now securely make payments with their FCMB accounts, via the Mono DirectPay widget.

We're always available to help

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Get support

Email us at support@mono.co