Product Highlights

E-mandate for business accounts

We have enabled e-mandates for business accounts on Mono Direct Debit. This allows your customers who own business accounts to set up and authorize a payment mandate on their accounts using the e-mandate authorization type. With this mandate authorization type, your customers need to pay a NGN 50 approval fee before the mandate can be successfully created on their account. Here’s how to initiate a mandate authorization link for customers via the Mono Direct Debit API.

Enhanced Mono TIN Lookup Service

We’re excited to share that we have made significant improvements to the Mono TIN (Tax Identification Number) Lookup service. Our enhanced TIN service now offers superior performance and coverage, allowing you to securely lookup and verify the tax identification numbers of individuals and corporate entities.

Key Updates:

1. Improved Accuracy: Our service now correctly identifies valid TINs with a 99.99% success rate for corporate TINs.

2. Consistent Cost and Data: There are no changes to the cost or the data retrieved.

3. Enhanced Response: We now include the TIN_TYPE in the response, providing more detailed information for each lookup.

Webhook sample

Here’s an example of the webhook response you’d receive for individual TIN Lookup

{
    "status": "successful",
    "message": "Lookup Successful",
    "timestamp": "2024-05-15T14:38:52.908Z",
    "data": {
        "taxpayer_name": "ABDULHAMID  HASSAN",
        "cac_reg_number": null,
        "firstin": null,
        "jittin": "1062033210",
        "tax_office": null,
        "phone_number": null,
        "email": "tomiwa.jr@gmail.com",
        "tin_type": "INDIVIDUAL"
    }
}

Here’s an example of the webhook response you’d receive for corporate TIN Lookup

{
    "status": "successful",
    "message": "Lookup Successful",
    "timestamp": "2024-05-15T14:34:56.231Z",
    "data": {
        "taxpayer_name": "NIGERIA INTER-BANK SETTLEMENT SYSTEM PLC",
        "cac_reg_number": "RC220310",
        "firstin": "00122074-0001",
        "jittin": "1000821924",
        "tax_office": "LTO FINANCIAL SERVICES",
        "phone_number": "08035350729",
        "email": "info@nibss-plc.com.ng",
        "tin_type": "CORPORATE"
    }
}

Product Improvements

Financial institutions

We have optimized the data retrieval success rates for a couple of financial institutions on the Mono widget v2 and made the experience of retrieving customers’ financial data faster and more reliable than before. The financial institutions we have improved, include:

• GTB personal banking

• GTB corporate banking

• Standard Chartered personal banking

• Stanbic IBTC personal banking

• Fidelity personal banking

• FCMB personal banking

• Alternative bank personal banking

Mono API

We have released the mandate ready_to_debit event webhook for Mono Direct Debit, which notifies partners when they can begin debiting a customer’s account after a mandate has been approved by the customer’s bank. This webhook is sent for both e-mandate and signed mandate types. You can learn more about the mandate ready-to-debit webhook here.

Wehbook sample

Here’s an example of the webhook response you’d receive.

{
    "event": "events.mandates.ready",
    "data": {
        "id": "mmc_663c0082e0e8061e825187ca",
        "status": "approved",
        "mandate_type": "emandate",
        "debit_type": "variable",
        "ready_to_debit": true,
        "nibss_code": "RC227914/1580/0002304173",
        "approved": true,
        "reference": "610226X89495X1715208322",
        "account_name": "ABDULLAHI ALHASSAN UMAR",
        "account_number": "0774584162",
        "bank": "ACCESS BANK PLC",
        "customer": "64f2685f88bcc2f1fe18fbcf",
        "description": "Credit Repayments ",
        "message": "Mandate is now ready for debiting",
        "start_date": "2024-05-08T00:00:00.000Z",
        "end_date": "2025-05-08T00:00:00.000Z",
        "date": "2024-05-08T22:45:22.420Z",
        "amount": 3000000,
        "app":"6577752ab09e981a19a7fb1c", 
        "business":"60cc8f95ba1772018c5c6b1d"
    }
}

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Email us at support@mono.co