Product Highlights

Custom frequency on the Mono dashboard

We recently included custom frequency fields when creating fixed mandates via the Mono Direct Debit API. To allow for even more flexibility in debit timing, we’ve now added the custom frequency feature to the Mono dashboard. This enable partners to customize how far apart debits can happen on a fixed mandate, without writing a single line of code.

How it works

Step 1:

Log in to your Mono dashboard. Navigate to the Mandate tab on the sidebar menu and click on the “Create a mandate” button.

Step 2:

Select your preferred mandate type.

Step 3:

Select the App, the Customer the mandate is being created for, set the debit type to ‘Fixed’ and click the Continue button

Step 4: Enter the debit amount and then select the payment frequency. You can choose between days, weeks, months or yearly to indicate when you want the debit to occur.

Step 5:

Next, enter your preferred number of interval. In the image below, the frequency is set to days and the interval is set to 4, this means that the mandates account is set to be debited every 4 days.

Step 6:

Finally, fill out the required details with the initial debit amount, the start and end dates for the mandate, etc, and click on the “Create Mandate” button. The mandate will be created successfully and after approval by the customer and their bank, the account will be debited based on the custom frequency set.

Direct Debit billing method on the dashboard

Direct Debit has now been included as a new billing method on the Mono dashboard. This allows you to fund your Mono wallet and pay for your Mono Connect subscriptions using Mono Direct Debit. This also means Mono will automatically debit your account with your permission to process your subscription payments.

Here’s how to set Mono Direct Debit as your preferred billing method.

Step 1:

Navigate to Settings, then under “Plans & Billings”, select “Billing settings”

Step 2: Under the “Billing Method” section, select “Direct Debit” as a billing method.

Step 3:

Next click the ‘Add payment method’ button under the “Payment Method” section to add your account.

Step 4:

Select the payment method as Direct Debit and click Continue.

Step 5:

Select your account type, and bank and enter your account number. You will get a confirmation showing your account name at the bottom of the field. Click on the ‘Continue’ button to proceed

Step 6:

You will then be redirected to the widget to set up the mandate on your account.

Step 7: Select your bank, enter your account number and verify account name, then click on the ‘Continue’ button

Step 8:

You will be prompted to enter your BVN and your date of birth. To complete the mandate set-up, you will need to send 50 NGN to an account provided on the widget

Step 9: Once the transfer is confirmed, you will receive an email notifying you that the mandate has been set up on your account.

Step 10: The account will be added as a payment method, and the status of the payment method will be set to “Pending” till the mandate has been approved by your bank and ready to debited.

Product Improvements

Financial institutions

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

2. Union mobile authentication outage: This issue has been resolved and your users can now link their Union mobile accounts via the Mono Connect widget to securely share their financial data.

3. Ecobank personal banking authentication outage: We have resolved this issue and your users can now connect their Ecobank accounts to securely share their financial data.

4. Altbank personal banking authentication outage: Your users who were experiencing this issue can now link their Altbank accounts to your business via the Mono Connect widget.

Mono API

We improved the Mono Real-Time Data feature for better performance and efficiency when calling API calls.

Key Features: Response headers now include:

1. X-JOB-ID: "string"

This represents a unique identifier for an asynchronous job or task. It’s a string that helps track the status and progress of the job as it processes in the background.

2. X-JOB-STATUS: FINISHED | PROCESSING | FAILED

This header indicates the current status of the job associated with the X-JOB-ID. It can have one of the following values:

• FINISHED: The job has completed successfully.

• PROCESSING: The job is currently being worked on and hasn’t finished yet.

• FAILED: The job has encountered an error and didn’t complete successfully.

You can now check job status using the real-time job status endpoint.

Webhooks:

3. MONO.ACCOUNTS.JOBS.UPDATE: Sends job status i.e. SUCCESSFUL, FAILED, REAUTHORISATION_REQUIRED.

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