Nigerian Fintech start-up Mono has set up operations in Kenya as part of expansion plans. Mono’s value proposition is the use of open banking as a layer for financial data, identity data, and bank transfer payments for businesses.
According to the company Kenya is one of the most populous in the region and has an advanced mobile money technology and services ecosystem.
This equates to a sizeable base of customers who demonstrate a growing appetite for innovative money solutions.
The company has piloted its offering in Kenya for the past few months, which it says helped them understand the dynamics of secure access to financial data in the country.
Mono CEO Abdul Hassan said, “Kenya is a thriving East African hub for financial services, with a growing pool of businesses building truly innovative financial solutions.
"Mono will remove complexities and friction by providing reliable infrastructure that existing and new Kenyan businesses can leverage to plug into the internet economy. We’re excited to work with Kenyan businesses to empower them to expand their offerings for customers, become data-informed, and make increasingly accurate business decisions”.
The company wants to position its Mono Connect API to provide coverage across financial institutions and developer resources, as well as integration assistance and SDKs, among other services.
Mono’s target market includes businesses that want to leverage the digital economy and roll out Fintech solutions.
The company participated in the W21 Silicon Valley-based Y Combinator accelerator and won US$15-million.
Hassan added, “This launch in Kenya will be its first foray in East Africa; our first step outside the country we began in, almost two years ago.”
