Mono’s Abdulhamid Hassan believes open banking will soon outrun traditional card payments in Africa, as Nigeria prepares for a landmark shift in its digital finance landscape.
Mono, founded by Hassan in 2020 after his departure from Paystack, has grown quickly. The fintech has processed more than 150 billion transactions for over 7 million users, now serving customers in Kenya and Ghana too. But Hassan says it’s not just about growth, it’s about building something that lasts.
Open banking is about letting people and businesses securely share their financial data, if they choose to, with trusted apps and platforms. This makes loans, payments, and other services faster and easier. Before the Central Bank of Nigeria (CBN) officially endorsed open banking, Mono was already connecting banks and businesses through its platform.
“Data isn’t just about payments. It’s what will drive the next generation of fintech in Africa,” Hassan said during an interview.
CBN plans to officially launch open banking guidelines in August. That’s a huge step, not just for Mono but for the whole ecosystem. According to Hassan, banks in Nigeria have been more open to data sharing than many fintechs. Mono’s platform only shares data with customer permission, a key point CBN’s new rules will reinforce.
Hassan said Nigerian banks are leading the way. “Open banking will now make it mandatory for every financial institution to open up their system. That’s exciting,” Hassan explained. The new rules will also create a registry of licensed data providers, making sure only trusted organizations can handle sensitive information.
For banks and fintechs worried about security, Hassan said the new regulations address these issues. “There is now a guideline on how to do this properly,” he said.
Mono isn’t just sticking to APIs or behind-the-scenes banking tools. With its new Owo API, the company wants to help people send money directly over messaging apps like WhatsApp, no need to leave chats or open banking apps. “We’re using our APIs to build new experiences. When people see how easy it is, they’ll know Mono is powering it. The open banking market will be bigger than card payments in Africa because it covers everything, data, payments, identity” – Hassan said.
Notably, Mono is almost profitable, with operations now funded by its revenue. The 40-strong team operates both remotely and from an office once a week. Hassan sees Nigeria as the best environment for fintech in Africa, owing to population, regulatory openness, and the maturity of local banks.
