Mono Sets Out to Close Africa's $180 Billion Internet Economy Deficit With $2 Million Funding

Nigerian financial technology company Mono has secured $2 million in seed funding, advancing its goal to help drive Africa’s $180 billion online economy. With this round, the startup’s total investment has reached $2.625 million since it began operations in August 2020. The round was spearheaded by Entrée Capital and Gbenga Oyebode’s TCVP, alongside returning backer Lateral Capital and prominent

investors, such as Kuda Bank’s CEO Babalola Ogundeyi.

Mono’s flagship service, Mono Connect, is built to make it easier for businesses and developers to access financial data and payment systems across Africa. The company is targeting a market where more than half the population is either unbanked or underbanked, which presents a major opportunity for open finance innovation. By utilizing open APIs, Mono enables smoother data and funds transfers between banks, lowering barriers for users who lack full access to traditional banking.

The fresh capital will be used to enhance Mono’s current financial and identity data solutions and to introduce new products for various business sectors. The firm also intends to grow its collaborations with institutions like Gtbank, Fidelity Bank, and MTN Ghana’s mobile money division. In addition, Mono is preparing to launch its operations in Ghana and Kenya, with plans to enter the Ghanaian market soon after this investment round.

Industry analyses suggest that Africa’s digital economy will account for 5.2% of the continent’s GDP by 2025.

and the International Finance Corporation (IFC) predict this surge will be fueled by increasing urbanization, a growing pool of tech talent, and a thriving startup scene. Mono’s technology is poised to support this growth by enhancing credit evaluation and financial services for digital enterprises throughout Africa.

More broadly, the progress of open finance infrastructure in Africa mirrors global developments aimed at making blockchain use more accessible. The approach known as chain abstraction, which streamlines the complexity of working across different blockchains, is gaining momentum as a facilitator of cross-chain compatibility. Innovations like Polkadot’s relay chain, Cosmos’ IBC, and

are pushing this concept forward by enabling apps to function effortlessly on multiple blockchain platforms.

Chain abstraction achieves this by adding a middleware layer that unifies communication between various blockchain systems. This includes standardized APIs for developers, protocols for sending messages across chains, and wallets that work with several blockchains. By masking the underlying complexities of each system, these technologies enable a more intuitive experience and foster greater interoperability and security.

The growing relevance of chain abstraction is particularly significant for decentralized finance (DeFi) and non-fungible tokens (NFTs). For DeFi, it improves liquidity by allowing assets to move across chains. For NFTs, it provides creators with new possibilities for issuing and exchanging tokens across different platforms. These technological strides highlight the importance of supporting multiple chains to develop scalable, accessible applications.

Nonetheless, chain abstraction must contend with hurdles such as security vulnerabilities, scaling limitations, and the necessity for industry-wide standards. Addressing these issues through stronger security measures and widely adopted protocols will be vital for the sustainable success of multi-chain solutions.

Mono’s latest investment and plans for growth are part of a wider trend toward making financial services and digital infrastructure more accessible across Africa. As open finance develops further, companies like Mono are positioning themselves as pioneers in closing the gap between conventional and digital finance, helping to fuel the continent’s expanding online economy.