MoNo Launches Telco API, For Unbanked Consumers Data Gathering

MoNo, a Nigerian fintech startup, has announced the launching of its new product, a telecommunication application programming interface (API)  to enable businesses to collate unbanked consumer data having previously received user’s consent.

The new product will allow businesses to leverage substitute data concepts to compel financial inclusion, thereby making data-based decisions, and also building unique products or services through consumers’ active network data.

According to a newsletter published by the organization, the startup is maximizing the use of mobile network data due to the percentage of unbanked consumers available in Nigeria. In its reports, MoNo pointed out that Nigeria has the highest numbers when it comes to mobile demand, with about 204.2 million mobile network subscribers in the nation. Mobile subscribers in the West African nation take up about 87% of the population unlike the 63.2% of the nation’s population who have a traditional banking profile.

With this API, businesses do not need to relay only data gathered from banked consumers only but also from consumers with just network data profiles.

Through attributes like consumer’s identity, network balance, account information and transaction history, with consent acquired consent from users, the MoNo API can generate data with businesses can effectively use to serve their consumers without being limited due to untapped population.

“Now, with your users’ consent, you can securely retrieve reliable telco data to build inclusive products, offer more personalized experiences, and make more data-informed decisions for your business and users,” reads part of the newsletter.

The API can also generate credit scoring data for unbanked consumers in the process of accessing services like the BNPL, “For the underbanked, lending and Buy Now Pay Later (BNPL) businesses have a harder time accessing financial data points and often have to rely on self-reported financial information. Access to alternative but reliable data points from an underbanked user’s telco network can help businesses build a suitable credit profile.” states the release.

To access the MoNo telco API, businesses in need must have an active and verified account on MoNo. There are also detailed instructions to assist users to incorporate the Telco API into their mobile application.

The use of the service also attracts charges, as each data costs One Hundred Naira  (₦100) per linked Telco account.