Mandate authorization is the process of approving or authorizing direct debit to a third party, on your account. Banks charge a fee to verify and process this authorization, ensuring the security of your account.
Businesses can create Direct Debit Mandates by integrating the Mono Direct API or using the no-code mandate setup to generate a mandate link which the customer via email. The customer can then approve the mandate by uploading their digital signature or completing an e-authorization by transferring NGN 50 to an NIBSS-designated account.
Why am I being charged N100 instead of N50?
Most banks in Nigeria charge N50 for this service. However, these banks currently charge N100:
Unity Bank
Union Bank
Standard Chartered Bank
This fee is charged directly by your bank, and not Mono.