Starting April 1, 2025, we're updating our Mono subscription and wallet top-ups payment methods. You'll be able to use virtual accounts (Wallet) or Direct Debit (for monthly subscriptions). We will no longer be accepting card payments as a subscription method.
Billing via Direct debit involves you connecting your account directly to Mono, to be debited periodically for subscription plans.
To change your preferred method of funding to Direct Debit, these are the steps to take:
1. After logging into your dashboard, navigate to the sidebar and click on More, a menu will drop down. Click on Settings and navigate to Plans and Billing. This will open a new page.
2. Select Billing Settings, then click on Billing Method, it's the 4th option from the top on the page. Select Direct Debit as your preferred method of payment.
3. When you choose the Direct Debit option, navigate to Payment Methods and click the "Add new method" to add your account.
4. Select Direct Debit in the pop up. Then, add the required account details to enable authorization to directly debit your account for subscription payments.
5. After "initializing" is displayed, a pop up will appear to enter your BVN and date of birth.
6. Once you have entered your BVN and Date of Birth, you will be prompted to transfer into a NIBBS account. Your connected account and the account you will be transferring the authorization fee to will be displayed on the widget.
Send the exact amount stated (N50) from the linked account to the account displayed on the widget. After you've made the transfer, click on the "I've sent the money" button.
NB: This account details expires after 30 minutes.
Also note that you can select "Change" if you would like to change the bank account number to which you send. There are options of Fidelity Bank and Paystack.
7. You will get the notification below confirming you that your direct debit has been set up.
This transition allows us to provide you with a more seamless experience that leverages the same open banking technology that powers our core products.
For guidance on how to switch to other methods, such as Virtual Accounts(Wallets) and Invoicing.