Mono Partner Story Says Renmoney Cut Underwriting 30%

In Short

Mono says Nigerian lender Renmoney reduced underwriting turnaround time by 30% by using Mono to collect accurate customer bank statements faster.

What Happened: Mono and Renmoney’s Underwriting Workflow

Mono published a partner story describing how Renmoney used Mono to speed up credit underwriting.

Underwriting is the step where a lender checks a borrower’s financial history and decides whether to approve a loan. In many Nigerian lending flows, this includes collecting bank statements, then verifying and interpreting them.

According to Mono, Renmoney used Mono’s tools to collect accurate customer statements faster. Mono said this helped Renmoney cut underwriting turnaround time by 30%.

Mono sells APIs, which are software connectors that let one system request data or trigger actions in another system (like a secure bridge between apps). Its product set includes financial data connections, statement generation tools, and data enrichment, which is the process of turning raw transaction data into clearer categories and insights.

Why It Matters

Faster underwriting can improve customer experience. It can reduce the time between a loan application and a decision, which is a key driver of conversion in digital lending.

It can also help operations teams. If statements arrive in a consistent format and with fewer errors, lenders may spend less time on manual checks and rework.

For Nigeria’s consumer lending market, this is part of a wider shift toward automated income and cashflow verification. That usually means using permissioned bank data, where the customer explicitly authorises access, instead of screenshots and PDFs that can be incomplete or slow to process.