Question 1

What is Bitmonie and how does it work?

Accepted Answer

Bitmonie is a bitcoin‑backed lending web app that lets you borrow Naira using your Bitcoin as collateral instead of selling it. You send Bitcoin (via Lightning) as collateral, Bitmonie locks it with a 60% loan‑to‑value ratio, then disburses Naira to your Nigerian bank account, and your collateral is automatically released when you repay.

Question 2

How much does Bitmonie cost?

Accepted Answer

Bitmonie charges a daily interest rate of 0.3% on your outstanding loan balance. Interest is only charged for the exact number of days you use the loan and there are no penalties for early repayment.

Question 3

What countries does Bitmonie operate in?

Accepted Answer

Bitmonie operates in Nigeria, offering Naira loans serviced by Monierate Digital LTD as a licensed money lender in Nigeria. Other countries are not currently indicated.

Question 4

How do I sign up for Bitmonie?

Accepted Answer

You can sign up for Bitmonie via its web app at web.bitmonie.co, where you complete identity verification, link your bank account, and apply for a loan on your phone in a few minutes. The process is fully digital and does not require any branch visit.

Question 5

Does Bitmonie have a mobile app?

Accepted Answer

Bitmonie does not currently offer a native mobile app for Android or iOS. You use Bitmonie through its mobile‑first web app in your browser.

Question 6

Who is Bitmonie best suited for?

Accepted Answer

Bitmonie is best suited for individual Bitcoin holders in Nigeria who need short‑term Naira liquidity but prefer not to sell their Bitcoin. It is particularly useful if you want fast, collateral‑backed access to Naira without going through traditional credit checks.

Question 7

How do I contact Bitmonie support?

Accepted Answer

You can contact Bitmonie support by emailing loans@bitmonie.co. Additional contact options may be available within the web app.

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