Question 1

What is Monibac and how does it work?

Accepted Answer

Monibac is a Nigerian digital wealth-building platform founded in 2023 that allows users to save money with up to 25-28% annual interest and access quick loans of up to 50% of their savings without collateral. It operates via a mobile app, offering flexible, locked, and group savings options, with no charges on deposits or loans.

Question 2

How much does Monibac cost?

Accepted Answer

Monibac is a free-to-use savings and investment app in Nigeria that does not charge for account maintenance, with free deposits, but applies a flat fee of ₦50 for withdrawals to your bank account. It focuses on high-yield savings (up to 25%-28% annually) and offers loans of up to 50% of your savings, with interest rates on loans ranging from 9% (90 days) to 15% (180 days).

Question 3

What countries does Monibac operate in?

Accepted Answer

Monibac operates in Nigeria.

Question 4

How do I sign up for Monibac?

Accepted Answer

Download the Monibac app from the App Store, register your account, and start saving.

Question 5

Does Monibac have a mobile app?

Accepted Answer

Yes, Monibac is available on iOS and Android. You can download Monibac on the App Store for iPhone, or get it on Google Play for Android.

Question 6

Who is Monibac best suited for?

Accepted Answer

Monibac is best suited for individuals over 18 living in Nigeria who want to save with interest and access quick loans without collateral, as well as small businesses and SMEs seeking financing.

Question 7

How do I contact Monibac support?

Accepted Answer

Contact Monibac support by email at admin@monibac.com.

Question 8

Does Monibac have a plan for teams or businesses?

Accepted Answer

Yes, Monibac serves small businesses and SMEs with loans and savings options.

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