Monibac

Monibac is a finance mobile app for individuals and small businesses in Nigeria that combines savings, payments, and collateral-free loans in one place.

Key capabilities include:

• Collateral-free loans tied to savings history: Users become eligible after 3 months of active saving and can request loans up to 50% of total savings (the platform also states loans can range from ₦20,000 to ₦500,000). Loan tenors include 90 days at 9% and 180 days at 15%, with in-app repayment from savings balance.
• Monilock locked savings with tiered interest: Users can lock funds for set periods and earn interest based on duration, including 2% (31 to 60 days), 3.5% (61 to 90 days), 5% (91 to 120 days), 6.5% (121 to 365 days), and 8% (1 year and above). Funds cannot be accessed before maturity, and the app supports upfront interest withdrawal.
• Monipot automated savings: Flexible saving through automated deductions or manual deposits, with no deposit charges and no upper limit.
• Payments and wallet funding: Users can fund via bank transfer to a virtual account or debit cards (Mastercard, Visa, Verve), then send and receive money. Withdrawals to a bank account attract a flat ₦50 fee.

Available on Android and iOS.

It targets Nigerian users aged 18+, including individuals building savings habits and small businesses that need access to short-term credit.

In the Nigerian market, it stands out for linking loan eligibility to consistent saving, publishing clear loan tenors and interest rates, and offering both locked savings and automated savings alongside basic wallet payments. The company states it is a product of PrimeZone Limited (RC: 1934461) and references 50,000+ users on its website.