Description
Monibac is an app where you can access loans without any collateral, save and earn interest on your savings, and easily top up and withdraw to your account.
Why Monibac?
1. You do not need collateral before you can access a loan
2. There are no charges on both deposits or loans.
3. You can get an additional 50% of your savings as a loan.
4. You can get from 20,000NGN to 500,000NGN as a loan
5. We will always send reminders for your repayment without much disturbance.
How it works
Install the Monibac App from App Store
Register your account
Start saving
After 3 months, the customer is eligible to request a loan of up to 150% of their total savings.
If they request for the loan, they submit their request on the app, we check to ensure their KYC documents are complete.
If the loan is approved, they will get a request to E-sign.
Once they sign, the approved amount is added to their Monibac Balance
Apart from loans, they can also lock their savings for a specified period of time. For example; if they save for 3 months, they get 3% of their savings. 6 months, they get 5%.
Our Loan Product
Tenure- Our tenure ranges from 90 to 180 days.
Interest rate for 90 days is 9%
Interest rate for 180 days is 15%
Loan amount will be capped at N5 million
Our interest rate depends on the tenure the customer chose.
An example of how this loan and repayment works….
If a customer has N200,000 as total savings, they can get a loan of N300,000.
If they take the loan for a period of 3 months, then the 9% interest will be on the principal amount of N100,000 which is 9,000. Therefore, the total payable amount will be N109,000.
Since the repayment is monthly, the N109,000 divided by 3 months = N36.333
Our APR is between 30.4% and 36.5% if we use 15% for the 6-month repayment and 9% for 3 months respectively.
Eligibility
1. Above 18 years.
2. Lives in Nigeria
3. Have saved on our platform for over 3 months
Contact Us
Customer service Email> [email protected]
Customer service Hotline> 07060953139
Address > Block A211, Sura shopping complex, Lagos Island, Lagos state.
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Why Monibac?
1. You do not need collateral before you can access a loan
2. There are no charges on both deposits or loans.
3. You can get an additional 50% of your savings as a loan.
4. You can get from 20,000NGN to 500,000NGN as a loan
5. We will always send reminders for your repayment without much disturbance.
How it works
Install the Monibac App from App Store
Register your account
Start saving
After 3 months, the customer is eligible to request a loan of up to 150% of their total savings.
If they request for the loan, they submit their request on the app, we check to ensure their KYC documents are complete.
If the loan is approved, they will get a request to E-sign.
Once they sign, the approved amount is added to their Monibac Balance
Apart from loans, they can also lock their savings for a specified period of time. For example; if they save for 3 months, they get 3% of their savings. 6 months, they get 5%.
Our Loan Product
Tenure- Our tenure ranges from 90 to 180 days.
Interest rate for 90 days is 9%
Interest rate for 180 days is 15%
Loan amount will be capped at N5 million
Our interest rate depends on the tenure the customer chose.
An example of how this loan and repayment works….
If a customer has N200,000 as total savings, they can get a loan of N300,000.
If they take the loan for a period of 3 months, then the 9% interest will be on the principal amount of N100,000 which is 9,000. Therefore, the total payable amount will be N109,000.
Since the repayment is monthly, the N109,000 divided by 3 months = N36.333
Our APR is between 30.4% and 36.5% if we use 15% for the 6-month repayment and 9% for 3 months respectively.
Eligibility
1. Above 18 years.
2. Lives in Nigeria
3. Have saved on our platform for over 3 months
Contact Us
Customer service Email> [email protected]
Customer service Hotline> 07060953139
Address > Block A211, Sura shopping complex, Lagos Island, Lagos state.
Screenshots
Monibac FAQ
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Is Monibac free?
Yes, Monibac is completely free and it doesn't have any in-app purchases or subscriptions.
-
Is Monibac legit?
Not enough reviews to make a reliable assessment. The app needs more user feedback.
Thanks for the vote -
How much does Monibac cost?
Monibac is free.
-
What is Monibac revenue?
To get estimated revenue of Monibac app and other AppStore insights you can sign up to AppTail Mobile Analytics Platform.
User Rating
App is not rated in Poland yet.
Ratings History
Monibac Reviews
Store Rankings
Ranking History
App Ranking History not available yet
Category Rankings
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Chart
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Category
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Rank
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|---|---|---|
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Top Free
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166
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App Info
- Category
- Finance
- Publisher
- Prime Zone
- Languages
- English
- Recent release
- 1.5.3 (2 months ago )
- Released on
- Jun 1, 2023 (1 year ago )
- Also available in
- Nigeria , United States , Poland , Japan , South Korea , Kuwait , Kazakhstan , Lebanon , Mexico , Malaysia , Netherlands , Norway , New Zealand , Peru , Philippines , Pakistan , Italy , Portugal , Romania , Russia , Saudi Arabia , Sweden , Singapore , Thailand , Türkiye , Taiwan , Ukraine , Vietnam , South Africa , Algeria , Austria , Australia , Azerbaijan , Belgium , Brazil , Belarus , Canada , Switzerland , Chile , China , Czechia , Denmark , Dominican Republic , United Arab Emirates , Ecuador , Egypt , Spain , Finland , France , United Kingdom , Greece , Hong Kong SAR China , Hungary , Indonesia , Ireland , Israel , India
- Last Updated
- 1 week ago
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