Latest Version
1.6.0
February 20, 2025
Prime Zone Limited
Finance
iOS
41.6 MB
0
Free
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More About Monibac
Monibac offers a unique loan service that requires no collateral, making it accessible for people who may not have assets to use as security for loans. Users can enjoy the benefit of zero charges on both their deposits and loans, which sets it apart from many traditional banking services. Additionally, customers are permitted to borrow up to 150% of their savings, providing them with financial flexibility when they need it. Loans can range from 20,000 NGN to 500,000 NGN, catering to a variety of financial needs.
The application process for Monibac is straightforward and user-friendly. Once the Monibac app is downloaded from the App Store, users can register an account and begin saving. After a period of three months of saving, they become eligible to request a loan corresponding to their savings amount. Following a loan request, the company reviews KYC documents to ensure they are complete before proceeding to approval. If approved, users will be invited to digitally sign the loan agreement, after which the funds are added to their Monibac balance.
The loan products offered by Monibac come with flexible tenure options ranging from 90 to 180 days. Interest rates vary based on the loan duration; for instance, a 90-day loan attracts an interest rate of 9%, while a 180-day loan has a higher interest rate of 15%. The maximum loan amount can reach up to 5 million NGN, further accommodating customers' varying financial requirements. Clear examples illustrate how loans and repayments operate, providing transparency and helping users to understand their financial commitments.
Eligibility for Monibac's loan offerings is simple, requiring individuals to be at least 18 years old, reside in Nigeria, and have saved on their platform for a minimum of three months. For any inquiries, Monibac offers customer support through an email address and a hotline. They are also physically located in Lagos, ensuring that customers can easily reach out for assistance or information regarding their services.
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