Since its inception two years ago, Monica boldly entered Nigeria’s fintech arena with a revolutionary offer: instant conversions from cryptocurrency to naira and completely free transfers. For many Nigerians accustomed to hefty fees and prolonged waiting times for cross-border payments, this proposition seemed almost too good to be true. Yet, Monica has not only fulfilled this promise but has also emerged as one of the nation’s most reliable fintech platforms, boasting over 350,000 active users, facilitating payouts exceeding ₦150 billion, and converting cryptocurrency valued at more than $100 million into naira.
Monica’s core mission has always been to address the challenges faced by creators, freelancers, and small enterprises. These groups often collaborate with international clients but suffer significant losses due to exorbitant bank fees and inefficient payment systems. By enabling immediate crypto-to-naira transactions without any fees, Monica guarantees that every naira earned reaches the recipient in full. This approach has saved Nigerians millions in unnecessary expenses and fostered deep trust and loyalty among its user base.
“Our guiding principle is straightforward,” the CEO of Monica shared. “What you earn should be exactly what you receive. Maintaining zero-fee transfers for two consecutive years is not a fleeting tactic but a fundamental aspect of how we serve Nigerians.”
Dependability has been a vital pillar in Monica’s rapid ascent. By operating its own infrastructure and utilizing a non-custodial model that keeps cryptocurrencies offline, Monica has achieved an impressive 99.9% uptime. This ensures that transactions are not only swift and secure but also consistently accessible. Such reliability has instilled confidence among Nigerians, who trust Monica for receiving payments, sending funds, and managing bill payments without disruption.
“Reliability transcends technology; it’s a necessity,” the CEO emphasized. “Whether a freelancer awaits payment or a household needs to settle utility bills, failure is not an option. Our robust infrastructure guarantees that Nigerians can rely on Monica every time.”
In addition to payment services, Monica has evolved into a comprehensive financial platform over the past two years. Users can now pay utility bills, purchase airtime and data bundles, and acquire both local and international gift cards seamlessly within the app. Furthermore, Monica introduced a virtual dollar card, empowering Nigerians to shop online and subscribe to global services without the usual restrictions that hinder access.
“Our vision extends beyond mere transactions,” the CEO remarked. “We are committed to creating a distinctly Nigerian platform that embodies freedom, ease, and trust. Two years of zero-fee transfers underscore our dedication to this mission, and we are just beginning.”
For Nigerians, Monica’s two-year journey represents more than a commercial milestone-it symbolizes the potential of indigenous fintech innovation to be cost-effective, dependable, and enduring. By merging instant stablecoin payments, zero fees, offline security, and everyday financial utilities, Monica has reshaped expectations for Nigerian fintech platforms. Looking ahead, Monica remains steadfast in its commitment to one core promise: delivering fast, secure, and zero-fee payments to every Nigerian.
Related read: Nigeria drives Sub-Saharan Africa’s $205bn crypto boom despite drop in global rankings
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