FAQ
Frequently asked questions
Can't find what you're looking for? Reach us at admin@monibac.com or 0706 095 3139.
What is Monibac?
Monibac is a mobile app where you can save and earn interest on your savings, easily top up and withdraw to your account. You can also lock your funds for a higher interest.
Are there any fees for depositing funds into Monipot?
No, there are no charges for depositing funds into your Monipot account. You can save as much as you want without incurring any fees.
Are there any charges on deposits and withdrawals?
Yes, a flat fee of ₦50 is applied for withdrawals from Monibac to your bank account. This fee helps cover transaction processing costs.
How do I top up my balance?
Funding your Monibac account is easy. You can either transfer to your unique virtual bank account or fund with a debit card: Master card, Visa Card and Verve card
What is Monilock, and how does it work?
Monilock is a secure savings feature that allows you to lock funds for a specific period This helps you save consistently and earn interest over time.
Can I withdraw my funds before the maturity date on Monilock?
No, funds locked in Monilock cannot be accessed until the agreed maturity date. This ensures your savings goal is met without any interruptions.
Can I withdraw my interest Upfront on Monilock?
Yes, Monilock allows you to withdraw the interest earned upfront while keeping your principal amount locked until the maturity date
What rates am I getting on Monilock savings?
31 to 60 days attracts 2% interest, 61 to 90 days attracts 3.5% interest, 91 to 120 days attracts 5% interest, 121 to 365 days attracts 6.5% interest, and 1 year and above attracts 8%.
What is Monipot, and how is it different from regular savings?
Monipot is a flexible savings feature that enables you to save funds through automated deductions from your balance or deposits.
Is there a limit to how much I can save in Monipot?
Monipot allows you to save as much as you want, with no upper limit. You can deposit funds at any time, making it a convenient savings option.
What are Group Savings, and how do they work?
Group Savings allow you to create or join a savings group with friends, family, or colleagues. Members can contribute funds regularly, and the total savings can be accessed based on the group’s agreed terms.
Can I set contribution rules for Group Savings?
Yes, you can set contribution rules, such as frequency and amount, to ensure all members contribute fairly. The group admin can also manage withdrawals and monitor progress.
How do I withdraw from Monibac?
You can simply withdraw from your Monibac balance by selecting the withdrawal feature available on the application. This feature enables you to withdraw to any bank account of your choice.
How does Refer and Earn work?
Your Monibac balance gets credited with N500 for every new user that signs up on the application using your referral code
Is my information stored on Monibac safe?
Monibac is built by the finest engineers with the safety and security of our customers information as top priority.
