Monibac is a mobile app that simplifies savings and loan management for its users. The platform enables users to create and track multiple accounts, make transactions, and apply for loans, with access to quick loans at competitive rates based on savings history.
Funding
Funding not disclosed
Founders
Product
Problem
Many individuals and small businesses in Africa lack access to convenient and affordable financial services, hindering their ability to save, access credit, and manage their finances effectively. Traditional financial institutions often require collateral for loans and may not offer competitive interest rates on savings, further limiting opportunities for financial growth.
Solution
Monibac is a mobile-first platform that provides accessible and user-friendly financial solutions, including savings, loans, and payment functionalities. The platform enables users to create and manage multiple savings accounts with competitive interest rates through its MoniPot feature, which allows for automated savings. Monibac also offers collateral-free loans to eligible users after three months of active saving, with the ability to borrow up to 50% of their savings at single-digit interest rates. The MoniLock feature allows users to lock funds for a specified period, earning higher interest rates, and offers the option to receive interest upfront.
Target Audience
Monibac primarily targets individuals and small business owners in Africa seeking accessible and convenient digital financial services, including savings solutions and collateral-free loans.
Features
- MoniPot: Customizable savings accounts with automated deductions or direct deposits and additional interest upon maturity.
- MoniLock: Secure savings feature to lock funds for a specific period, earning up to 28% interest, with the option to withdraw interest upfront.
- Collateral-free loans: Access to loans after three months of active saving, with the ability to borrow up to 50% of savings at single-digit interest rates (9% for 90 days, 15% for 180 days).
- Group Savings: Collaborative savings feature allowing users to create or join savings groups with customizable contribution rules.
- Virtual accounts: Each user gets a unique virtual bank account for easy deposits.
- Mobile app: Available on both Android and iOS.
- Payment functionality: Send and receive money.