The Benefits Of A Moni Account: Why Switching is the Smart Choice.

Written By: Oluwatoyosi Adebusuyi

The rise of digital banks has brought significant changes to the banking landscape in Nigeria, transforming how people handle their finances. These banks have revolutionized money management, enabling individuals to receive, spend, save, and access previously inaccessible financial resources. They have introduced convenient POS systems and streamlined processes, making transactions easier than ever before. With just a few clicks, you can transfer funds, pay bills, and access a wide range of financial services, including loans and business grants.

However, amidst the numerous opportunities digital banks provide, there have also been instances where they have fallen short and failed to meet people’s expectations. Some users have experienced scams, lost money due to app breaches, and encountered challenges with poor customer service. Trust has been broken by digital banks making promises they couldn’t deliver on or charging exorbitant fees for certain transactions.

Considering these factors, it is essential to regularly evaluate the benefits you derive from your banking apps. Are you gaining value from using them? Have you experienced financial losses? Is your financial situation improving? If the answers lean towards a negative outcome, it might be time to consider switching to a different digital bank — one that prioritizes not only acquiring new users but also focuses on the overall financial well-being of their customers.

Moni stands out as a leading Fintech platform that is dedicated to your financial prosperity. When you become a part of Moni, you gain the ability to effortlessly manage your money, including spending, saving, and borrowing, all with the goal of achieving prosperity. Our commitment to shared prosperity drives us to prioritize the community and ensure that everyone has equal opportunities for financial success. In this article, we will explore the exceptional features that set Moni apart and how our services can help you reach your financial goals.

Why do I need a Moni Account?

You might be wondering, “Why do I need another digital bank account? I already have one.” Well, let me ask you this: Do you have dreams and aspirations for a better, more comfortable life? Are you seeking ways to increase your income and make more money? It’s natural to explore other options that can help you achieve these goals. That you have one job that pays you some money doesn’t stop you from finding other ways to make more money, right?

Chances are, you already have multiple accounts for different purposes. Why settle for one when there may be benefits waiting for you elsewhere? Life is all about stepping out of your comfort zone and exploring new opportunities. That’s where a Moni account comes in, and I’ll tell you why.

But first, let us give you a quick backstory. In 2021, we launched Moni with a mission to empower businesses by providing them with the working capital they need to scale. We started by helping thousands of mobile money agents, also known as POS agents, expand their businesses without the burden of collateral or exorbitant interest rates. And guess what? They repaid us every single time.

Read: The Story Behind The Numbers

This community-based lending model proved to be a resounding success. Inspired by our users’ trust, we took it a step further. We introduced a business loan scheme to fuel SME growth, supporting small businesses across various industries like agriculture, food, and textiles. The trust we placed in our borrowers was rewarded with a remarkable repayment rate of 99%.

Our ultimate goal is to ensure shared prosperity for you, your friends, colleagues, acquaintances, and family members. For us, prosperity goes beyond basic banking transactions. It’s about efficiently managing and growing your money, and accessing financial resources that make life easier. When you use Moni, you can enjoy several benefits.

For example, if you’re a businesswoman, our wallet feature can be really useful. It helps you keep track of all your business transactions, especially money that you want to save for later. You can easily separate your personal and business funds. You can even set aside money specifically for fixed expenses like rent, electricity bills, and waste management. This way, you can stay on top of your expenses and avoid running out of money unexpectedly.

So, who needs a Moni Account?

Who needs a Moni account? The answer is simple: everyone! We truly mean it when we say that every single person who values a simpler, easier, and more effective financial life needs a Moni account. Let’s take a look at a few examples of these individuals:

• Young parents: Save for your children’s school fees, set up a savings account for them, and prepare a college fund before they grow up.
• Bachelors: Build wealth and financial stability, especially in a bustling city like Lagos where it’s easy to get carried away with expensive lifestyles.
• Working professionals: Pay your rent monthly to be closer to your workplace, reducing the stress of daily commuting.
• Breadwinners: Take care of your family of four or more and manage your finances more efficiently.
• Fresh graduates: Start your career on the right financial footing and lay the foundation for a secure future.
• NYSC corpers: Save a portion of your allowance to achieve your financial goals.
• Young couples: Begin your life together and find effective ways to manage your finances as a team.

At Moni, we offer a range of services under three main categories: “SPEND,” “BORROW,” and “SAVE.” Let’s delve into how each category can serve you and the benefits you can enjoy:

Moni — SPEND

There’s nothing as beautiful as a seamless transaction. If you’ve ever been a victim of delayed credit or debit alerts, you would absolutely relate. Nobody likes to go to a supermarket, make a purchase and wait hours for the seller to receive payments. It could even be a situation where somebody decides to gift you money and make the excuse of not having cash. When next somebody says that to you, say to them, “Who needs cash when you can when I have my Moni wallet?”

You can spend and receive money through WALLETS on Moni. When you sign up on Moni, you’re automatically assigned your personalized Moni wallet. Look at it as the place that houses your money till you decide where it goes. It’s like a special reserve for your money.

You can:

• Send money out of it.
• Leave money inside it.
• Receive money into it.
• Fund your savings through it.

Let’s let you in on a secret. Before we officially launched the savings feature on Moni which we’ll discuss later in this article, we were solely serving mobile money agents and the Moni app was strictly for cluster agents who wanted to access weekly working capital. The Moni wallet was used as a medium for us to credit these agents with their weekly funds and also used as a means for them to make repayments. However, some of them became creative.

They not only used it to access and repay the money, but they also started using it to save money too. When we asked some of them why they left money dormant in their wallets, some of them mentioned that they didn’t want to touch it yet, and others said they were keeping money to service upcoming bills like shop rent, children’s school fees and the like. A lot of them also admitted that it helped them stay on top of their financial goals.

It’s our biggest dream to see you fully explore Moni- SPEND using the wallet feature on the app. You can fund your wallet through bank transfers and deposits by using your unique wallet number fully displayed on the app. You can also give this number to your friends, fans, family members and even foes to send you some money.

Download the Moni app to start exploring.

Moni — BORROW

Moni is a lending-led startup that initially began by providing working capital to mobile money agents in Shapati. Over time, our business model has evolved, and we now cater to a broader audience, including regular 9–5 workers and business owners. Since launch, we have provided a total of N1.8 billion in working capital to 174 businesses, including Agricultural, fashion, food, and other kinds of business ventures.

Under the Moni-Borrow service, we offer assistance to two specific categories of people:

• Individuals who desire the flexibility to pay their rent on a monthly basis. We understand the financial strain of paying large sums upfront, and we provide a solution that allows you to spread out your rental payments over the course of the month.
• Entrepreneurs and business owners in need of working capital for their businesses. We recognise the importance of access to funds for the smooth operation and growth of businesses. Whether you require capital to expand your inventory, cover operational expenses, or invest in marketing, we’re here to support your financial needs.

PAY YOUR RENT MONTHLY

Renting a house in Nigeria can be a significant financial burden, as it often consumes a large portion of your income. Finance experts recommend that your rent should not exceed 30% of your monthly income. In other words, if you earn N350,000 per month, you should aim to spend no more than N105,000 on rent. However, this can be challenging considering the average cost of renting a self-contain in Nigeria is around N650,000, with some properties going as high as N3 million and as low as N95,000, according to Nigeria Property Centre.

Following the rule of thumb, finding a self-contain apartment within your budget would mean looking in areas where housing conditions are often subpar. Additionally, the house-hunting process itself can be costly, with a significant portion of your budget going towards expenses such as agent fees. The pressure to pay two years’ rent upfront and the additional costs of repairs or renovations before moving in further strain your finances and mental well-being.

At Moni, we understand these challenges and have simplified the house-renting payment process for you. With Moni, you can now pay your rent monthly, providing greater flexibility and ease. Simply visit our website to get started. We have also partnered with Buy Let Live, a reputable real estate agency that can help you find the best properties available. What do you think about this 4 Bedroom Fully Detached Duplex for rent in Lekki? You can pay for it monthly with Moni.

To help you get started with our rental loans, here’s a step-by-step process:

1. The first thing you need to do is find your desired house. You can get a house from anywhere you want in Lagos, Ibadan and Abuja as those are the only cities we’re currently operational in. Although we’re not a house-hunting platform, Buy Let Live can assist you in finding the perfect apartment.
2. Check your loan eligibility here. To qualify, you must have a minimum monthly salary of N100,000.
3. Begin your application and complete the necessary documentation as required.
4. Get your application approved within 3 hours and make the required 25% equity contribution payment.
5. Your rent is paid to the landlord or property manager in less than 24 hours.
6. Move into your new home and enjoy the convenience of paying your rent monthly through Moni.

Read more: How to get a rent loan on Moni

WORKING CAPITAL FOR BUSINESSES

If you’re a business owner looking to expand your business operations or just trying to keep up with daily operational costs, this is for you. We offer SME loans to businesses that have been in business for at least six months. As long as you’re a registered and legal business in Nigeria, you can get working capital for your business.

To get started, you’ll be asked to:

• Fill out a form and apply for a loan.
• Upload documents, some of which include your CAC documents, bank statements, utility bills and more.
• All loan requests will be assessed and approved within 48 hours.

Moni — SAVE

Moni-Save, true to its name, is designed for individuals who want to save. We understand that saving money can be challenging in today’s economy, and that’s why we aim to reward your financial discipline.

While the average interest rate on a bank savings account is a mere 4.2% per annum, Moni offers the potential to earn up to 21% interest on your savings. With our app, you have the option to lock your funds in either a reserve account or a safebox account, each offering attractive interest rates of up to 21% and 19% per annum, respectively. Let’s explore the features of these saving plans below.

RESERVE PLAN

By choosing the reserve saving plan, you can enjoy the highest returns of up to 21% per annum on your savings. In fact, in December 2022, we ran a promotional campaign where our users earned an impressive 28% interest for two months. To participate in this plan, a minimum lump sum of N5,000 must be locked for at least three months. If you have funds you won’t need for the next three months, this plan is perfect for you.

For instance, if you have N500,000 locked in the reserve plan for three months, you’ll accumulate N526,250 by the end of the term. If you choose to leave it for a year, your savings will grow to N605,000. In comparison, a traditional bank account would yield a maximum of N521,000 in a year, while other Fintech Apps offer returns ranging from N540,000 to N570,000.

Inflation has caused the cost of living to rise significantly between January 2023 and now. While a savings account cannot fully counter inflation, a high-yielding account can act as a buffer against it. According to Investopedia, as long as your interest rates are lower than the inflation rate, the value of your money will continue to decline.

Currently, Nigeria’s inflation rate stands at 22.2%. Moni offers a guaranteed interest rate of up to 21% per annum on a high-yielding savings account, effortlessly multiplying your savings. It’s worth noting that no other savings app in Nigeria comes close to offering such competitive rates. Let’s explore additional benefits of the reserve plan:

• Monthly interest withdrawals: You don’t have to wait until your plan matures to enjoy the fruits of your savings. With Moni, you can withdraw your interest monthly.
• Reduced spending temptation: This plan discourages impulsive spending by enforcing a withdrawal restriction till your plan fully matures. What this means is that once you set up and fund your reserve plan, you cannot make any withdrawals till you reach your saving goals. These measures encourage you to stay committed.

THE SAFEBOX PLAN

The Safebox plan is designed for individuals seeking flexibility in their savings, particularly those who have short-term saving goals or anticipate unexpected expenses. This plan offers an attractive interest rate of up to 19% per annum. Unlike the reserve plan, you cannot withdraw your interest monthly. With the Safebox plan, you can start saving with as little as N50, either on a regular basis or towards a specific target. Here are some key benefits:

1. One free withdrawal before maturity: Enjoy the freedom to make two free withdrawals from your savings, either in full or in part, before the maturity period.
2. Start with a little: You don’t need a large sum of money to begin saving with Moni. We welcome savings of all sizes, ensuring accessibility for everyone. You can start saving on Moni with as little as N50.
3. Flexible savings frequency: Choose to save daily, weekly, bi-weekly, or monthly, based on your convenience and financial goals.

Why Switch to Moni?

We understand that switching who you’re banking with can be a daunting process but there’s more to this switch. It’s not about a bank or a company. It’s about your prosperity. It’s about hitting your goals and making those money moves. It involves extensive research, building trust, and undergoing KYC onboarding procedures, which can be overwhelming. We recognise the challenges and concerns that come with making a switch. However, when you switch to Moni, you are not starting from scratch; you are growing.

At Moni, we are driven by our community values and believe that everyone deserves the opportunity to prosper financially. We reflect this in our business model, offering competitive interest rates on both savings and loans. By utilizing your savings to support profitable business partnerships, we reward our savers generously by sharing our profits. Here are additional advantages of using Moni:

• Competitive interest rates: Benefit from our savings products, which offer up to 19% and 21% interest per annum on the Safebox and Reserve plans, respectively. By choosing Moni, you’ll stay ahead of inflation and move closer to financial liberation. We also provide affordable interest rates on rent and business loans compared to others.
• Active and dedicated customer support: Our customer experience team prioritizes your needs. We are committed to providing prompt assistance and support to ensure you have a premium experience with Moni. Challenges may arise, but we guarantee effective communication and the safety of your money.
• Superior user experience and intuitive interface: We believe in simplicity at Moni. Our social media designs, app, and website are designed with ease of use in mind. You won’t need to read lengthy manuals to navigate our features seamlessly.
• Security measures for user data and transactions: We understand the value of your hard-earned money. To ensure its safety, we request your BVN for identity verification and protection against identity or money theft. All transactions are secured with 2FA authentication, safeguarding your data, account, and funds. Your information is stored securely, and transmitted over HTTPS, to prevent tampering by hackers.

While we could go on about the numerous benefits of having a Moni account, experiencing them firsthand is the best way to appreciate their value. The financial rewards and advantages of using Moni outweigh any doubts or concerns you may have. Take advantage of our monthly rent payment services, save with up to 21% interest per annum, and embark on a new and improved journey towards a more rewarding financial experience.