Moni: Savings & Loans 2.0.9

Access a variety of financial solutions on Moni. Earn competitive interest rates on your savings and take advantage of short and long-term business loans. Your savings are securely stored in Moni Vault, with loans disbursed within minutes through Moni Float.

What does saving on Moni entail?

• Create a flexible, targeted, or fixed savings plan on Moni with interest rates ranging from 7% to 21%.
• Start saving with as little as N100 daily, weekly, bi-weekly, or monthly.
• Automate your savings schedule and receive timely notifications.
• Activate your Moni Wallet to contribute to your savings plan.
• Work towards achieving multiple savings goals without any additional fees or charges.
• Secure a lump sum in Reserve for a minimum of 3 months and earn up to a 21% interest rate.
• Enjoy instant withdrawals and cultivate a habit of saving.
• Receive instant technical support within the app for any assistance needed.

Saving on Moni is user-friendly. Begin in 3 simple steps:

1. Download the Moni app
2. Provide necessary information to set up your profile
3. Create your customized savings plans

An illustration of a Moni Savings Plan:

• Create a Reserve Plan: Lock away funds to curb spending impulses
• Set duration for 1 year
• Opt to withdraw interest at maturity
• Fund the plan with N1,000,000
• After 1 year, withdraw N1,210,000

Moni Loan:

• To access a Moni Loan, membership in a Cluster is required.
• Loans are accessible to Cluster businesses using unique Cluster codes.
• No collateral or guarantees are needed.
• Borrow between N50,000 - N3Million once your Cluster membership request is approved and business performance reviewed.
• No hidden fees or charges; loan terms are transparent.
• Select a loan tenure of up to 12 months with competitive interest rates ranging from 24% to 35.36% APR.
• The eligibility amount grows with an increase in OTR (on-time repayment rate).
• Benefit from social accountability within your Cluster businesses.

The Moni loan application process:

1. Download the Moni app and sign up with your phone number and email address.
2. Request to join a Float cluster
3. Provide pertinent information about your business for loan eligibility review.
4. Begin accessing float to enhance your business growth.

Moni’s Interest Rate and Loan Repayment:

• Avail loan amounts between N50,000 - N3Million without requiring collateral or guarantees.
• Repay over a maximum period of 12 months with an Annual Percentage Rate (APR) between 24% and 35.36%.

An example of a Moni Loan:

• Loan Amount: N2,000,000
• Loan Tenure: 24 weeks
• Repayment Schedule: Weekly
• Weekly Interest Rate: 0.6%
• Weekly Repayment: N95,333
• Total Amount Payable: N2,288,000
• APR: 31.2%</l