Step 1: Setting Up Your Monica Account
Step 1.1: Create Your Account
Visit monica.cash/app on your phone or computer. You can create an account using your email address or phone number. Choose a strong password that is unique to Monica. You will receive a verification code via email or SMS to confirm your identity.
The signup process takes less than 2 minutes. Once your email or phone is verified, you can proceed to identity verification.
Step 1.2: Complete Identity Verification (KYC)
Monica requires identity verification to comply with SEC regulations and AML policies. You will need to provide:
- Full legal name as it appears on your government ID
- Bank Verification Number (BVN) or National Identification Number (NIN)
- Government-issued ID: National ID card, international passport, voter's card, or driver's license
- Selfie verification: A photo to match against your ID
Verification typically processes quickly. Once approved, your account is fully activated and you can access all wallet features.
Step 1.3: Link Your Bank Account
Add the Nigerian bank account where you want to receive your Naira. Enter your bank name, account number, and verify the account name matches your Monica profile. You can link accounts from any Nigerian bank including GTBank, First Bank, UBA, Access Bank, Zenith Bank, and others. You can update your bank details later if needed.
Pro Tip: Make sure your bank account name matches the name on your Monica account exactly. Mismatched names can cause delays in processing Naira withdrawals. If your bank account has a slightly different name format, contact Monica support for assistance.
Step 2: Understanding Your Monica Wallet Addresses
Finding Your Wallet Address
- Log into your Monica account
- Navigate to the Wallet section
- Select the cryptocurrency you want to receive (e.g., Bitcoin, USDT, Ethereum)
- Your wallet address will be displayed as both a text string and a QR code
- Tap Copy to copy the address to your clipboard
Supported Cryptocurrencies and Networks
| Cryptocurrency | Network(s) | Deposit Fee | Network Confirmation Time |
|---|---|---|---|
| Bitcoin (BTC) | Bitcoin network | 0% | 15-40 min |
| USDT | TRC20 (Tron), ERC20 (Ethereum) | Free | 1-10 min |
| Ethereum (ETH) | Ethereum network | Competitive | 5-15 min |
| USDC | Multiple networks | Competitive | 1-10 min |
| Solana (SOL) | Solana network | Competitive | 5-15 min |
| Tron (TRX) | Tron network | Competitive | 1-10 min |
| BNB | BNB Chain (BEP20) | Competitive | 5-15 min |
| Litecoin (LTC) | Litecoin network | Competitive | 5-15 min |
| XRP | XRP Ledger | Competitive | 5-10 min |
| TON | TON network | Competitive | 5-15 min |
| Dogecoin (DOGE) | Dogecoin network | Competitive | 5-15 min |
| Avalanche (AVAX) | Avalanche C-Chain | Competitive | 5-15 min |
| Bitcoin Cash (BCH) | BCH network | Competitive | 5-15 min |
Critical Warning Network Selection: When sending USDT, always confirm you are sending on the correct network (e.g., TRC20 vs ERC20). Sending crypto on the wrong network can result in permanent loss of funds. If your Monica USDT address is for TRC20, you must send USDT on the Tron network. Sending ERC20 USDT to a TRC20 address will result in lost funds.
Step 3: Depositing Crypto to Your Monica Wallet
Step 3.1: Copy Your Monica Address
In your Monica wallet, select the cryptocurrency you want to deposit, note the network, and copy the wallet address. Double-check the network matches what you intend to send.
Step 3.2: Send from Your External Wallet or Exchange
Open the wallet or exchange where your crypto is currently held (Trust Wallet, Binance, MetaMask, etc.). Initiate a withdrawal or send transaction:
- Paste the Monica wallet address as the recipient
- Select the correct network (must match Monica's network)
- Enter the amount you want to send
- Review the transaction details, including network fees
- Confirm and send the transaction
Step 3.3: Wait for Automatic Conversion
Once the blockchain confirms your transaction, Monica automatically detects the deposit and begins the conversion process. You do not need to do anything else. The conversion happens automatically. Conversion itself takes under 60 seconds once your deposit confirms — confirmation runs about 3 minutes for USDT (TRC20), 1-5 minutes for most altcoins, and 10-30 minutes for Bitcoin.
Step 3.4: Receive Naira in Your Bank
After conversion, Monica deposits the Naira equivalent into your linked Nigerian bank account. The bank withdrawal is free. You will receive a notification confirming the deposit. Check your bank app or USSD to verify the credit.
Step 4: Checking Your Transaction History
Monica maintains a complete history of all your transactions. You can view:
- Deposit history: Every crypto deposit with amount, cryptocurrency, conversion rate, and Naira equivalent
- Withdrawal history: Every Naira bank withdrawal with amount, bank name, and status
- Conversion rates: The rate applied at the time of each conversion
- Transaction status: Whether a transaction is pending, processing, or completed
This transaction history is valuable for record-keeping and for resolving any issues with support. It also helps if you need transaction documentation for tax purposes or financial records.
Security Tips for Your Monica Wallet
Account Security
- Strong password: Use a unique, complex password for your Monica account. Do not reuse passwords from other platforms
- Enable 2FA: If Monica offers two-factor authentication, enable it immediately. This adds a second layer of security beyond your password
- Secure your email: Your email is the recovery point for your Monica account. Make sure your email itself has a strong password and 2FA enabled
- Beware of phishing: Always access Monica through the official URL (monica.cash). Do not click links in unsolicited emails or messages claiming to be from Monica
- Log out on shared devices: If you access Monica on a shared computer or phone, always log out when done
Transaction Security
- Verify addresses: Always double-check the wallet address before sending crypto. Compare the first and last 6 characters at minimum
- Test with small amounts: For your first deposit, send a small amount to verify everything works correctly before sending larger amounts
- Check the network: Confirm you are sending on the correct blockchain network. Wrong network = lost funds
- Record your transactions: Keep a personal log of your Monica transactions (dates, amounts, rates) for your own records
First-Time User Tip: For your very first Monica transaction, we recommend sending a small amount of USDT (TRC20). It has free deposits, the fastest end-to-end time (about 3 minutes of confirmation, then under-60-second payout), and very low blockchain fees (under $1). This lets you test the entire flow with minimal cost and risk. Once you see the Naira in your bank account, you will be confident to transact larger amounts.
Using the Monica Calculator
Before depositing crypto, you can use the Monica Calculator to see exactly how much Naira you will receive for any crypto amount. This helps you make informed decisions about when and how much to convert. The calculator shows real time rates for all supported cryptocurrencies.
How to Use the Calculator
- Visit the Calculator page
- Select the cryptocurrency you plan to deposit
- Enter the amount of crypto you want to convert
- The calculator instantly displays the Naira equivalent at the current rate
Rates fluctuate based on market conditions, so the rate at the time of your actual deposit may differ slightly from the calculator estimate. However, the calculator gives you a reliable approximation for planning purposes.
Troubleshooting Common Issues
Issue: Deposit Not Showing
If you sent crypto to your Monica wallet but it is not showing:
- Check blockchain confirmations: Use a blockchain explorer to verify your transaction has been confirmed. Bitcoin requires multiple confirmations which can take 30-60 minutes
- Verify the network: Confirm you sent on the correct network. If you sent USDT on ERC20 but your Monica address was for TRC20, the transaction will not arrive
- Verify the address: Compare the address you sent to with your Monica wallet address. Even one character difference means it went to a different address
- Wait: During high network congestion, confirmations can take longer than usual. Give it extra time before contacting support
- Contact support: If none of the above resolves the issue, contact Monica support with your transaction hash (TXID)
Issue: Naira Not Received in Bank
If Monica confirmed the conversion but Naira has not appeared in your bank:
- Bank processing time: Some banks take a few minutes to reflect credits, especially during off-hours
- Check all accounts: Verify the Naira was not sent to a different linked bank account
- Bank maintenance: Nigerian banks occasionally have system maintenance that delays credits
- Contact support: If more than 30 minutes have passed, reach out to Monica support with your transaction reference
Issue: Wrong Network Used
If you sent crypto on the wrong network (e.g., ERC20 USDT to a TRC20 address), the crypto may be lost. This is a blockchain limitation, not a Monica issue. Always triple-check the network before sending. Monica support may be able to assist in some cases, but recovery is not guaranteed.
Tips for Getting the Best Experience
- Use USDT on Tron for the fastest and cheapest experience. Free deposits, under $1 blockchain fees, and 1-10 minute conversion
- Check rates before converting. Use the calculator to verify you are getting a competitive rate
- Send larger amounts less frequently. Bitcoin's 0% platform fee is more economical on larger transactions. A 0% fee on $5,000 is just 0.04%
- Keep your bank details updated. If you change banks, update your Monica profile immediately to avoid withdrawal issues
- Bookmark the official Monica URL. Only use monica.cash to access your account. Do not click links from unknown sources