If you've outgrown Luno too slow, too expensive, too unreliable Monica.cash is the most-switched-to alternative in Nigeria.
Luno charges Up to 2% buy/sell + withdrawal. Monica.cash charges 0% on conversion and 0% on bank withdrawal. On a ₦1,000,000 cashout, that's a meaningful difference.
Luno typical payout: 30–120 minutes typical. Monica.cash typical payout: under 60 seconds. The difference is felt most on Sunday-night cashouts and large-amount withdrawals.
500,000+ active Nigerian users with ₦400B+ processed. The track record is independently verifiable through public coverage in Nairametrics and other Nigerian financial press.
| Feature | Monica.cash | Luno |
|---|---|---|
| Transaction Fee | 0% | Up to 2% buy/sell + withdrawal |
| Typical Payout Speed | Under 60 seconds | 30–120 minutes typical |
| Supported Coins | 7 (BTC, ETH, SOL, TRX, BNB, USDT, USDC) | BTC, ETH, USDT, USDC, XRP, BCH, LTC, SOL |
| Bank Coverage | All NIBSS-connected banks (40+) | Most NIBSS banks |
| App Store Rating | 4.6★ (App Store) / 4.7★ (Play) | 4.5★ / 4.3★ |
| KYC Requirement | BVN or NIN + selfie (4 min) | Full ID + selfie + proof of address |
| Customer Support | 24/7 in app chat, ~2 min response | Standard ticket support |
| Founded | 2022 (Monica Technologies Limited) | 2013 |
| Active User Base (NG) | 500,000+ | ~50,000 global reviews |
| Lifetime NGN Volume | ₦400+ billion | Not publicly disclosed |
"I run a small business and move money through here weekly. Zero failed payouts so far."
"No vendor, no haggling, no 'I have sent it' lies. I send TRX, naira lands in Zenith Bank. Simple."
"Tested with a tiny amount because I no dey trust crypto apps. It paid out before I finished doubting it."
"Verification took a few minutes and that was it. Smooth since TRX to UBA, done."
The most common reasons cited in user reviews: fees (Up to 2% buy/sell + withdrawal), speed (30–120 minutes typical), and reliability of bank withdrawals. Monica.cash addresses all three.
Free in the sense of 0% transaction fees, yes. The app itself is free to download and use. Network fees on the underlying blockchain still apply (those go to miners, not Monica).
Yes. Withdraw from Luno to your Monica deposit address (same network on both ends), and the conversion runs automatically once the deposit confirms.
Both operate within Nigerian regulatory frameworks. Monica is a one-way off-ramp and does not custody user crypto. Monica's own treasury, KYC data handling, and operating standards are NDPA-aligned and SEC VASP-framework aligned. Mostly positive on Trustpilot
Monica.cash supports 7 coins. Luno supports BTC, ETH, USDT, USDC, XRP, BCH, LTC, SOL. Compare both lists for your specific assets.
0% fees. Under 60s payouts. 500K+ users can't all be wrong.
Download Monica