What Monica actually is — and isn't
Monica is a one-way off-ramp, not a wallet. You do not have a crypto balance "at Monica" the way you would at an exchange or custodial wallet. When you send crypto to your Monica deposit address, the asset is being sold to Monica at the live mid-market rate. On confirmation, title transfers to Monica's treasury and Monica owes you the corresponding naira, which is paid out to your verified Nigerian bank account. Because Monica does not hold user crypto, there is no user crypto balance to lose if your phone, password, or app is compromised.
The off-ramp window
The narrow operational window that does require active protection is the time between an onchain deposit confirming and naira settling in your bank — typically seconds to a few minutes. During that window the relevant assets are Monica's own treasury crypto and the naira rail. Monica's treasury is managed under standard fintech operational-security practice; the naira side runs through NIBSS instant transfer with the same rails every Nigerian bank uses.
Withdrawal authentication
Naira withdrawals require app-side authentication (biometric or PIN) plus device-binding. Suspicious patterns trigger additional verification before the NIBSS instruction is sent.
Fraud monitoring
Continuous transaction monitoring on both the incoming crypto side and the outgoing naira side. Velocity rules, address-blacklist matching against OFAC and Chainalysis feeds, and behavioural anomaly detection.
Data protection
NDPA-aligned data handling. KYC documents stored encrypted with restricted internal access. No third-party sharing without explicit user consent or legal requirement (court order, SEC, NFIU, or law-enforcement directive).
What you should still do
Strong unique app password. Authenticator-app 2FA. Bookmark monica.cash. Never share seed phrases (Monica never asks; Monica is not a wallet and has no seed phrase to give you). Never click 'support' links from random sources.
FAQ
Does Monica hold my crypto?
No. Monica is a one-way off-ramp, not a custodial wallet. On confirmation of your onchain deposit, title to the crypto passes to Monica's treasury and Monica's obligation is the corresponding naira payment to your verified Nigerian bank account.
Has Monica been hacked?
No platform-side compromise to date.
What if my phone is stolen?
Lock account from any other device via support; the account is biometric-protected. Because Monica is not a custodial wallet, there is no user crypto balance to drain.
Is data shared?
No third-party sharing without explicit consent or legal requirement.