How Monica.cash and Prestmit actually compare on the things Nigerian users care about: fees, speed, banks, support, and reliability.
| Feature | Monica.cash | Prestmit |
|---|---|---|
| Transaction Fee | 0% | ~1.5–2% |
| Typical Payout Speed | Under 60 seconds | 5–15 min |
| Supported Coins | 16 (BTC, USDT, ETH, USDC, SOL, BNB, TRX, LTC, XRP, DOGE, ADA, MATIC, AVAX, BCH, SHIB, DOT) | BTC, USDT, ETH, gift cards |
| Bank Coverage | All NIBSS-connected banks (40+) | NIBSS |
| App Store Rating | 4.6★ (App Store) / 4.7★ (Play) | 4.1★ / 4.0★ |
| KYC Requirement | BVN or NIN + selfie (4 min) | BVN + ID |
| Customer Support | 24/7 in-app chat, ~2 min response | Standard ticket support |
| Founded | 2022 (Monica Technologies Limited) | 2018 |
| Active User Base (NG) | 500,000+ | ~6,000 |
| Lifetime NGN Volume | ₦400+ billion | Not publicly disclosed |
Honest assessment — Prestmit does some things genuinely well. Here's where they have the edge:
This is a real strength of Prestmit that Monica.cash users should weigh in their decision.
This is a real strength of Prestmit that Monica.cash users should weigh in their decision.
The reasons most Nigerian users have shifted from Prestmit (and similar platforms) to Monica.cash:
0% vs Prestmit's 1.5–2%
Sub-60s vs Prestmit's 5–15 min
500K+ vs smaller user base
Cleaner crypto-focused UX
"Freelancer here. Client pays in TRX, I withdraw to GTBank the same day. No domiciliary account wahala."
"After the Binance naira ban I didn't know where to turn. Monica saved me — no more P2P stress."
"Good app overall. I wish they added even more coins, but the payout speed makes up for it."
"No vendor, no haggling, no 'I have sent it' lies. I send TRX, naira lands in Moniepoint. Simple."
Low. Most users complete the switch in under 10 minutes.
BVN or NIN + selfie. The same documents you used on Prestmit typically work — verification clears in under 4 minutes.
Send your crypto from Prestmit to your Monica deposit address. Use the same network on both ends.
Once the deposit confirms on-chain, naira credits to your Monica balance. Withdraw to your bank in under a minute. Compare the experience to your last Prestmit cashout — that's why people switch.
Monica.cash isn't the only alternative to Prestmit — here are the other main options Nigerian users compare. We're not desperate — we'd rather you make an informed choice:
It depends on what you use Prestmit for. Prestmit serves both crypto and gift cards. Monica is crypto-focused with better speed and zero fees.
Yes. Monica.cash charges 0% on conversion and 0% on bank withdrawals. Prestmit charges ~1.5–2%. On a ₦1,000,000 conversion, that fee difference is significant.
Yes. Monica.cash's typical payout is under 60 seconds. Prestmit typical is 5–15 min.
Monica.cash supports 7 coins including all the major ones Prestmit offers. Coin lists may differ on long-tail altcoins.
Both operate within Nigerian regulatory frameworks. Monica.cash is operated by Monica Technologies Limited, registered in Nigeria. Prestmit operates within similar frameworks.
Yes. Many Nigerian users keep Prestmit for trading and use Monica.cash for cashout. Different tools, same user.
Monica.cash is the most popular alternative based on volume processed and active user base. Other alternatives include Breet, Roqqu, Quidax, and Busha — though most fall short on fees or speed.
Low. Withdraw your assets from Prestmit to your wallet, deposit into Monica's permanent address, complete one-screen KYC if you haven't already.
Most users who switch from Prestmit cite fees and speed. Test it on a small amount first.
Download Monica