In just two years of operation, Monica has grown into one of Nigeria’s most trusted fintech platforms, winning the confidence of more than 350,000 users and processing over ₦150 billion in payouts. With this level of success, it is no surprise that the company has attracted acquisition offers from both local and international firms. Yet despite multiple opportunities, Monica has turned them all down. The reason is clear. The company is determined to remain proudly Nigerian and to continue delivering zero-fee payments to its users.
Monica has built its reputation on instant conversions from cryptocurrencies such as USDT, Bitcoin, and Ethereum directly into naira without charges. For creators, freelancers, and small businesses who rely on every naira earned, this innovation has provided relief from the costly deductions of traditional systems. The company believes that accepting an acquisition at this stage would put that promise at risk.
“We have received offers that many would consider attractive, but for us this is not about a quick payout,” said the CEO of Monica. “Our mission is to protect the interests of Nigerians who trust us. Selling now would compromise our commitment to zero-fee transfers and take the product away from the community we built it for.”
While many startups in Africa choose mergers or acquisitions as a path to survival, Monica has opted for independence. The leadership team believes that the company’s current trajectory supports a much larger vision, one that could see Monica valued at between 50 million and 100 million dollars in the near future. More importantly, independence allows the company to maintain control of its direction and ensure that its services remain affordable.
“Our focus is not on the money being offered by others,” the CEO explained. “Our focus is on the millions of Nigerians who depend on us. We are proudly Nigerian, and we intend to keep building solutions that give people financial freedom without extra costs.”
The company’s commitment goes beyond maintaining its current services. Monica is preparing to open its blockchain node APIs to other startups, giving Nigerian developers the infrastructure to create new fintech solutions without the heavy costs of building from scratch. By keeping its operations local and accessible, Monica is positioning itself not only as a service provider but also as an enabler of broader innovation.
“Our journey has just begun,” the CEO added. “We are not here to exit quickly. We are here to inspire Nigerians with a homegrown success story that competes globally while staying true to its roots. That is what guides every decision we make.”
By rejecting acquisition deals, Monica has made a bold choice that benefits its users directly. Nigerians can continue to enjoy instant, zero-fee payments while trusting that the platform remains committed to serving their needs, not outside interests. The decision also reinforces Monica’s proudly Nigerian identity at a time when many local startups choose foreign buyouts. For its users, this independence is not only a matter of principle but a guarantee that financial freedom will remain the heart of Monica’s mission.
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