Monica enters our coverage as the second-largest venue we track
Monica is live on AfriFlux with $166.12M in attributed stablecoin deposits across 1,074,251 deposits since March 2024. It enters directly behind Quidax and ahead of Busha, and it is larger on its own than every other off-ramp we track combined.
- $166.12M
- Lifetime deposits
- 1,074,251
- Deposits
- 1.44×
- Every other off-ramp combined
- 22.3%
- Of the market this week
since March 2024
$155 average
$166.12M against $115.25M
$4.22M, second behind Quidax
Monica is live on AfriFlux with $166,118,606 in attributed stablecoin deposits, moved through 1,074,251 deposits since March 2024.
It enters the ranking in second place — behind Quidax at $265.43M, ahead of Busha at $139.08M.
The scale is the news
Monica is a Nigerian crypto-to-naira off-ramp. It has no exchange, no card business at scale, no B2B settlement arm. It converts stablecoins to naira and pays out to bank accounts.
On that one motion it has moved more than every other off-ramp in our coverage put together: $166.12M against $115.25M for Spenda, Breet, Azza and Paj Cash combined.
The book is retail-shaped, not concentrated. 1,074,251 deposits at a $155 average. A million-deposit venue does not get there on a handful of desks.
It is still accelerating
Monthly attributed deposits, 2026:
- March — $11,996,012
- April — $13,979,743
- May — $14,275,446
- June — $15,221,170
- July — $17,619,258
- August — $16,466,554 (to the 30th)
Six months, and only one of them down. July is the largest month Monica has ever done.
What we are not claiming
Monica has publicly described ₦500bn processed all time. We are not reconciling to that and could not — it is a different measurement of a different layer, over a longer period than we cover, and it includes flow that never touches a public chain.
What we can say is what we can independently observe: since March 2024, $166.12M in stablecoins and a separate $42.5M in native crypto, on five chains, from addresses we have attributed and can re-derive.
Monica is flagged Partial history. The company is older than our coverage of it, and the coverage page states the exact month each chain begins. Nothing before March 2024 is claimed.
The full breakdown — chain mix, counterparties, sweep behaviour and the native book — is in the research report.
Method
Attributed customer stablecoin deposits for Monica across the five chains it operates on, from the first observed deposit on 21 March 2024 to 30 August 2026. Deposit-side only — excludes withdrawals, transfers between venue-controlled addresses, and all off-chain activity. Monica is flagged Partial history: the company predates our coverage and we make no claim about activity before March 2024. The off-ramp comparison is against the other four venues in our off-ramp category over their own full coverage windows. Native (non-stablecoin) crypto flow is measured separately and is not included in this figure.
How attribution works →Cite this
Free to cite with attribution. No embargo, no approval needed.
AfriFlux (2026). Monica enters our coverage as the second-largest venue we track. Published 31 August 2026. https://www.afriflux.xyz/feed/monica-enters-at-number-two
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz