Start: Beta in Q4 2022 | Public in Q2 2023
Place: Platform: Monivest.ng
Status: ✅ Built

💡 Overview

A secure, cooperative-first digital financial core for all Monivest members — designed to bring real-time banking, cooperative equity, savings, credit, and earnings visibility into one wallet. This backend system powers every layer of Monivest’s platform — from pig farming investors to catfish shareholding members and BNPL customers.

⚙️ Features

• Wallet & Ledger: Fund, send, withdraw, or earn from cooperative-linked earnings

• Transaction History: Real-time visibility of all cooperative movements

• Cooperative Shareholding View: Track earnings, dividends, and project participation

• Loan Tracking: Monitor loan approvals, repayments, interest, and penalties

• BNPL Integration: BNPL cycle management for local essentials

• Automated Settlement Engine: Profit-sharing and dividend disbursement auto-executed quarterly

• Diaspora Access: Diaspora members can view/shareholder returns, top up accounts, and vote in AGMs

📊 1. Adoption Snapshot

• Over 28,000+ verified wallet accounts activated

• ₦127M+ in processed cooperative member transactions (as of July 2025)

• Over 2,800 dividend disbursements via wallet since 2023

• 98.3% satisfaction score at the 2024 AGM member survey

🧠 2. Tech Stack (Under the Hood)

• Frontend: Laravel (Blade templating, Inertia.js)

• Backend: Node.js + PostgreSQL

• Hosting: Cloud-hosted w/ 99.9% uptime SLA

• Security: AES-256 encrypted, two-factor authentication (2FA), biometric login for mobile

• Settlement Engine: Integrated with CBN-licensed settlement rails and Monivest share pools

• USSD Layer: Now live — fund your wallet directly via short code across major telcos

🔐 3. Data Rights & Governance

• Members can export their full transaction and shareholding data

• Built on principles of data minimization and consent

• Compliant with the Nigeria Data Protection Act (NDPA) 2023

• No sale or sharing of user data with third parties without explicit consent

🌍 4. Offline & Rural Access

• USSD Wallet Top-Up: Accessible on feature phones — no internet required

• Agent Pilot (2026): Physical community agents to support withdrawals and onboarding

• Solar Kiosk Roadmap: Slated for rural states to power wallet access in off-grid zones

• SMS Notifications: For every wallet transaction, share credit, or loan approval

🔄 5. Open Banking & Interoperability

• NQR & NIBSS ready: Enables future payment and interwallet linkages

• Diaspora corridors mapped for remittance-linked top-up integration (UK, UAE, Canada)

• Ready for integration with national BVN/NIN, Cooperative Registries, and SME Credit Bureau APIs

• API planned for use by 3rd-party cooperatives or NGOs to plug into the wallet engine

🏢 6. Regulatory Structure & Issuing Entities

• Wallet infrastructure issued and maintained by Monivest Financial Systems Ltd

• Fund settlement and savings infrastructure via licensed partners:

  • 9PSB (Nigerian Postal Payment Service Bank)

  • Palmpay (mobile payments and merchant cash-in/out)

  • The Alternative Bank (Formerly Jaiz Bank) — for ethical, Islamic-compliant infrastructure

• Deposits are held in regulated institutions; wallet balances are not directly NDIC-insured

• Cooperative wallet use governed by the Monivest Member Charter & Financial Policy 2023

📅 7. Roadmap (2025–2026)

• Q4 2025: Offline USSD upgrade to support airtime purchase, utility bill payment

• Q1 2026: Diaspora Wallet Top-Up with FX onboarding (UK/UAE corridors)

• Q2 2026: Monivest Member Marketplace (Buy from farmers, repay with wallet)

• Q3 2026: Smart Contract-based dividend disbursement engine

• Q4 2026: Fully interoperable mobile app with plug-and-play share investment modules

🔎 Bonus: Differentiators

• Single Wallet for Real Assets: From pigs to cassava, all cooperative earnings are visible here

• Real Cooperative Ownership: Every wallet reflects member equity, project history, and yield

• Not Just Fintech — Real Economy: This wallet connects digital finance to fish farms, agro inputs, and project site data