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The name Monica most possibly is the latinized version of the ancient Greek name "MONOIKA" which is the feminine form of the name "MONOIKOS", an epithet of Herakles. MONOIKOS HERAKLES was worshipped as a god protector of the sea travellers in the Greek colony of "MONOIKOS LIMHN" (Monoeci Portus, Monoecus), which is now know as "Principality of Monaco". (The Phocaeans of Massalia founded the colony of Monoikos in the 6th century B.C.E.)
The name derives from the words "MONOS" and "OIKOS", "single house".

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References: Strabo, Obidius, Stef. Byzantios, http://en.wikipedia.org/wiki/History_of_Monaco#Early_history_and_Ligurian_settlement