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Moniepoint is a Microfinance Bank (MFB) that's offering both online and physical banking to Nigerians. Through wide networking POS agents, Moniepoint can render financial solutions to many unbanked communities in Nigeria.
Moniepoint also offers personal and business banking apps to cater for personal financial management and business financial management. Moniepoint business app can also be used by its POS agents to carry-out and manage their day-to-day operations.
However, in this article, we will delve deeply into Moniepoint queries and solve some common problems users are encountering on the payment platform.
Like OPay and PalmPay, Moniepoint is another online payment platform that's widely accepted in Nigeria. Hence, there's everyday FAQs and complaint that users are logging. These are what we're going to be tackling in this article. Let's dive in without much Ado.
How to open Moniepoint Account
Opening a Moniepoint Account is simple. The thing is that what type of Moniepoint Account do you wish to open?
If you're confused whether to open Moniepoint Personal Account or Business Account, then I will ask you these questions; what documents do you currently have available and what features do you want from Moniepoint?
Once you're able to answer these questions within yourself, then you can decide the type of Moniepoint Account that's suitable for your need.
Nevertheless, I'm going to dive into Moniepoint Account opening requiremnts, documents needed to open individual account and business account and features that are available on both accounts.
Requiremnts to open Moniepoint Accounts
Here are the requirements, criterias and documents needed to create an account on Moniepoint.
Moniepoint Personal Account
- Bank Verification Number (BVN)
- Working Mobile Number (+234 Nigeria)
- NIN or National ID Card or Voter's Card or International Passport
- Any valid Utility Bills to validate your home address
- Lastly, you must be 18-years and above to open Moniepoint Account.
Moniepoint Business Account
Every documents and criterias required in Moniepoint Personal Account will be required in Moniepoint Business Account. However, these will only get your business account to Tier 2 which is limited in daily transactions.
To upgrade your Moniepoint Business Account, you will need to submit your business name registration certificate such as CAC and proof of your business/company address.
Once all these documents are provided, you're set to create and use Moniepoint Business Account.
Meanwhile, all these requirements does not necessarily affect agents because once an agent get Moniepoint POS, all transactions limit will be managed via the POS terminal. You can also manage POS operations via the business app.
In a nutshell, agent will submit all the required documents and information to Moniepoint at the processing of requesting for the POS, that's why the requiremnts for opening Moniepoint Business Account doesn't affect POS Account.
Features of Moniepoint Accounts
Here's the comparisons of Moniepoint Personal Account and Business Account.
| Feature | Personal Account | Business Account |
|---|---|---|
| Withdrawal Fees | Free (via card) | 0.5% of transaction amount for N1 to N20,000 |
| Flat rate of N100 for transactions above N20,000 | ||
| Transfer Fees | Flat rate of N10 | Flat rate of N20 |
| Cashback | Up to N20 on withdrawals | |
| Up to N5 on transfers | ||
| Airtime Purchase Fees | 2% for all networks | 2% for all networks |
| Bill Payment Fees | No charges | No charges |
| Maximum Sending Limit | N1,000,000 at a time | N5,000,000 at a time |
| Maximum Receiving Limit | Unlimited | Unlimited |
| Debit Card | Yes | Yes |
| Point-of-sale (POS) | No | Yes |
| Customer Support | Yes | Yes (High Priority) |
Opening Moniepoint Accounts
Follow these steps to open Moniepoint Accounts.
Personal Account
There are three different ways of creating a Moniepoint Personal Account; via Moniepoint personal banking app, via Moniepoint online portal and via Moniepoint accredited agents.
Via Moniepoint Personal Banking App:
- Open Google play store on your Android device. For iPhone users, open iOS app store on your smartphone.
- Use the search bar to find Moniepoint Personal Banking App.
- Download and Install the App
- Open the app and click on Create Account
- Fill in the required details and submit necessary documents to complete the account registration.
- Visit www.moniepoint.com in your device's web browser.
- At the top of the page, click on Personal and sign up
- Follow the onscreen prompts to complete the registration processes.
Via Moniepoint Agents:
- Visit any Moniepoint accredited agent in your Community
- Tell him/her that you want to open a Moniepoint Account
- The agent will help you with account creation and debit card collection.
Business Account
Moniepoint Business Account can also be created through three methods; Moniepoint Business Banking App, Moniepoint Online Registration Portal and through accredited agents.
To register an account via app, go-to your phone apps store and search for Moniepoint Business Banking App, download it and start the registration process.
You can also visit online portal to register an account. Just click on Business and Sign up on the Moniepoint online portal.
As for the agent registration, it's the same with opening of personal account. You just need to tell the agent that you're opening a business account. The agent will help you will all the required processes and how you can get your debit card and POS machine.
How much is Moniepoint POS Machine in Nigeria
According to press release published on Moniepoint official website, the Moniepoint POS terminal is priced at N21,500. Within this total cost, N10,000 serves as the caution fee, another N10,000 is allocated for logistics, and N1500 is designated for annual insurance coverage.
So, when you have these amounts secured, you can go ahead and request/get your Moniepoint POS. Here's how to get the POS machine: login to your Moniepoint Business Account and click on POS under Channel Menu. Now, tap on "Request New POS" and fill in your delivery address in the next page.
When all the request processes have been completed and you've confirmed your order that there's no mistake or error, click on proceed and the N21,500 will be deducted from your business account. Upon registration completed, you'll promptly be paired with an exclusive Relationship Manager courtesy of Moniepoint.
Click on "Select RM" for further information on your designated manager. Within 48 hours, your Relationship Manager will deliver the POS terminal to your location, provide comprehensive training on its operation, and address any inquiries you might have.
How to calculate Moniepoint Charges?
Moniepoint implements a straightforward fee structure for transactions. For withdrawals ranging from N1 to N20,000, a flat rate of 0.5% of the transaction amount applies, while transactions exceeding N20,000 incur a fixed fee of N100.
Additionally, transfers attract a flat fee of N20. Moreover, Moniepoint offers cashback incentives to Business Owners (BOs), granting up to N20 cashback on withdrawals and N5 on transfers.
As for airtime purchases across all networks, a uniform fee of 2% is applied. Notably, bill payments do not incur any charges, providing users with a cost-free option for managing their bills.
Does Moniepoint reverse Money?
Yes, Moniepoint reverse Money. If your card withdrawal is declined on the Moniepoint POS and you're debited, the Money will be reversed back to your account within 24 hours.
In addition related situation, if you received money to your POS terminal and you forget to the transaction on the terminal, the money may be reversed if it reaches the maximum time to be reversed if the fund is not accepted.
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