Moniepoint is one of the leading fintech companies in Nigeria. The main target of the company is to provide financial services to businesses and individuals in Nigeria. In this article, we will discuss how to open a MoniePoint account online and the 5 steps you can use. It is important to note that Monie Point was founded in 2015 by two Nigerians Felix Ike and Tosin Eniolorunda.
Moniepoint does not work alone. They are regulated by the Central Bank of Nigeria Deposit Insurance Corporation (NDIC). The company’s head office is located at Oyo-Ibadan Road, Idi-Agba, Ilora, in Oyo State Nigeria. Moniepoint operates like any other bank in Nigeria. When you open an account with Moniepoint, your account can accept transfer of funds, payments, payment of utility bills, purchase of airtime etc. You can also have access to a Point of Sales (POS) machine and an expense card (ATM card).
List Of Requirements Needed To Open A Moniepoint Business Account
Before considering how to open a Moniepoint account online, you must first find out and know the requirements you must meet before you can open a Moniepoint account. The following are the requirements and it is applicable for opening both individual and business accounts.
- Phone number
- Functional email address
- Bank Verification Number (BVN)
- Valid ID documents such as International Passport, Driver’s License, Permanent Voter’s Card or National Identification Number (NIN).
- Utility bill
- Business documents
How To Open A Moniepoint Account Online
All Moniepoint account openings are done online and free of charge. This is because Moniepoint is a digital financial institution. When you open a Moniepoint account, there are no hidden charges and you will not be required to keep any minimum balance in the account. You can use the steps below to open a Moniepoint account for corporate and individual use.
- To start using Moniepoint, go to the Moniepoint official website or Google Play Store or App Store to download the Moniepoint App on your phone or any device you are using.
- You need to provide an email address and phone number to be able to sign up on Moniepoint. To verify your phone number, a six-digit one-time password (OTP) will be sent to your phone number as a text message.
- The bank will request to verify your details. With this, you need to select a unique username and password, your BVN and Know Your Customer (KYC) details. The KYC details may include your legal name, residual address, and date of birth). You can now start your face and ID document verification.
Note: You are required to upload a clear and valid identification document or card. For example, you must upload a valid International passport, National Identity Number(NIN) or driving Licence.
- After submitting the above-mentioned documents, you will have to wait for your account to be verified. The Moniepoint account verification process does not take time. It takes between 24 to 48 hours for your account to be verified.
- After the verification process is complete, you can start using your account for banking transactions. You will be required to choose a transaction PIN with any four numbers of your choice you can easily remember. Once you choose the transaction PIN, the account opening process is complete, you now have a Moniepoint Business account. This means you can request loans, accept payments into your account, and transfer funds to and out of your account from anywhere in Nigeria. You can fund your account using any of the available options (Bank transfer, Debit card payment, USSD transfer and ATM transfer) and also start your normal financial transactions on Moniepoint such as buying airtime/data, paying your utility bills and transferring funds.
How To Open A Moniepoint Account Online Without BVN
You require a Bank Verification Number (BVN) as one of the criteria or requirements to meet when you are looking for how to open a Moniepoint account online, be it for individuals or businesses. Moniepoint will use your Bank Verification Number (BVN) to verify your identity, and confirm your date of birth and phone number before opening your account.
How To Open A Moniepoint Account Online For Your Business
Moniepoint has so many features and one of such features includes a POS menu. The following is how to open a Moniepoint account online for your business:
- To get started, go to Moniepoint’s official website, Play Store or App Store to download the Moniepoint app.
- Fill in your details, provide your phone number, and email address and verify your phone number with the OTP that will be sent to your phone as a text message.
- The next step is to verify your account. You can do this by selecting a unique username and password, providing your Know Your Customer (KYC) details, providing your BVN, and starting face and Identity document verification. You will be required to provide your business name and category, submit a valid document, and add a business address. After that, you can set up a business PIN that you can use to manage your account.
- The final stage is where you will be required to fund your account. You can only start transactions on your Moniepoint account when you fund the account. Congratulations you are done! you can now log in to your Moniepoint business dashboard and click on the card menu to get an expense card.
Note: You are allowed to have only one Moniepoint business account. You can also use the Moniepoint business account to manage and switch between multiple businesses.
How To Get A Moniepoint POS Terminal
A Point Of Sales (POS) terminal is an electronic device that business owners who have an account with Moniepoint can use to securely execute in-person financial transactions like ATM card payments. These activities help to improve the ease of business transactions by providing a secure, fast and easy payment method for purchases. You can follow the steps below to get a Moniepoint POS terminal.
- You can start by creating a business account using the steps mentioned above and then log in to your business dashboard and click on the POS menu.
- The next step is to request a Moniepoint POS terminal by clicking on the Add a new POS button and following the instructions that will pop up to complete the process.
- Now fund your Moniepoint account and pay for the POS. You can fund your Moniepoint business account with a minimum of #21,500 for the POS Terminal and complete the request. The sum of #21,500 you paid covers a #10,000 caution fee. #10,000 logistics fee, and #1,500 insurance fee for one year.
- You can now get your POS. Once you get to this point, you will be assigned a Relationship Manager from Moniepoint. The Relationship Manager must deliver the Moniepoint POS machine to you within 48 hours offer you training on how to use the machine, and address some questions concerning the machine that you might raise.
Rules And Regulations Of Moniepoint POS Machine
It is important we know that the Moniepoint POS has rules and regulations that must be kept. The following are the rules and regulations of Moniepoint POS machine that you must know and keep:
- The POS Terminal remains a property of Moniepoint and is owned by Moniepoint. The fee you paid is for Moniepoint to lease the terminal to you.
- Moniepoint expects your business to grow, consequently, a minimum of N80,000 daily transactions is the daily target. If your Moniepoint POS terminal transactions do not hit this target, it means your business is underperforming and you risk the POS being reassigned.
- Diligent handling of Moniepoint POS is rewarded. Moniepoint will reward you with N10,000 if the POS is returned undamaged.
- Moniepoint POS Charges and Commission Structure on funds transfers and withdrawals
- A flat rate of 0.5% per transaction for withdrawals between N1 to N20,000
- A flat rate of N100 per transaction for withdrawals above N20,000
- A flat rate of N20 for transfers
- 2% charge per airtime recharge for all networks
- No charge on bill payments
The above steps are how to open a Moniepoint business account online. When you open the business account today you will get the Moniepoint POS terminal that will help you for easy, secure and fast business transactions.