Open a Moniepoint account online today. Moniepoint, founded in 2015 by two Nigerians Tosin Eniolorunda and Felix Ike, is one of Nigeria’s leading fintech companies providing financial services to individuals and businesses in Nigeria.
The fintech company is insured by NDIC and regulated by the Central Bank of Nigeria, and its Head Office is at Oyo-Ibadan Road, Idi-Agba, Ilora, Oyo, Nigeria.
A Moniepoint account like any other bank account can accept payments, transfer funds, purchase airtime/data, pay for utility bills and in addition grant you access to an expense card(ATM card) and Moniepoint POS machine.
Requirements to Open a Moniepoint Business Account
The following are required to open a Moniepoint account for business or individual use.
- 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
Moniepoint is a digital financial institution thus opening a Moniepoint account is done entirely online and free of any charge. Also, there is no minimum balance required and no hidden charges.
To open a Moniepoint account online for individual or corporate use please follow the steps below:
Step 1. Download Moniepoint app
Visit Moniepoint’s official website or the Play Store or App Store to download the Moniepoint app and get started.
Step 2. Sign up
Provide your email address and phone number and verify your phone number with a six-digit code (OTP) sent to your phone number as a text message.
Step 3. Verify your details
Select a unique username & password, then provide your BVN and KYC details (legal name, residential address, and date of birth) and start face & ID document verification.
Note; upload a clear and valid identification document or card such as driving licence, international passport or National Identification Number (NIN)
Step 4. Submit and wait for your account to be verified.
The Moniepoint account verification process can take up to 24 to 48 hours.
Step 5. Start Banking transactions
Choose a transaction PIN with any four numbers of your choice. And you are done, you now have a Moniepoint Business account. With a Moniepoint Business account, you can easily accept payments, request loans, and more from anywhere in Nigeria.
Fund your account via the available options (Bank transfer, ATM transfer, Debit card payment or USSD transfer) and start financial transactions on Moniepoint such as transfer, buying airtime/data or paying utility bills.
How to open a Moniepoint account without BVN
To open a Moniepoint account for individual or business use requires a Bank Verification Number (BVN). Moniepoint uses your Bank Verification Number to verify your identity, confirming your date of birth and phone number.
How to open a Moniepoint business account
Moniepoint business account comes with some additional features such as a POS menu. To Open a Moniepoint business account follow the steps below;
Step 1. Download Moniepoint app
Visit Moniepoint’s official website or the Play Store or App Store to download the Moniepoint app and get started.
Step 2. Fill in your details
Provide your email and phone number and verify your phone number with an OTP.
Step 3. Verify your account
Select a unique username & password. Provide your BVN and KYC details and start face & ID document verification.
Provide your business name and category, add a business address and submit a valid document for the business.
Set up a business PIN for managing your account.
Step 4. Fund your accounts
Fund your Moniepoint account to start financial transactions. Congratulations You’re done! Login to your Moniepoint business dashboard and click on the Card menu to get an expense card
Note: You can only have one Moniepoint business account. With one Moniepoint Business account, you can easily manage and switch between multiple businesses. Read Also; How to open an Opay account.
How to get a Moniepoint POS Terminal
A POS terminal is an electronic device that allows business owners to securely execute in-person financial transactions, such as ATM card payments. This improves the ease of business transactions by providing a secure, fast and easy payment method for purchases.
To get a Moniepoint POS terminal follow the steps below:
Step 1. Create a Business account
Create a Moniepoint business account via the steps stated above then log in to your business dashboard and click on the POS menu.
Step 2. Request for a Moniepoint POS Terminal
Click on Add a new POS button and follow the instructions to complete the process.
Step 3. Fund your Moniepoint account and pay for the POS
Fund your Moniepoint Business Account with a minimum of ₦21,500 for the POS Terminal and complete the request. The ₦21,500 covers a ₦10,000 caution fee, ₦10,000 logistics fee, and ₦1,500 insurance fee for 1 year.
step 4. Get your POS
You will be assigned a Relationship Manager from Moniepoint. The Relationship Manager will deliver the Moniepoint POS machine to you within 48 hours, offer training on its usage, and address any queries.
Moniepoint POS Rules and Regulations
The following rules about Moniepoint POS machines are worth knowing;
- 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
Open a Moniepoint business account today and Get a Moniepoint POS terminal for easy, secure and fast business transactions.