In today’s post I will be discussing MoniePoint as an online banking platform, I will analyze how to open Moniepoint account including all verification processes. How to make payment using the MoniePoint app will also be added before the end of this post.
MoniePoint: what you need to know about the platform
MoniePoint can be referred to as an all-in-one payments, banking, and operations platform for businesses in emerging markets. It offers a variety of products and services to help businesses grow and succeed, even quick loan services are also available.
Coming to the history of MoniePoint, the platform was founded in the year 2015 by Tosin Eniolorunda and Felix Ike, who met and started working together after their time at Interswitch. It was originally launched under the name “TeamApt” to provide back-end services to Nigerian banks.
Today, MoniePoint is one of the leading providers of payments and banking services to businesses in Nigeria. It has over 1.5 million merchants on its platform and processes over 8 trillion Naira in transactions each month. MoniePoint is also expanding its services to other emerging markets, such as Ghana and Kenya.
How to open Moniepoint account in Nigeria and other countries
Coming to one of our main topic in today’s post, which is how to open a MoniePoint account. The process of opening Moniepoint account in Nigeria for yourself is just straightforward and can be completed by following just few simple steps.
We will analyze how to open Moniepoint account for different purposes and on different platform, wether online or app. Starting from going to the Moniepoint website let’s go into the process.
How to open Moniepoint account online using web: Personal and Business accounts
Opening a MoniePoint account online from their website involves several steps, but I will explain it in an easy steps. Let’s break down the process step by step:
Access the MoniePoint Website: Start by navigating to the official MoniePoint website using a web browser.
Click on “Open Account”:
On the MoniePoint website’s homepage, locate and click on the “Open Account” button. This action will initiate the account creation process.
Provide Personal Information:
After clicking “Open Account,” you will be given the page to fill in your personal information, which typically includes:
- Full Name
- Email Address
- Phone Number
- BVN (Bank Verification Number)
- Date of Birth
Select Account Type: Choose the type of account you want to open. MoniePoint offers both individual and business account options. Make your selection accordingly in respect to the purpose of the account creation.
Business Information (If it is a business account):
If you are going for a business account, you’ll need to provide additional business-related details, such as:
- Business Name
- Business Address
- Contact Information
- Business Registration Certificate
Review Terms and Conditions: It’s essential to carefully review the terms and conditions provided by MoniePoint. Make sure you understand and agree to the terms before proceeding.
Submit Your Application
Once you’ve filled in all the necessary information and agreed to the terms, click on the “Submit” button to create your MoniePoint account.
Confirmation Email
After submission, MoniePoint will likely send you a confirmation email to the email address you provided during registration. Check your email inbox and look for a confirmation link.
Account Activation: Click on the confirmation link within the email to activate your MoniePoint account. This step ensures that your account is officially activated and ready to use.
Identity Verification
To enhance security and comply with regulatory requirements, you’ll need to verify your identity. MoniePoint offers a Video KYC (Know Your Customer) process, which can typically be initiated from your account dashboard.
Video KYC Process
To verify your identity via the Video KYC process:
- Click on the “Verify Identity” button on your MoniePoint dashboard.
- Provide your BVN.
- Take a selfie while holding your government-issued ID.
- Record a short video of yourself answering a few simple questions.
Identity Verification Complete:
Once you’ve completed the Video KYC process, MoniePoint will verify your identity.
Start Using MoniePoint’s Services:
With your identity successfully verified, your MoniePoint account is now fully activated, and you can begin using MoniePoint’s banking services, including making and receiving payments, transferring funds, and managing your finances.
How to open Moniepoint account using their App: Personal and Business accounts
In using the app, I will also analyze the steps for creating MoniePoint account for both personal and business accounts together as the process is almost same for both. Opening a Moniepoint account using their mobile app is a straightforward process which can be completed with few steps:
- Get the App: Begin by downloading the Moniepoint app from either the Google Play Store or the Apple App Store. It’s easily accessible for both Android and iOS users.
- Sign Up: Once you have the app installed, launch it and tap the “Sign Up” button. This is the first step towards unlocking the power of Moniepoint’s banking services.
- Phone Number Verification: Enter your mobile phone number and hit the “Send OTP” button. You’ll receive a one-time password (OTP) on your phone.
- Verification: Enter the OTP you received and click on the “Verify” button. This step ensures the security of your account.
- Select Account Type: Choose the type of account you want to open. MoniePoint offers both individual and business account options. Make your selection accordingly in respect to the purpose of the account creation.
- Business Information (If it is a business account):
- If you are going for a business account, you’ll need to provide additional business-related details, such as:
- Business Name
- Business Address
- Contact Information
- Business Registration Certificate
- Personal Information: Provide your personal details, including your name, email address, date of birth, and your Bank Verification Number (BVN). This information helps Moniepoint create a secure and personalized account for you.
- Create Credentials: Set up your account by creating a unique username and a strong password. Remember to keep these credentials confidential for your account’s safety.
- Accept Terms and Conditions: Review and agree to Moniepoint’s terms and conditions, which outline the guidelines for using their services.
- Account Creation: Finally, click on the “Create Account” button to complete the registration process. Moniepoint will send you a confirmation email with a link.
- Confirmation: Open your email and click on the confirmation link. This step activates your account, allowing you to start enjoying Moniepoint’s banking features.
How to make payments with Moniepoint app and web
After you have successfully created your Moniepoint account, the next part is to start using their services. One of their main features is making payments fast with little or no extra charges. Now, let’s check out how to make payments using the MoniePoint platform.
In this section we will discuss how to make payment using the MoniePoint web and app to other MoniePoint users, banks and making payments using MoniePoint POS.
How to make payment with Moniepoint app to other users: How to send money to another Moniepoint user
To make a payment with the Moniepoint app to another user, follow these steps:
- Open the Moniepoint app on your phone.
- Tap on the Transfers button.
- Enter the recipient’s Moniepoint phone number or account number.
- Enter the amount you want to transfer.
- Tap on the Transfer button.
- Enter your PIN to confirm the transfer.
How to make payment with Moniepoint web to other users: How to send money to another Moniepoint user
To make a payment with the Moniepoint web to other users, follow these steps I analyzed below:
- Go to the Moniepoint website and log in to your account.
- Click on the Transfers tab.
- Enter the recipient’s Moniepoint phone number or account number.
- Enter the amount you want to transfer.
- Click on the Transfer button.
- Enter your PIN to confirm the transfer.
How to make payments with Moniepoint app to a bank account
To make payments with the Moniepoint app to a bank account, follow these steps:
- Open the Moniepoint app on your phone.
- Tap on the Transfers button.
- Tap on the Transfer to Bank option.
- Enter the recipient’s bank account number.
- Enter the amount you want to transfer.
- Select the recipient’s bank name.
- Tap on the Transfer button.
- Enter your PIN to confirm the transfer.
How to make payments with Moniepoint website to a bank account
To make payments with the Moniepoint website to a bank account, follow these steps:
- Go to the Moniepoint website and log in to your account.
- Click on the Transfers tab.
- Click on the Transfer to Bank option.
- Enter the recipient’s bank account number.
- Enter the amount you want to transfer.
- Select the recipient’s bank name.
- Click on the Transfer button.
- Enter your PIN to confirm the transfer.
How to make payments with Moniepoint POS
Now, let’s check out how you can make different payments using the MoniePoint POS service. Just like Palmpay and Opay, MoniePoint also features point of sales service which can be used for making payments.
To make payments with Moniepoint POS, follow these steps:
- Swipe or insert the customer’s card into the POS terminal.
- Enter the amount of the transaction.
- If the customer is using a chip card, ask them to enter their PIN.
- If the customer is using a magnetic stripe card, ask them to sign the receipt.
- Press the Enter button to complete the transaction.
Moniepoint best practices for payments: Moniepoint safety tips for payments
Moniepoint being a digital payment platform that allows users to send and receive money, pay bills, and purchase goods and services is a safe and convenient way to make payments, but there are some best practices that you should follow to ensure the security of your transactions.
Moniepoint best practices for payments:
Use a strong password and PIN. : Your password and PIN should be difficult to guess and should not be shared with anyone.
Keep your Moniepoint app up to date: Make sure to install all updates for the Moniepoint app as soon as they are available. This will help to protect your account from security vulnerabilities.
Be careful where you enter your Moniepoint information: Never enter your Moniepoint information on a website or app that you do not trust. If you are unsure whether a website or app is trustworthy, do not enter your Moniepoint information.
Be aware of phishing scams: Phishing scams are attempts to trick users into revealing their personal information, such as their Moniepoint password or PIN. Be suspicious of any emails or text messages that ask for your Moniepoint information.
Use a VPN when making payments on public Wi-Fi networks: VPNs encrypt your traffic, making it more difficult for hackers to intercept your personal information.
Moniepoint safety tips for payments:
Be aware of your surroundings when making payments with your Moniepoint card: Do not make payments in poorly lit or deserted areas.
Shield your PIN when entering it into the Moniepoint POS terminal: Do not let anyone see you enter your PIN.
Keep your Moniepoint card safe and secure: Do not carry your Moniepoint card in your wallet or purse with other credit and debit cards.
Report any lost or stolen Moniepoint cards immediately: You can report lost or stolen Moniepoint cards by calling Moniepoint customer support.
How to cancel a Moniepoint payment
In some cases you might not wish to carry on with a given transactions or payments, so how can you cancel them? So for you to cancel a Moniepoint payment, you need to contact Moniepoint customer support. You can do this by calling the customer support number, sending an email, or chatting with a customer support representative online.
When you contact customer support, you will need to provide them with some important informations. These informations can be the date and time of the payment, the amount of the payment, the recipient’s Moniepoint phone number or account number.
Then once Moniepoint has received this informations, they will investigate the payment and try to cancel it. However, it is important to note that not all payments can be cancelled. For example, payments that have already been processed by the recipient’s bank cannot be cancelled.
Here is a step-by-step guide on how to cancel a Moniepoint payment:
- Contact Moniepoint customer support by calling the customer support number, sending an email, or chatting with a customer support representative online.
- Provide Moniepoint with the following information:
- The date and time of the payment
- The amount of the payment
- The recipient’s Moniepoint phone number or account number
- Moniepoint will investigate the payment and try to cancel it.
- Moniepoint will notify you of the outcome of their investigation.
- If you are unable to cancel a Moniepoint payment, you may be able to dispute the payment with your bank. To do this, you will need to contact your bank and provide them with the details of the payment. Your bank will then investigate the payment and determine whether or not to refund you.
How to dispute a Moniepoint payment
In some cases you might encounter issues on the process of a given transaction, in most cases your funds will be withheld. In such cases the next option is to file for a dispute.
And for you to dispute a Moniepoint payment, you need to contact Moniepoint customer support directly. It is easy to do so by calling the customer support number, sending an email, or chatting with a customer support representative online.
Then when you contact customer support, you should explain details of the problem and provide them with needed informations like; the date and time of the payment, the amount of the payment, the reason why you are disputing the payment and any supporting documentation, such as a receipt or screenshot.
Once Moniepoint has received these informations, they will investigate the dispute. If Moniepoint determines that the dispute is valid, they will refund you the amount of the payment. However, if Moniepoint determines that your dispute is not valid, they will not refund you the amount of the payment.
Here is a step-by-step guide on how to dispute a Moniepoint payment:
- Contact Moniepoint customer support by calling the customer support number, sending an email, or chatting with a customer support representative online.
- Provide Moniepoint with the following information:
- The date and time of the payment
- The amount of the payment
- The reason why you are disputing the payment
- Any supporting documentation, such as a receipt or screenshot
- Moniepoint will investigate the dispute.
- Moniepoint will notify you of the outcome of their investigation.
If you are not satisfied with the outcome of Moniepoint’s investigation, you may be able to dispute the payment with your bank. To do this, you will need to contact your bank and provide them with the details of the payment. Your bank will then investigate the payment and determine whether or not to refund you.
How to troubleshoot Moniepoint payment problems: Quick tips
I will highlight few quick tips you can run on your own to troubleshoot Moniepoint payment issues before contacting their support system. SO, if you are having some problems while making Moniepoint payments, these are a few things you can do to troubleshoot the issue:
- Check your internet connection: Moniepoint payments require a working internet connection, so make sure that your internet connection is stable and that you are able to access other websites and apps.
- Restart your Moniepoint app or POS terminal: Sometimes, restarting your Moniepoint app or POS terminal can fix minor payment problems.
- Check your Moniepoint account balance: Make sure that you have enough money in your Moniepoint account to cover the payment.
- Check the recipient’s Moniepoint account balance: Make sure that the recipient has enough money in their Moniepoint account to receive the payment.
- If you are making a payment with your Moniepoint card, make sure that the card is inserted correctly into the POS terminal.
- If you are making a payment with the Moniepoint app, make sure that you have entered the correct recipient information.
- If you are disputing a Moniepoint payment, make sure to provide Moniepoint with as much evidence as possible to support your dispute.
- Contact Moniepoint customer support: If you are still having problems with Moniepoint payments, contact Moniepoint customer support for assistance.
How to receive money with Moniepoint app and web
As we have fully analyzed all you need to know about making payments with Moniepoint, let’s go into the process of receiving money or payment with Moniepoint. Firstly, I will explain how to fund your Moniepoint account, then go further to receiving money from other MoniePoint users and MoniePoint POS.
How to add money to my Moniepoint wallet
There are a few ways to add money to your Moniepoint wallet, which I will discuss all in this section. Let’s start from bank transfer which is the most common means of funding your wallet.
Bank transfer: You can transfer money from your bank account to your Moniepoint wallet using the Moniepoint app or website.
Debit card: You can add money to your Moniepoint wallet using your debit card on the Moniepoint app or website.
Cash deposit: You can deposit cash into your Moniepoint wallet at any Moniepoint agent location.
To add money to your Moniepoint wallet using the Moniepoint app:
- Open the Moniepoint app and log in to your account.
- Tap on the Wallet tab.
- Tap on the Add Money button.
- Select the payment method you want to use.
- Enter the amount of money you want to add.
- Follow the instructions on the screen to complete the payment.
To add money to your Moniepoint wallet using the Moniepoint website:
- Go to the Moniepoint website and log in to your account.
- Click on the Wallet tab.
- Click on the Add Money button.
- Select the payment method you want to use.
- Enter the amount of money you want to add.
- Follow the instructions on the screen to complete the payment.
To add money to your Moniepoint wallet at a Moniepoint agent location:
- Visit any Moniepoint agent location.
- Tell the agent that you want to deposit cash into your Moniepoint wallet.
- Give the agent the amount of cash you want to deposit.
- The agent will give you a receipt for your deposit.
How to receive money from another Moniepoint user
To receive money from another Moniepoint user like you, you will need to share your Moniepoint phone number or account number with them. They can then use the Moniepoint app or website to send you the money.
To receive money from another Moniepoint user using the Moniepoint app:
- Open the Moniepoint app and log in to your account.
- Tap on the Receive tab.
- Share your Moniepoint phone number or account number with the person who is sending you money.
- Once they have sent you the money, you will receive a notification on your phone.
- The money will be added to your Moniepoint wallet immediately.
To receive money from another Moniepoint user using the Moniepoint website:
- Go to the Moniepoint website and log in to your account.
- Click on the Receive tab.
- Share your Moniepoint phone number or account number with the person who is sending you money.
- Once they have sent you the money, you will receive a notification in your email.
- The money will be added to your Moniepoint wallet immediately.
How to receive money with Moniepoint POS
If you are are MoniePoint POS operator, maybe you just started working with the platform and you need guide on how to receive money in your POS machine we got you covered.
To receive money with Moniepoint POS, you need to follow these steps:
- Make sure that your Moniepoint POS terminal is turned on and connected to the internet.
- Ask the customer to swipe or insert their card into the POS terminal.
- Enter the amount of money that the customer is paying.
- If the customer is using a chip card, ask them to enter their PIN.
- If the customer is using a magnetic stripe card, ask them to sign the receipt.
- Press the Enter button to complete the transaction.
Moniepoint fees for sending and receiving money
In any banking platform, one of the key questions people ask is about their charges for various transactions. Thats why we actually bring this section into play, we are going to analyze all the charges you can possibly encounter in MoniePoint platform below.
Moniepoint charges the following fees for sending and receiving money using their platform:
Sending money with Moniepoint
- To other Moniepoint users: 0.5% of the amount sent, capped at N100
- To bank accounts: 0.5% of the amount sent, capped at N200.
Receiving money
- From other Moniepoint users: Free
- From bank accounts: N20 per transaction
ALSO READ: How to get MoniePoint loan
Conclusion
I believe all the informations you need about MoniePoint are covered in this post, including how to open account, verification sending and receiving money with other necessary safety tips.
Frequently asked questions about MoniePoint platform
Now, let’s check out some of the popular questions MoniePoint users ask or are likely to ask in regards to the platform transactions and features.
What is the maximum amount of money I can send with MoniePoint?
The maximum amount of money you can send with MoniePoint is N5 million per day.
Can I send money to people who don’t have MoniePoint accounts?
Yes, you can send money to people who don’t have MoniePoint accounts. However, they will need to create a MoniePoint account to receive the money.
What is the maximum amount of money I can receive with MoniePoint?
The maximum amount of money you can receive with MoniePoint is N5 million per day.
How long does it take for money to be received with MoniePoint?
Money sent to your MoniePoint wallet is usually received instantly. However, it may take up to 24 hours for the money to be reflected in your bank account if you are withdrawing the money to your bank account
