How to Open a Moniepoint Account in Nigeria (Full Step-by-Step Guide)
The Nigerian fintech industry has grown massively over the years, and Moniepoint Microfinance Bank (MFB) has become one of the top financial service providers in the country. From easy money transfers to POS business opportunities, Moniepoint is designed to make banking simpler, faster, and more accessible to individuals and business owners.
If you have been wondering how to open a Moniepoint account, this detailed guide will walk you through everything you need to know. By the end of this article, you will understand:
What Moniepoint is all about.
- The benefits of using a Moniepoint account.
- Step-by-step instructions on how to open your account.
- How to become a Moniepoint POS agent.
- Answers to frequently asked questions.
- Let’s dive in.
What is Moniepoint?
Moniepoint is a licensed Microfinance Bank (MFB) regulated by the Central Bank of Nigeria (CBN). It provides individuals and businesses with secure and easy banking services through mobile apps, POS terminals, and web platforms.
It is popularly known for its POS agent banking services, where entrepreneurs can earn income by helping customers withdraw cash, send money, and pay bills. However, Moniepoint is not just for agents—it is also a digital banking platform that allows everyday users to open an account, receive payments, and carry out online transactions.
Benefits of Opening a Moniepoint Account
Opening a Moniepoint account comes with several benefits that make it stand out from other financial service providers.
1. Instant Account Creation
Unlike traditional banks where account opening might take days, you can open a Moniepoint account in less than 10 minutes with just your smartphone.
2. Low Transaction Fees
Moniepoint charges some of the lowest transfer and withdrawal fees in Nigeria, making it attractive for both personal and business use.
3. Business Opportunities
If you decide to become a Moniepoint POS agent, you can earn commissions on every transaction carried out on your POS machine.
4. Secure Banking
Your transactions are protected with PIN verification and two-factor authentication, ensuring your money is safe.
5. Access to Loans
Active users and business owners may qualify for loans through Moniepoint, giving them access to business capital.
6. Nationwide Reach
With thousands of agents across Nigeria, Moniepoint services are available in both urban and rural communities.
7. All-in-One App
The Moniepoint mobile app allows you to:
- Transfer and receive money.
- Buy airtime and data.
- Pay bills (electricity, TV subscriptions, water, etc.).
- Manage your POS business.
Step-by-Step Guide: How to Open a Moniepoint Account
Opening a Moniepoint account is very simple. Here’s the process explained in detail:
1. Download the Moniepoint App
- Visit Google Play Store (for Android users) or Apple App Store (for iOS users).
- Search for Moniepoint Business App.
- Download and install the app on your smartphone.
💡 Tip: Always ensure you are downloading the official app from the verified developer (Moniepoint Inc.) to avoid scams.
2. Sign Up for an Account
- Open the app and click “Create Account.”
- Provide your phone number and email address.
- An OTP (One-Time Password) will be sent to your number or email. Enter it to verify.
- This step ensures that your account is linked to your correct phone/email for security.
3. Provide Personal Information
To complete your registration, you’ll need to provide some personal details:
- Full Name (as it appears on your BVN).
- Date of Birth.
- Bank Verification Number (BVN).
- Residential Address.
- Upload a valid means of identification, such as:
-National Identity Card (NIN)
-Voter’s Card
-Driver’s License
-International Passport
- These details help Moniepoint verify your identity in compliance with CBN regulations.
4. Set Up Your Security PIN
- For security, you will be asked to create a transaction PIN.
- This PIN is important because you will need it for:
-Sending money.
-Withdrawing funds.
-Authorizing POS transactions.
-Changing account settings.
5. Get Your Moniepoint Account Number
- Once your details are verified, Moniepoint will generate a unique Moniepoint MFB account number for you.
- This number works just like any regular bank account number you can receive money from any Nigerian bank.
6. Fund Your Account
You can add money to your account in two ways:
- Bank Transfer: Simply transfer from your existing bank app into your Moniepoint account number.
- Cash Deposit: Visit a Moniepoint agent near you and deposit cash into your account.
7. Start Transacting
Congratulations 🎉 You can now:
- Transfer money to other banks.
- Pay bills and subscriptions.
- Buy airtime and data.
Apply for a POS machine (if you want to start a business).
How to Become a Moniepoint POS Agent
Apart from personal banking, Moniepoint offers an opportunity to earn income by becoming a POS agent. Here’s how:
1. Apply through the App: After opening your account, navigate to the POS request section.
2. Provide Business Information: Enter your shop/business details and location.
3. Verification: Moniepoint will verify your business address and documents.
4. Receive Your POS Machine: If approved, you will receive a POS device.
5. Start Earning: You’ll earn commissions on every withdrawal, transfer, or bill payment done through your POS.
Things You Need to Open a Moniepoint Account
Here’s a checklist of what you need before starting the process:
- Smartphone with internet access.
- Active phone number and email.
- BVN (Bank Verification Number).
- Valid ID card (NIN, Voter’s Card, Driver’s License, or Passport).
- Business information (if applying for POS).
Final Thoughts
Opening a Moniepoint account in Nigeria is fast, secure, and convenient. With just your smartphone and BVN, you can create an account, receive a bank account number, and start transacting immediately.
If you are a business owner or entrepreneur, you can also take advantage of Moniepoint’s POS services to earn commissions and grow your income.
Frequently Asked Questions (FAQ)
1. Is Moniepoint safe to use?
Yes, Moniepoint is regulated by the Central Bank of Nigeria (CBN) and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
2. Can I use Moniepoint without a POS machine?
Yes, you can use the mobile app for transfers, airtime purchase, and bill payments without having a POS.
3. How much does a Moniepoint POS cost?
The POS machine is usually provided after approval, and agents may pay a caution fee or lease arrangement depending on their business type.
4. Can I get a loan from Moniepoint?
Yes, Moniepoint offers loans to active users and POS agents with a good transaction history.
5. How long does it take to open a Moniepoint account?
The entire process takes less than 10 minutes if you have all the required documents ready.
