Written by Kelaah Fyneface

Are you tired of sharing your personal account details every time a client wants to make a payment for your business? Have you found yourself mixing up business and personal funds, leading to the painstaking task of sorting them out? 

Well, fret no more, because MoniePoint has just launched its most exciting feature yet – the MoniePoint business account! As a business owner, you can now effortlessly track your financials, make payments for expenditures, and maintain a professional image while doing so. The process of opening a business account has never been easier!

If you’re new to MoniePoint and curious about how it can transform your business transactions, you’ve come to the right place. In this article, we’ll delve into the details of the MoniePoint business account and how it can revolutionize the way you handle your business finances. Keep reading to discover the possibilities that await you with MoniePoint.

About Moniepoint

In recent years, the fintech industry has witnessed significant growth and transformation in Nigeria, providing innovative solutions to address the challenges of financial inclusion and accessibility. Among the notable players in this space is Moniepoint.

Moniepoint is a Nigerian fintech company that provides digital financial services, with a focus on facilitating seamless cash transactions and payment services. The company operates primarily through its website, moniepoint.com, as well as mobile applications for Android and iOS devices.

Moniepoint Microfinance Bank is the definitive bank for small and medium-sized businesses in Nigeria and is regulated by the Central Bank of Nigeria (CBN). Moniepoint MFB was also awarded by the CBN in 2022 as the most inclusive payment platform in the country.

Moniepoint Key features

Agent Banking: Moniepoint operates an extensive agent network that allows individuals and businesses to perform cash-based transactions through authorized agents. These agents act as intermediaries, helping customers deposit, withdraw, and transfer money in their local communities.

Mobile Money Services: The platform offers mobile money services, enabling users to send and receive money, pay bills, purchase airtime, and conduct other financial transactions through their mobile devices.

Online Payment Solutions: Moniepoint provides online payment solutions for businesses, allowing them to accept payments from customers through various channels, including the Moniepoint website, mobile apps, and QR codes.

Bank Transfers: Users can transfer funds between different bank accounts using Moniepoint’s platform, promoting financial inclusion and reducing the need for physical bank visits.

Bill Payments: The platform allows users to pay utility bills, such as electricity, water, and cable TV bills, conveniently through their website or mobile apps.

Airtime Top-ups: Moniepoint facilitates the purchase of airtime and data bundles for mobile phones, making it easier for users to recharge their devices.

The Limelight

Moniepoint Micro Finance Bank is a payment and banking platform for small and medium scale businesses in Nigeria and is regulated by the Central bank Of Nigeria. It is led by Nigerian tech entrepreneur Tosin Eniolorunda. On their official site, they posit to have worked with over 600,000 businesses with regards to banking, access to loans and business tools. They reportedly transacted over $43 billion in the first quarter of 2023 alone. 

Moniepoint is not new but navigating it can be a hassle for newbies who have just come across it. Because of their recent sponsorship of the Big Brother naija all stars season, and the subsequent adverts introducing them, you may only have recently heard of it. 

Getting Started

The registration process is easy and anyone can understand it. You simply use your email and get a verification code, then upload your BVN, set username and transaction pin. 

There are 5 levels of verification on moniepoint and the higher you go, the more money your company is able to transact on the app. 

The first level requires a face verification, residential and business address, a brief description of your business and  your business logo. Also, your business name, business category and sub category and staff size are also included. 

This can all be completed in 5 minutes and your account number will be provided! The single debit limit is N50,000, while the daily debit limit is N200,000. Also, the single credit limit is N500,000 while the daily credit limit is N500,000. You can do all these at this level of verification.

   Then If you wish to go any further, you can proceed to submit verification documents. 

8 Reasons to Choose Moniepoint

Extensive Agent Network: Moniepoint operates a vast agent network across Nigeria, making it convenient for customers to access financial services in their local communities. This agent-based approach promotes financial inclusion, especially in areas with limited access to traditional banking infrastructure.

User-Friendly Interface: Moniepoint’s website and mobile apps were designed to be user-friendly and easy to navigate. This simplifies the process of conducting financial transactions, even for individuals who may not be tech-savvy.

Diverse Financial Services: The platform offers a range of financial services, including cash deposits, withdrawals, fund transfers, bill payments, and airtime top-ups. This comprehensive suite of services caters to various financial needs of individuals and businesses.

Convenient Mobile Money Solutions: Moniepoint’s mobile money services enable users to perform transactions on the go, using their smartphones. This convenience is especially beneficial in a country like Nigeria, where mobile phone usage is widespread.

Fast and Reliable Transactions: Customers often praised Moniepoint for the speed and reliability of their transactions. Swift processing times and minimal downtime helped build trust among users.

Increased Financial Accessibility: Moniepoint’s services allowed users to access financial services beyond traditional banking hours, making it more convenient for people with busy schedules or those living in areas with limited banking facilities.

Customer Support: Positive reviews highlighted Moniepoint’s customer support as being responsive and helpful in addressing user queries and concerns.

Competitive Fees: The platform’s transaction fees were generally seen as competitive and reasonable, making it an attractive choice for cost-conscious users.

Conclusion

In conclusion, Moniepoint has emerged as a prominent player in the Nigerian fintech landscape, contributing to financial inclusion, accessibility, and convenience for individuals and businesses. Its extensive agent network, user-friendly interface, diverse financial services, and commitment to customer satisfaction have garnered positive reviews and a loyal customer base. 

As the fintech industry continues to evolve, Moniepoint’s positive features position it favorably to adapt to changing market dynamics while maintaining its focus on empowering the Nigerian population through innovative digital financial services.