Is Moniepoint legit? Moniepoint Review

Moniepoint has emerged as a leading financial institution in Nigeria, providing a comprehensive suite of services to support businesses of all sizes. Their all-in-one platform caters to the diverse needs of entrepreneurs, offering payment processing, financial management tools, and other banking solutions.

This post will answer the budding question, “Is Moniepoint legit?” we will cover Moniepoint review.

What is Moniepoint and How Does it Work?

Moniepoint is a Nigerian fintech company that provides a suite of financial services to businesses, including payment processing, loans, and business management tools. The company's mission is to help businesses grow by providing them with the tools and resources they need to succeed.

Moniepoint's flagship product is its mobile point-of-sale (POS) device, which allows businesses to accept card payments from their customers. The POS device is easy to use and can be connected to a smartphone or tablet. Moniepoint also offers a variety of other payment solutions, such as online payments and mobile wallets.

In addition to payment processing, Moniepoint also provides loans to businesses. The company's loans are designed to help businesses finance their growth and expansion. Moniepoint also offers a variety of business management tools, such as accounting software and invoicing software.

Moniepoint Features and Benefits

Here are Moniepoint Features and Benefits:

• Easy to use: Moniepoint's products and services are easy to use and understand, even for businesses that are not familiar with technology.
• Affordable: Moniepoint's products and services are competitively priced, making them a good option for businesses of all sizes.
• Convenient: Moniepoint's products and services are convenient to use, with many features that can be accessed from a smartphone or tablet.
• Wide range of services: Moniepoint offers a wide range of financial services to businesses, including payment processing, loans, and business management tools.
• Cashback Rewards: Moniepoint frequently offers cashback rewards and discounts on transactions, incentivizing users to make payments through the platform.
• User-Friendly Interface: The app's intuitive and easy-to-navigate design makes it accessible to a broad range of users, even those with limited technical expertise.
• Security: Moniepoint prioritizes user safety by employing advanced security measures to protect financial information. Users are confident in the platform's ability to safeguard their transactions.
• Agent Network: Moniepoint's extensive network of agents across Nigeria ensures that users have convenient access to its services, particularly in regions with limited banking infrastructure.
• Customer Support: Responsive and helpful customer support is readily available to assist users with any issues or questions they may encounter.

Requirements to Become Moniepoint POS Agent

To become a Moniepoint POS agent, you'll need to meet the following requirements:

• Be a citizen of Nigeria with a valid government-issued ID
• Have a verifiable residential address in Nigeria
• Possess a Bank Verification Number (BVN)
• Have a valid email address and phone number
• Have a registered business with a business name, certificate of registration, and tax identification number (TIN)
• Secure a physical business location that is accessible to customers
• Provide adequate security measures for the POS terminal and cash handling
• Maintain a dedicated customer service line
• Have a decent credit record and no criminal history
• Pay an initial deposit of N20,000 for the Moniepoint POS terminal
• Have sufficient working capital to cover daily transactions and maintain a float

How to Apply for Moniepoint POS Machine

Applying for a Moniepoint POS machine involves two main steps: opening a Moniepoint business account and funding your account to cover the cost of the POS terminal. 

Step 1: Open a Moniepoint Business Account

• Go to their website and click on the "Get Started" button.
• Select the "Business Account" option on the next page.
• Enter your business name, business type, industry, and registration number.
• Fill in your personal details, including your full name, date of birth, phone number, email address, and BVN (Bank Verification Number).
• Enter your business address and residential address.
• Review the information carefully and click on the "Submit" button to complete your business account registration.

Step 2: Fund Your Account and Request POS Terminal

• Login to Your Moniepoint business account using your registered email address and password.
• Click on the "Fund Account" option and choose your preferred funding method to deposit a minimum of N21,500. This amount covers the cost of the Moniepoint POS terminal and initial transaction float.
• Once your account is funded, click on the "Request POS Terminal" option and fill out the required form.
• Choose a Relationship Manager (RM) from the list provided. The RM will be responsible for delivering the POS terminal to you and providing further guidance.
• Submit the POS terminal request form and wait for the RM to contact you.
• Once the RM confirms your request and processes the necessary paperwork, they will deliver the Moniepoint POS terminal to your business location. They will also provide you with training on how to use the POS terminal and manage your transactions effectively.

How to Download the App

For Android devices:

• Open the Google Play Store on your Android device.
• Search for "Moniepoint" in the search bar.
• Select the "Moniepoint" app from the search results.
• Tap the "Install" button.
• Once the installation is complete, you can open the Moniepoint app and start using it.

For iOS devices:

• Open the App Store on your iOS device.
• Search for "Moniepoint" in the search bar.
• Select the "Moniepoint" app from the search results.
• Tap the "Get" button.
• Enter your Apple ID password or authenticate with Face ID or Touch ID.
• Once the download and installation are complete, you can open the Moniepoint app and start using it.

Moniepoint Charges

Moniepoint charges a variety of fees for its services. Here is a breakdown of the current charges:

Withdrawals:

• N0 - N1,540: N10
• N1,541 - N20,000: 0.65% of the transaction amount
• N20,001 - N49,999: N130 flat fee
• N50,000 - N99,999: N150 flat fee
• N100,000 - N500,000: N200 flat fee

Deposits:

• All deposits: N20 flat fee

Maximum transaction limits:

• Single withdrawal limit: N500,000
• Single deposit limit: N300,000

Please note that these charges are subject to change at Moniepoint's discretion.

Is Moniepoint Legit? 

Yes, Moniepoint is a legitimate microfinance bank licensed by the Central Bank of Nigeria (CBN). It is a secure and reliable platform for businesses and individuals to access financial services, including payment processing, financial management tools, and other banking solutions. Moniepoint has a strong reputation in Nigeria and has been recognized for its innovative approach to financial services.

FAQS

How reliable is Moniepoint?

Moniepoint is a reliable financial technology company operating in Nigeria. It is regulated by the Central Bank of Nigeria (CBN) and holds the necessary licenses and approvals to provide financial services in the country. 

Is Moniepoint approved by CBN?

Yes, Moniepoint is approved by the Central Bank of Nigeria (CBN). The company holds a Payment Service Provider (PSP) license from the CBN, which allows it to provide a range of financial services, including payments, withdrawals, and deposits. 

Which bank is Moniepoint affiliated to?

Moniepoint is not affiliated with any particular bank. It is a stand-alone financial technology company that partners with a network of banks to provide its services.

Does Moniepoint give cash back?

Yes, Moniepoint does offer cashback rewards on some transactions.

Conclusion

Moniepoint has established itself as a reliable and trustworthy financial partner for businesses in Nigeria. Their comprehensive suite of services, coupled with their commitment to affordability and security, makes them an attractive option for entrepreneurs seeking to streamline their operations and grow their businesses.