Moniepoint Microfinance Bank | Free POS Application & Loan

Moniepoint Microfinance Bank is swiftly growing constantly. With this article, you’ll learn more about the bank, how it works, Moniepoint POS, Moniepoint loans, charges, and interest rates. Without further ado, let’s dive in.

What You Should Know About Moniepoint Microfinance Bank

Moniepoint Microfinance Bank is a good bank for small and medium-sized businesses in Nigeria and is managed by the Central Bank of Nigeria (CBN). Moniepoint controls the largest distribution network for financial services in Nigeria. Over 33 million people are using their cards at their POS terminals available across every local government in Nigeria.

Moniepoint Microfinance Bank has its headquarters in Oyo State, Nigeria along with 33 support offices in different states. Moniepoint got its license in February 2022 and so far, it has helped over 3 million people and businesses with banking, access to loans, business management tools, and payment processing.

Due to the easy transactions brought by Moniepoint, businesses using the Moniepoint platform, process about 8 trillion Naira monthly. This demonstrates their commitment to ensuring that businesses on the Moniepoint platform get access to all the help they need to grow their business.

Moniepoint Microfinance Bank is controlled by a team of veteran bankers and technologists who work hard to provide the most seamless and secure experience for everyone using their platform.

How Does Moniepoint Work

Moniepoint functions similarly to other microfinance banks. You can perform financial transactions at Moniepoint with little to no stress at all, you can also borrow personal and business loans from Moniepoint. Begin by creating an account here.

Services Rendered by Moniepoint

Several products and services are offered by Moniepoint below are the most popular ones.

POS services
Sending money
Settlement of debts
Payment of bills
Receiving money
Giving loans
Recharging of lines
Making transfers

Let’s discuss in detail two of the common services rendered by Moniepoint, there are Moniepoint POS services and Moniepoint loan

Moniepoint POS Machine

Moniepoint uses Point Of Sale machines to carry out financial transactions similar to what other companies do, companies such as Opay, UBA, Kudi, Momo Agent, Access Clossa, etc.

Moniepoint POS is a business initiative launched by a startup Fintech company in Nigeria and currently, they are investing to expand to other parts of Africa.

How You Can Apply for a Moniepoint POS Machine in Nigeria?

Below are the qualifications for those who want to get a Moniepoint POS machine:

Must be above 18 years of age
Own a smartphone and reside in Nigeria.

Requesting For Moniepoint POS Machine

If you meet the requirements listed above, you can begin by creating an account by contacting a Moniepoint distributor through this number 08117390242. With a sum of N28,000 (twenty thousand Naira only), you can get a Moniepoint POS device within 24-48 hours.

Moniepoint will then confirm and contact new users who just signed up within 48 hours. You can also visit their physical address to complete your registration.

The following documents will be required as part of your KYC (Know your Customer) policy once you’ve been mapped as an aggregator

A valid Identification Card (International Passport, NIN, Voters’ Card, or Driver’s License)
Utility Bill (waste bill, electricity bill, land-use change, water bill, or tenancy agreement)
BVN
CAC documents (for registered businesses only)
Moniepoint policies about the use of their POS machines.
POS Terminals purchased On “RENT” are expected to be in Use Daily, Else It’ll Be Retrieved from the Agent
Moniepoint POS is not for sale I.e. (It remains the property of the company)
Moniepoint’s Daily target is 50k withdrawals per day, from Monday to Saturday. Or weekly performance must not go below 150k or else the POS will be retrieved from you.
Refund of POS when returned is 10,000 naira
Agent must agree to return the POS when not in use anymore (in case if the agent quits POS business or any other financial problem).

Moniepoint POS Charges and Commission

The volume of transactions via the terminal determines the charges by Moneipoint POS. But as a starter guide, here are some of the commissions and charges by Moniepoint POS.

With withdrawals between N1-N20,000, Moniepoint POS charges only 0.5% of the transaction amount.
For transactions above N20,000, Moniepoint charges a flat rate of N100 (charges may change at any time.
For transfers, Moneypoint POS charges a flat rate of N20.

For Data Top-Up:

MTN 3% commission
Glo 4% commission
9Mobile 4.5% commission
Airtel 4% commission

For TV Subscription:

DSTv 2% commission
GOTv 2% commission
PHCN 2% commission
Star Times 2% commission

Moniepoint Loan

Moniepoint does not require any paperwork or collateral to give out loans. You can get short-term loans with a flexible payback option along with low-interest rates, devoid of embarrassment and hidden fees.

To apply for a Moniepoint loan, you will need a registered phone number, a valid means of identification, and a valid bank account. You can apply for such loans using their official website or mobile app.

Those Eligible for a Moniepoint Loan

Below are the criteria a person will have to meet

You must not be less than 18 years old
You must ensure that you have a validated Moniepoint account.
You must be a citizen of Nigeria or be living in Nigeria with a legitimate form of identification such as a Voter’s card, Passport, or National ID card.
You must have an active phone number
Must have a bank account with one of Nigeria’s reputable institutions.
You must have a good and reliable source of income or a business that brings in consistent income.
You must have a solid credit history. This is determined by the credit score algorithm used by Moniepoint.
For businesses, you must have registered your business with the Nigerian Corporate Affairs (CAC).
Your business or company needs a bank account with a reputable Nigerian bank.
The company’s credit history is determined by the Moniepoint credit score algorithm.
You must have registered your business with the Nigerian Corporate Affairs (CAC).

How to Apply for a Moniepoint Loan

Applying for a Moniepoint loan through the mobile app requires you to download the app from the Google Play Store. Create a Moniepoint Account, Request for a Loan, Submit Your Application, Get Approved and Paid.

Moniepoint Loan Interest Rates

Moniepoint interest rate for personal loans is between 5% and 20%, and for small businesses, loans are between 2.5% and 10%.

Frequently Asked Questions (FAQs)

Which bank owns Moniepoint?

TeamApt’s business bank, Moniepoint is fully licensed by NDIC and is PCI-DSS certified. TeamApt provides multi-channel payment, credit, insurance, and other financial solutions to businesses, including agents and banks.

Is Moniepoint a bank or wallet?

Moniepoint provides an all-in-one payments, banking, and operations platform for businesses and their customers.

Is Moniepoint licensed by CBN?

Moniepoint MFB is a CBN-licensed Microfinance Bank, and as such, we are a deposit-taking financial institution.

What is a Microfinance bank?

Microfinance Bank (MFB) is any company licensed by the Central Bank of Nigeria CBN to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer, and non-financial services to microfinance clients.

Who owns Moniepoint?

Tosin Eniolorunda is the CEO of Moniepoint which is a top fintech company in Nigeria established in 2019. It is owned and powered by Moniepoint MFB Limited, a Microfinance Bank in Nigeria fully licensed by the Central Bank of Nigeria (CBN).

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