Hello, Today we’ll talk about Is Moniepoint Safe To Keep Money? Benefits Of Using Moniepoint, Moniepoint FAQs.
Moniepoint is a fintech platform that offers digital financial services like payments, transfers, loans, savings, and more. Founded in 2020 and based in Lagos, Moniepoint aims to provide accessible and affordable finance for underserved populations.
With their growing user base, is Moniepoint actually a safe place to store your money? What are the pros and cons of using Moniepoint compared to banks or other fintechs? This comprehensive guide will explore Moniepoint’s security, features, fees, and overall benefits to help you decide if it meets your needs.
Moniepoint offers a digital wallet and financial services app that lets users make payments, get loans, manage expenses, and cash out. Some key facts about Moniepoint:
- Founded in 2020 by Iniabasi Akpan and Olatunji Amusan
- Based in Lagos, Nigeria
- Backed by investors like V8 Capital, Microtraction, and SMBGF
- Over 50,000 app downloads as of 2022
- Partners with banks, lenders, and vendors to provide services
While not a bank itself, Moniepoint aims to provide accessible finance to the unbanked and underbanked in Nigeria.
Is Moniepoint Safe for Your Money?
When storing money in a digital wallet, safety should be the top priority. Here are some of the ways Moniepoint secures user funds and personal data:
- Secured platform – Bank-level encryption protects account info and transactions.
- PIN locks – User set PINs required to access app and make transfers.
- Transaction verification – Extra confirmation steps help prevent unauthorized payments.
- Balance insurance – User wallets are insured up to ₦200,000 by Leadway.
- Regulatory compliance – Adheres to data protection laws and CBN regulations.
Moniepoint also offers options to set daily spending limits, account restrictions, and other security controls. Overall, they utilize strong safety measures to secure user money and data.
Benefits of Using Moniepoint
In addition to safety, here are some of the key advantages of using Moniepoint:
- Easy access to loans – Quick emergency loans deposited directly into wallet.
- Savings tools – Fixed and flex savings options with attractive interest.
- Affordable payments – Low fees for transfers, bills, reloads, donations, etc.
- Money management – Track spending, income, expenses, and budgets.
- Card options – Request debit cards to spend wallet balance in-stores/online.
For the financially excluded or those without formal bank accounts, Moniepoint provides helpful digital financial services often at lower costs than traditional providers.
Key Features of Moniepoint
Here is an overview of the main products and services available from Moniepoint as of 2022:
Digital Wallet
- Free sign-up for a secure e-wallet
- Instantly send and receive money
- Deposit and withdraw cash at agents
- Pay bills, recharge, donate
- Request physical or virtual debit card
Loans
- Amounts from ₦500 – ₦500,000
- Emergency loans funded in under 10 minutes
- Flexible 3-12 month repayment terms
- No collateral required
Savings
- Fixed savings to lock away funds
- Flex savings for flexible deposits
- Competitive interest rates
- Low minimum balances
Wealth & Investments
- Coming soon – Invest in securities
- Access high-return investment products
- Build wealth safely and conveniently
The Pros and Cons of Moniepoint
Let’s look at some of the key advantages and potential disadvantages of using Moniepoint:
Pros
- Easy access to emergency loans
- Convenient digital banking services
- Secure money with wallet balance insurance
- Affordable payments and transfers
- Savings tools with attractive interest
- Accessible option for the unbanked
Cons
- No physical branch locations
- Relatively new company, still scaling
- Limited customer service channels
- Transaction caps and limits
- Must cash out at agents, no direct bank withdrawal
Getting Started with Moniepoint
Ready to start using Moniepoint? Here are the quick steps to get your account setup:
- Download app – Get the Moniepoint app on your Android or iOS device.
- Register account – Provide your basic personal details to register.
- Verify identity – Upload ID and proof of address for verification.
- Activate wallet – Make a deposit to activate wallet and start transacting.
- Set security – Create your app PIN and set transaction passwords.
Once your Moniepoint wallet is activated, you can start sending money, paying bills, accessing loans, and managing your finances right from the mobile app!
FAQs About Is Moniepoint Safe To Keep Money? Benefits Of Using Moniepoint, Moniepoint FAQS
Let’s look at answers to some frequently asked questions about Moniepoint services:
How do I deposit and withdraw money?
You can fund your Moniepoint wallet or cash out at any of their agent locations across Nigeria. Bring cash and your wallet ID to deposit/withdraw at a Moniepoint agent near you.
Is Moniepoint regulated in Nigeria?
Yes, Moniepoint is licensed by the CBN as an approved payment service bank. They comply with relevant financial regulations and security standards.
What can I use my Moniepoint wallet for?
You can send/receive money, pay bills, recharge airtime, pay for goods and services, request loans, save securely, budget expenses, and more.
How do I reset my app PIN or password?
In the Moniepoint app, go to Settings > Security to reset your app PIN, transaction password, or security questions as needed.
How quickly can I access loan funds?
Moniepoint provides rapid emergency loans. Once approved, funds can be disbursed to your wallet within minutes or up to 24 hours depending on amount.
Do I need a bank account to use Moniepoint?
No, you do not need an existing bank account. Moniepoint is designed for the unbanked or underbanked. Just register with your basic personal details.
Is my wallet balance insured?
Yes, user wallets are insured up to ₦200,000 by Leadway Assurance in case balances are compromised.
Can I use Moniepoint services abroad?
No, Moniepoint is currently only available for use within Nigeria. It is targeted specifically at the Nigerian market.
How old do I need to be to use Moniepoint?
You must be at least 18 years old with valid ID to independently register and use a Moniepoint personal wallet.
Is there a cost to use Moniepoint?
Signing up is free. Most transfers, payments, and standard wallet usage are free. Interest and fees apply for services like loans, savings, and virtual card.
Conclusion
Moniepoint provides helpful digital financial services, microloans, payments, and money management tools – especially for those without formal bank access. While still a newer platform, their safety standards, growing user base, and focus on financial inclusion make Moniepoint an appealing fintech option.
For those looking for an easy and affordable way to transact digitally, borrow, or save, Moniepoint brings secure financial capabilities to your mobile phone. However, users should be aware of transaction limits as a newer provider. But overall, Moniepoint enables underserved Nigerians to safely access essential financial services.
Moniepoint offers digital financial services and microloans for the underbanked through its mobile app and wallet. With security features like PIN locks, transaction verification, and balance insurance, Moniepoint provides a relatively safe way for users to save, spend, borrow and transact digitally.
Key benefits include easy access to emergency loans, affordable payment fees, competitive savings interest, and convenient mobile money management. While Moniepoint is still scaling, its focus on financial inclusion provides helpful services for those without formal bank access.
Users should be aware of limits as a newer fintech provider. But Moniepoint enables underserved populations to safely access essential digital financial services all through their mobile phone. For an easy and secure way to manage money digitally, Moniepoint presents a promising fintech option.
After reading this blog you know about Is Moniepoint Safe To Keep Money? Benefits Of Using Moniepoint, Moniepoint FAQs.
