Moniepoint Signup: How to open Moniepoint account, How to make payments with Moniepoint app

About Moniepoint

Moniepoint is a digital lending platform owned by R.J. Michaels Africa Plc. It commenced operations in Nigeria in 2018 and obtained a microfinance banking license in 2021.

Moniepoint offers personal loans from 5,000 to 500,000 Naira to individuals along with business loans via its quick online application process.

As of 2022, Moniepoint had served over 300,000 customers with over 30 billion Naira in loan disbursals. The company is backed by pan-African private equity firm, Investment One Financial Services.

Benefits of Moniepoint Account

Benefits of having a Moniepoint loan account include:

Quick access to emergency funds and financing
Low interest rates starting from 1.33% per month
Loans up to 500,000 Naira
Customizable loan tenures up to 1 year
Zero paperwork or physical visits required
Free credit report from CRC
Earn referral bonuses

Step By Step Guide To Open Moniepoint Account

Install the App

Download the Moniepoint app from iOS App Store or Android Play Store

Account Registration

Click Sign Up and enter your phone number. An OTP will be sent.

Create a password. Enter personal details like name, DOB, education etc.

Account Verification

Submit your valid means of ID proof and house address proof for verification.

Your account will be verified within 2 working days.

Apply for Loan

In Loans section, tap Apply, select loan amount and tenure, share requested info and submit.

Get Approval

Loan approval decision is generally instant based on various eligibility parameters.

Loan Disbursal

The approved loan amount gets instantly credited to your linked bank account.

Documents Required for Verification

Key documents required for Moniepoint verification are:

Valid means of ID (national ID, passport etc.)
Utility bill or postpaid mobile bill (for address proof)
Passport size photograph
Last 3 months bank account statement

How to Make Loan Repayments via Moniepoint

Moniepoint loan Repayments involve:

Scheduled repayment dates for EMIs mentioned in loan agreement
Repayment reminders via email and text message before due date
Pay easily via bank transfer, debit cards, bank branch or agents
Option for early repayment through app without foreclosure charges
Reflects instantly when repayment made and next EMI reduces

How Much Can I Borrow From Moniepoint

Loan amount offered to first time borrowers is usually on the lower side starting from 5,000 or 10,000 Naira and going up to 100,000 Naira based on eligibility.

For repeat borrowers with good credit history, loan amount of 500,000 Naira can be accessed.

How Quickly is The Money Disbursed

Once approved, loan amount is credited real-time directly to your linked bank account generally within a few minutes up to few hours at max.

FAQs on Moniepoint Signup: How to open Moniepoint account, How to make payments with Moniepoint app

Here are some answered FAQs on Moniepoint Signup: How to open Moniepoint account, How to make payments with Moniepoint app.

How old should I be to open Moniepoint account?

You need to be at least 18 years old to be eligible to sign up for a Moniepoint loan account.

What network can I use Moniepoint on?

Moniepoint’s mobile app works seamlessly on all mobile network operators in Nigeria on both Android and iOS smartphones having basic internet access.

Can I repay my loan before the tenure date?

Yes, early repayment through pre-payment is allowed by Moniepoint without any kind of penalty or extra charges.

How soon after closure of one loan can I get another?

A 7-15 days cooling period is ideal between closure of an old loan and application for a fresh loan.

Does Moniepoint have any physical branches?

No, currently Moniepoint does not have any branch locations or physical access points. Everything happens digitally via app and online.

What type of loans does Moniepoint offer?

Moniepoint offers personal loans ranging from emergency loans, payday loans, consumer loans, festival loans etc.

How many live loans can I have together?

You can only have one active loan from Moniepoint at any point. Old loan closure is needed to get another.

Can I link multiple bank accounts?

Currently, only one bank account can be linked with your Moniepoint loan account for smooth verification and loan disbursal-repayment.

Is there any customer service number I can call?

Yes, Moniepoint has published helpline numbers on its website and app which borrowers can call for any assistance.

How do I provide feedback or complaint?

You can directly contact Moniepoint customer support via in-app chat or email. Written complaint can also be sent to registered office address.

What happens if I miss repaying my EMIs?

Late payment charges apply if EMIs are missed or delay. It also negatively impacts your credit score on Moniepoint.

How do I check my loan application status?

Within Moniepoint app, go to My Loans section to check real time status of your submitted loan application.

Supported Payment Options on Moniepoint

Moniepoint allows you to pay for a wide range of services including:

Airtime and data bundles
Cable TV subscriptions
Electricity bills
Betting and lottery
Toll payments
Taxes and levies
Insurance premiums
School fees
Loan repayments
Church offerings
And many more

Transaction Limits and Charges

Moniepoint imposes caps on payments for risk management:

Daily transfer limit – ₦200,000
Maximum per transaction – ₦100,000
Total monthly volume – ₦2 million
Fees paid by merchants, not customers
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Does Moniepoint work without internet?

No, you need an active internet connection on your phone to use the Moniepoint app and make payments.

Can I receive money into my Moniepoint account?

Currently Moniepoint only allows you to make payments. Inward receipts of money are not enabled.

Is there a charge for failed transactions?

No, Moniepoint does not charge users for any failed or unsuccessful payment transactions.

Can I pay customs duties and taxes?

Yes, Moniepoint has integration with Nigeria Customs Service for convenient imports duty payment.

How do I reset my Moniepoint PIN?

Go to Profile > Settings > Reset PIN option. An OTP will be sent to your registered mobile number to complete reset.

Can I use Moniepoint on iPhone?

Yes, Moniepoint app can be downloaded and used on both Android and iOS devices.

Conclusion

Signing up for Moniepoint account enables quick access to collateral-free personal loans basis eligibility.

Minimal documents, real-time disbursal and flexible repayments make it convenient.

Manage your loan completely via the Moniepoint app.

After reading this blog you know about Moniepoint Signup: How to open Moniepoint account, How to make payments with Moniepoint app. Read how to delete a moneypoint account.