Moniepoint Registration: How to Open an Account with Moniepoint, How To Use Moniepoint App for Payments, Sending and Receiving Money

Moniepoint Signup and Registration

Decades back, one cannot seem to find a means of transacting without using physical cash. Today, things have changed. With Microfinance banks like Moniepoint, one can transact deals with a person who lives kilometers away. With just an OTP message, a deal is as good as done. Although even as we are living in a technologically savvy world, some are still unaware of the doors opened to them by Moniepoint MFB.

What is Moniepoint? How does one open an account with Moniepoint? How does one use Moniepoint for sending and receiving money? These and many more answers would be provided in this article.

Moniepoint is an international business payment and banking platform. The sole aim of this bank is to help small and medium-scale organizations. They do this by providing equal access to the tool they want to grow their business.

Moniepoint Signup and Registration: How to Create a Moniepoint Account

We have seen what Moniepoint is all about. Now, let’s take a look at how one can open a Moniepoint account for free.

Step 1: Enter the Website

Just like any registered platform, Moniepoint is a recognized money-based platform that allows users to register from any part of the country. Visit Moniepoint’s official webpage to create your account. Also, when registering do well to enter your personal email address and mobile phone number.

Step 2: Enter your Information

Information is required to get along with the next process. The details of your personal life would be included in the registration form for the Moniepoint app. Also, you would be asked to enter your email address and phone number too. Before the last stage of registration, Moniepoint would ask you for your OTP (One Time Password) verification.

Step 3: Verification

After your information has been collected, you would be asked to verify your account. Provide your Bank Verification Number (BVN) and your Identity information so you can be verified. Also, you can then provide your PIN and be asked to enter your KYC details.

Step 3 usually poses a problem to people whenever they want to know how to open a Moniepoint account. Sometimes you would be rejected because of identity issues resulting from the unclear camera during identity verification, expired documents, etc.

To mitigate this issue, the following tips have been provided:

Do not use expired certificates or documents when registering

Use legally recognized ID such as NIN ( National Identity Number), BVN (Bank Verification Number), PVC (Permanent Voters Card), International Passport, etc.

Use a very sharp camera when taking photos of your documents

Make sure all the edges of the certificate are included when taking photos of the image.

Requirements for Opening an Account with Moniepoint

1. Your personal Bank Verification Number.

2. A browsing device that connects online.

3. A legal document confirming your Identity (e.g. Permanent Voters Card, Bank Verification Number, National Identification Number, International Passport, Drivers License, etc).

If the above documents are ready, your account can be created in the comfort of your room. All you need to do is to complete the steps on how to open a midpoint account above. If you have a fast connection it’s going to take you 5 minutes to complete the registration form.

READ THIS: How To Open An OPay Account Without A BVN

How to Use Moniepoint App for Receiving Payment

Here, we would look at the ways in which we can receive and send money from Moniepoint to other account

Step 1: Launch your app.

Moniepoint just released their app earlier this year. As a result of this, there has not been a high turnout of people using the app. Rather they prefer the POS terminal. Anyways, when using the app to receive funds, you open the application! When you open the app, if it’s outdated, update immediately. After updating, you launch the app on your Android or IOS device.

Step 2: Accept Transfers

Once the update is done, do well to open the app. After opening the app, the first information to pop out is “Transfers Available”. You’ll see an ‘Accept’ button, tap ‘Accept’.

Step 3: Share your account number

Your account number would appear on the next screen. You can only receive money to that account when people send money to that account number. As a business owner, you should use it as an opportunity to make money. Ask customers to make a transfer to that account number, you’ll receive a credit beep immediately with the app!

Step 4: Choose to Accept

Once money has been transferred, you’ll be asked to either accept or reject the transaction. Accept your transaction immediately.

Step 5: Input Details

After accepting you would see the transaction details and the amount. The transaction details may include the sender’s bank, personal name, amount, and account number.

How to Use Moniepoint to Send Money

Step 1

Launching your app is the first stage of making payments to a person or organization.

Step 2

Tap ‘Transfer’. This is found at the top of the home screen. This icon helps Moniepoint know that their customer is about to perform a transaction.

Step 3

Input the details of the transaction. This includes a person’s account number and bank details.

Step 4

Tap on ‘Send’.

Step 5

Complete the transaction and input your 4 digits PIN.

Voila! There you go on how to use Moniepoint to make payment. Also, you follow the same step when you’re about to pay for your utility bills, airtime, cable TV, and so on.


How much does it cost to get Moniepoint?

To obtain the Moniepoint POS, one needs to pay N21,500. When you request the POS machine, you’ll get the terminal within 2 days.

What is another name for Moniepoint Bank?

Moniepoint was formerly known as TeamApt Inc. This name was coined by the owner, Tosin Eniolorunda in 2015. Its main aim was for providing solutions to small and medium-scale businesses.

How much is the Moniepoint atm card?

The ATM card cost N1500. N1000 for the issuance fee and N500 for the logistics fee. After your request, this card would be delivered to you in 2 days.

How much does Moniepoint charge for N20,000?

Moniepoint has a staple charge of ½% of the amount within N1 to N20,000 for withdrawal. But if any amount is above N20,000, they charge N100.

What bank does Moniepoint MFB use?

Moniepoint is licensed by the Apex body, the CBN.

How much is Moniepoint target per day?

The daily target for Moniepoint is N70,000 transactions per day. If a merchant fails or does not meet this target more than 2 times, Moniepoint may take his POS machine.


Moniepoint has made it easier for customers in Nigeria to send and receive payment. The advent of fintech organizations such as Moniepoint, it had helped the country during periods of cash crunch. Moniepoint too plays a key role in getting access to credit facilities. For example, a trader who is looking to boost his sales can borrow some funds from Moniepoint for advertisement. With low-interest charges, Moniepoint is one to reckon with in the microfinance industry.

Today’s highlight has been the use of Moniepoint in everyday transactions. The Microfinance bank is making things easier for low, medium, and large-scale entrepreneurs for them to engage in the same level playing field. The article above shows the gradual step how one can take in opening an account with Microfinance MFB. Also, it features the steps one can engage in for everyday transactions like sending and receiving payment. Try them out and tells us your feedback!

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