Many people prefer sending money from their Moniepoint Account to their traditional bank account in Nigeria because of the security the traditional bank is providing for larger sums of money.
These Banks have more robust security and more CBN and NDIC- capital measures in place compared to mobile money platforms.
Deposit Money Banks (DMBs)'s Bank accounts usually offer greater trust and regulations to access some certain features and services compared to Moniepoint accounts.
This could include things like business loan, domiciliary account, credit cards, and check writing. These festures cannot be seen on Moniepoint banking services.
Hence, account holders would prefer transferring money to their local bank accounts to transferring money to Moniepoint Account due to strong regulatory policies and accountability.
However, transferring money from Moniepoint to a bank account allows you to take advantage of these functionalities.
Furthermore, Bank accounts can be used for saving or investing purposes. Transferring money to a bank account could be a way to park funds for future use or to take advantage of investment products offered by banks.
Unlike Moniepoint Account, you can use it to manage your daily finances such as payment of bills, make payment and debit card's withdrawal or web purchases.
Sending Money from Moniepoint to Bank Account
There are three different methods you can transfer money from your Moniepoint account to any other bank accounts in Nigeria:
- Send Money via Moniepoint USSD Transfer Code.
- Moniepoint In-app's Outward Transfer.
- Using Moniepoint POS Terminal
Using Moniepoint USSD Transfer Code
To transfer money from your Moniepoint account to a bank account via USSD, start by dialing *5573# with your registered phone number on your mobile phone. From the menu that appears, choose the option for "Transfer." Next, enter the amount of money you want to send. Then, select the option for "Transfer to Bank Account."
You will then need to provide the recipient's bank details, including the bank name and account number. Double-check all the information carefully, ensuring that both the amount and the recipient's details are correct. To confirm the transaction, enter your Moniepoint PIN. If the transaction is successful, you will receive a confirmation message with the transaction details.
Transfer through Moniepoint's Mobile Banking App
To transfer money from your Moniepoint account to a bank account through the mobile banking app, begin by downloading the Moniepoint App. If you haven't already, download the Moniepoint mobile app from the Google Play Store or Apple App Store.
Once the app is installed, log in to your account by opening the app and entering your credentials. If you don't have an account yet, you'll need to sign up. After logging in, navigate to the transfer section of the app. This section might be labeled "Send Money," "Transfers," or something similar.
Next, select the option for a bank transfer. You will then need to provide the recipient's details, including the bank name, account number, and possibly their name. Enter the amount of money you wish to transfer and review the details you have entered to ensure everything is correct.
Finally, confirm the transfer. Follow any additional prompts to complete the process, which might include entering your PIN or confirming via SMS. Once completed, the transfer should be processed, and you will receive a confirmation message.
Using Moniepoint POS (Point of Sale) Terminal
To transfer money from your Moniepoint account to a bank account through Moniepoint POS, start by visiting a Moniepoint agent. Go to a Moniepoint agent location equipped with a POS terminal.
Once there, provide the transfer details to the agent. You will need to give the agent the recipient's bank name, account number, and the amount you want to transfer.
Next, pay the amount you wish to transfer. You can either pay the agent in cash or use the balance from your Moniepoint wallet.
Finally, confirm the transaction. The agent will process the transfer on the POS terminal and provide you with a receipt as confirmation.