Moniepoint Business Account Requirements

Here are the eligibility criteria and documents required to open/create/register a Moniepoint Business Account.

Moniepoint Business Account Requirements

In April 2024, the CBN restricted five fintechs (including Moniepoint, OPay, PalmPay, Kuda and Paga) to pause onboarding new customers as part of efforts to fight frauds in the banking industry. However, in June same year, the apex bank lifted the restrictions and since the, these fintechs have tighten their requirements for opening an account. Infact, Moniepoint, PalmPay and Kuda Bank downgrade many users account to Tier 2 and request for re-submit of their proof of address. CBN believes these Fintechs Accounts are being used by Nigerians to carryout Crypto-related activities that are manipulating FX market - causing the naira's free fall. Upon the CBN's lift of restrictions, the apex bank directed all the five fintechs to to strictly collect and store their customers data so that it can be easily provided in future in case of anything. To open business account on Moniepoint in 2024 depends on Level in which you want your account to stay. The last level is the business Level - a…

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Founded Mainwave Digital Media, Temmy Samuel is a financial advisor and journalist, blending financial expertise with storytelling skills to simplify complex financial topics for readers and clients alike. Learn More About Temmy Samuel

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