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 - also known as Corporate Account (Available Only on Moniepoint Business).
While there are three (3) KYC Levels on the Moniepoint Personal Account, there are five (5) KYC Levels on the Moniepoint Business Banking Account. Each Levels with different requiremnts and transactions limit.
Requiremnts to open Moniepoint Business Account
To open a Moniepoint Business Account in 2024, here are the eligibility criteria and documents needed for you to submit:
- NIN and BVN: However, ensure your details such as full legal names and dates of birth are corresponding on these documents. If not, you can modify your NIN on the NIMC website or visit your Bank to modify your BVN.
- Next of Kin: Your must submit your Next of Kin details such as the person's full legal name, date of birth and phone number. It can be any of your parents, friends, spouse or siblings.
- Proof of Address: You'll be required to submit/upload your proof of address. Ensure that the address matches the one you input in your Moniepoint Business Account. Moniepoint accept utility bills such as water management bills, electricity bill e.t.c., and rent agreement. However, if you're providing a utility bill, it must be dated within the last 3 months.
- Sign an Indemnity Agreement: Signing an indemnity agreement, also sometimes called a hold harmless agreement, is essentially agreeing to take financial responsibility for certain things that might happen during the course of a contract or agreement. It's important to read an indemnity agreement carefully before you sign it. You should understand what you're agreeing to be responsible for. If you're unsure about anything, it's always a good idea to consult with a lawyer.
- Submit your Business Registration Details: Next, you'll be required to submit your business registration details which includes RC Number (Registration Certificate Number) and Business Legal Name for Approval. Moniepoint only accept the following documents for business details approval;TIN (Tax Identification Number), Memorandum and Articles of Association, Board Resolution, CAC (Corporate Affairs Commission) Documents and Attestation.
- Be at least 18 years old: Lastly, you must be at least 18 years old to be eligible to open a Moniepoint Account. At the time this article is published, Moniepoint hasn't been offering account opening for Kids.
After meeting all these eligibility requiremnts and submitted all the required documents, Moniepoint will review your business account application and get back to you with 24 business hours. Your account status (approved or disapproved with reason) will be stated via your registered email address.
Moniepoint Business Account Levels and Limits
Like I said earlier, Moniepoint offers 5 Levels (Tiers) of Business Account, depending on your availability of documents. These Levels have different requiremnts and transactions limitations.
You maybe wondering that why would someone wants to open a Moniepoint Business Account if he/she doesn't have a registered business/company.
Many people open Moniepoint Business Account because they want to use it to manage their Moniepoint POS Business. The Moniepoint POS Business Account cannot be manage on Personal Account.
Meanwhile, it's not compulsory to have a business certificate to get, use and manage Moniepoint POS Account. However, recent regulatory by authority has mandated that all POS agents nationwide to register their POS business with CAC.
Here are the Moniepoint Business Account Levels and Limits:
Level 1
Moniepoint Level 1 let you send and receive upto N300,000 max in your account per day. You can only send and receive upto to N50,000 at a time.
You'll be at this Level when you open your Moniepoint Business Account. /
To upgrade to Level, you'll be required to submit/upload your Bank Verification Number (BVN) and National Identification Number (NIN).
Level 2
In Level 2, your Moniepoint Business Account will be limited to N100,000 per transaction and N500,000 transactions limit per day. Furthermore, your accumulated balance is fixed to N500,000 Max and you can only receive N500,000 at a time.
However, to increase/upgrade limit to Level 2, you'll be required to provide your Next of KIN details in addition to your BVN and NIN.
Level 3
This account level offers unlimited daily transactions; meaning there are no restrictions on credit transactions. However, the amount you can transfer per is limited is N5,000,000, and the daily debit limit is N25,000,000.
To upgrade to this level, you will need to provide the following: Proof of residential address and your Indemnity form signed.
Level 4
At this level, you have unlimited daily transactions. Your transfer limit is N10,000,000, and your daily transfer limit is N25,000,000.
To upgrade your Moniepoint Business Account to KYC Level 4, you need to provide your business registration type, supporting documents such as CAC certificate, business registration names review, and Attestation.
Level 5
At the final level, Level 5, you have unlimited single and daily credit limits. However, the single debit limit is N100,000,000, and the daily debit limit is N250,000,000. To upgrade to this level, you must complete an internal business registration document review.