If you are unable to make a transfer or use your Moniepoint ATM Card and see the error message "Restricted Account" on your Moniepoint account, there are several potential reasons for this restriction.
These Reasons Includes:
1. Fraudulent Inflow
Your account might have received a suspicious or fraudulent inflow, which can trigger an automatic restriction for security reasons. In this case, both outward transfer and card usage will be restricted. Now, you should understand that financial institutions often have systems in place to detect and prevent fraudulent activities, and an unusual transaction can prompt these security measures.
2. Exceeding Account Limits
Every Moniepoint account is subject to certain transaction limits based on the KYC (Know Your Customer) level. If you exceed the transaction limits associated with your current KYC level, your account and card will be restricted in compliance with CBN (Central Bank of Nigeria) regulations. These limits are set to ensure safe and regulated financial transactions.
3. KYC Issues
Incomplete or outdated KYC information can also result in account restrictions. KYC processes are crucial for verifying the identity of customers and ensuring that financial institutions comply with legal requirements. If your KYC information is not up-to-date, it can lead to restrictions on your Moniepoint Card and Account.
How to Avoid and Fix Account Restrictions
To avoid Moniepoint account/card being restricted/blocked due to transaction or account limit issues, it is essential to ensure that your KYC is upgraded to Level 3. Here’s how you can do it:
- Provide Accurate Documentation: Submit all necessary documents required for KYC approval. This typically includes a valid government-issued ID, proof of address, and possibly additional information depending on the financial institution's requirements.
- Update Information: Make sure all your provided information is current and accurate. Outdated or incorrect information can lead to delays or restrictions.
- Follow the Upgrade Process: Follow the detailed instructions provided by Moniepoint to upgrade your KYC level. This may involve visiting a branch or uploading documents through an online portal.
Upgrading your KYC to Level 3 will remove transaction limits and prevent further restrictions, allowing you to use your Moniepoint account seamlessly. For Moniepoint Business Account, here are the KYC requirements.
Here are the simple step by step guides to open a Moniepoint Personal Banking Account with full access. By following these steps, you can ensure your Moniepoint account remains unrestricted and fully functional.
FAQs
How to get Money out of a restricted Moniepoint Account?
To get money out of a restricted Moniepoint account, you need to address the underlying cause of the restriction. This involves resolving any issues related to fraudulent inflows, ensuring you have not exceeded transaction limits by upgrading your KYC (Know Your Customer) level, and updating any incomplete or outdated KYC information. Once the KYC is approved and the restriction is lifted, you will be able to access your funds and make transfers from your Moniepoint account.
How can I withdraw money from my Moniepoint restricted card account?
To withdraw money from your restricted Moniepoint card account, you need to resolve the issue causing the restriction, including fraudulent activities, exceeding account limits and kyc issues. Once these issues are addressed and your KYC is upgraded, the restriction will be lifted, you now be able to withdraw money from your Moniepoint account and use your Card without any restrictions.