How to open Moniepoint business account and the perks that actually matter
Knowing how to open a Moniepoint business account is important for any business owner who wants to manage finances efficiently. The account can be opened through the Moniepoint Business App, without physical bank visits or initial formal business registration. Key benefits include a fast and reliable Point of Sale (POS) system, quick and assured settlement of funds, and access to business loans.
Source: UGC
TABLE OF CONTENTS
- Key takeaways
- How to open a Moniepoint business account in Nigeria
- Moniepoint business account requirements
- What are the benefits of a Moniepoint business account?
- How do I log into my Moniepoint business account?
- How to open a Moniepoint business account online?
- How to open a Moniepoint business account without BVN?
- How to open a Moniepoint business account with USSD code?
- What is the difference between Moniepoint and Moniepoint Business?
Key takeaways
- To open a Moniepoint business account, you must download the Moniepoint app and register.
- The account can be opened quickly and does not initially require business registration with the Corporate Affairs Commission (CAC).
- Documents needed to open a Moniepoint business account include a phone number, email and BVN/NIN for verification.
- Moniepoint offers key benefits such as no hidden fees, instant transaction notifications, and 24/7 support.
How to open a Moniepoint business account in Nigeria
A Moniepoint business account is a mobile banking service that lets businesses accept payments, pay bills, and manage finances easily. Opening a Moniepoint business account in Nigeria is a straightforward process that can typically be completed without visiting a physical bank branch. Here is a simple step-by-step guide on how to open a Moniepoint business account:
Source: UGC
- Download the Moniepoint Business app from Google Play, Apple App Store, or visit their website and click “Sign Up.”
- Enter your email and phone number and verify the phone number with the OTP sent to you.
- Provide your BVN or NIN, date of birth, and nationality to confirm your identity.
- Set a username, password, and a four-digit transaction PIN for your account.
- Complete KYC and face/ID verification by uploading a valid government-issued ID and verifying your face.
- Enter your business name, business address, and residential address along with your source of revenue and PEP status.
- Review all details and attest by clicking the “I Attest” checkbox to confirm your information.
- Once done, your account will be successfully created, and you will see a screen pop-up with your account details and transaction limits.
Moniepoint business account requirements
To open a business bank account on Moniepoint, you will need documentation related to both the business entity and the individuals who own or manage it. The general requirements for opening a business bank account in Nigeria typically include:
Source: UGC
- A functional mobile phone number linked to your BVN and a valid email address.
- Your Bank Verification Number (BVN) or NIN.
- A smart device with internet access (a smartphone or computer).
- A valid government-issued ID, such as an international passport, driver’s license, Permanent Voter’s Card (PVC), NIN, or a residence/work permit for foreigners.
- A utility bill or similar document to verify your address.
What are the benefits of a Moniepoint business account?
A Moniepoint business bank account offers several features designed to foster business growth, improve financial management, and provide seamless operations for small and medium-sized enterprises. Key benefits include:
Source: UGC
- Highly reliable POS: Moniepoint's POS machines are known for their speed and reliability, with a high transaction success rate.
- Multiple payment options: Businesses can accept various payment methods, including card payments, bank transfers, and mobile payments, to serve more customers.
- Instant settlement: Businesses receive funds from transactions immediately, which improves cash flow and eliminates waiting periods.
- Fake alert detection: The system is equipped to detect fraudulent alerts, providing additional security for merchants.
- Access to loans: The account offers access to business loans and working capital, helping businesses expand their operations.
- Reasonable charges: Moniepoint’s transaction charges are competitive and can decrease as a merchant completes more transactions.
- Business expense cards: Dedicated expense cards allow for efficient and transparent management of business spending, with the ability to set limits and track in real-time.
- Streamlined operations: The system automates many tasks, such as sales tracking and reporting, freeing up time for business owners.
- Real-time reporting: Provides instant access to transaction data and sales analytics, enabling informed, data-driven decisions.
- Quick account opening: A business account can be opened quickly and easily through the app, initially without needing formal CAC registration.
- Good customer care: Users have frequently highlighted the quality of Moniepoint's customer care support, which is accessible through various channels.
- Business management app: The integrated Moniebook app helps manage sales records, inventory, and staff, further streamlining business operations.
- Multi-channel integration: For businesses with both physical and online sales, Moniepoint can integrate different payment channels for a cohesive experience.
Source: UGC
How do I log into my Moniepoint business account?
To log into your Moniepoint business account, open the Moniepoint Business app and sign in using your credentials. You will need to enable location access for security purposes.
How to open a Moniepoint business account online?
To open a Moniepoint business account online, you will need to download the Moniepoint Business Banking app and follow the in-app instructions, which will require you to provide both your personal and business details to complete the registration process.
How to open a Moniepoint business account without BVN?
You cannot open a Moniepoint business account, or any formal bank account in Nigeria, without a Bank Verification Number (BVN).
How to open a Moniepoint business account with USSD code?
You cannot open a Moniepoint business account using only a Moniepoint USSD code. The USSD service is designed for performing transactions and accessing certain account details after an account has already been created.
What is the difference between Moniepoint and Moniepoint Business?
Moniepoint Business is a banking platform for registered companies, while Moniepoint (Personal) is a financial service for individual use.
Understanding how to open a Moniepoint business account helps you set up your business banking quickly and with little stress. The process is simple, requiring basic documents such as your BVN or NIN, a valid ID, and proof of address. Some of the benefits associated with the account include fast verification, no hidden fees, full control over your finances, instant transaction alerts, and 24/7 business support.
DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
Legit.ng recently published an informative post about the Opay USSD codes for balance, transfer, data and how to activate. The mobile money platform allows customers to complete most transactions without the Internet through their USSD service.
Since 2018, Opay has been enhancing its customer service. The Opay USSD code enables a range of banking transactions, including money transfers, airtime and data purchases, withdrawals, and more. Read on to discover all Opay USSD codes for convenient transactions.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
