If you run a shop, online business, small company or other type of business in Nigeria, keeping your business money separate from your personal finances can make it much easier to track sales and expenses.
A Moniepoint Business Account is designed for this purpose. Moniepoint says its business account can be opened online and allows business owners to manage their finances from their phones.
You do not need to visit a bank branch to begin the registration process. The current Moniepoint process involves signing up, verifying your phone number, providing your identity information and completing the required KYC checks.
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Here is how to create one.
What You Need Before Opening a Moniepoint Business Account
Having your information ready can make the registration process easier.
According to Moniepoint’s current account-opening instructions, you should be prepared to provide:
- A working phone number
- An accessible email address
- Your NIN
- Your personal and residential details
- Your business details
- Your source of revenue information
- Your PEP status
- Information required for identity and face verification
Moniepoint’s current signup instructions specifically ask new users to confirm their NIN and complete face verification during registration.
For higher KYC levels, additional information may be required. Moniepoint’s KYC guidance says Level 1 requires a correct BVN or NIN, while further levels can require additional identity, address and verification information.
How to Create a Moniepoint Business Account
You can register through the Moniepoint Business app or through the web option provided by Moniepoint.
Step 1: Download the Moniepoint Business App
Install the Moniepoint Business app on your smartphone.
Moniepoint also provides a web option for starting the signup process. Its current support documentation directs users to the Business app or atm.moniepoint.com to begin registration.
Make sure you are using the official Moniepoint application rather than an unofficial app or link shared by someone else.
Step 2: Select “Sign Up”
Open the app and select Sign Up.
You will be asked to provide information needed to start your account registration.
Step 3: Enter Your Phone Number
Enter a phone number that you can access.
Moniepoint will send an OTP to the number for verification.
Enter the OTP sent to your phone to confirm that you control the number.
Avoid using another person’s phone number because you may need access to it for account verification and security purposes.
Step 4: Set Your Passcode and Transaction PIN
You will be asked to create security credentials for your account.
Create a strong passcode and transaction PIN that you can remember but that other people cannot easily guess.
Do not share your PIN or OTP with anyone, including someone claiming to be a Moniepoint representative.
Step 5: Confirm Your Nationality and NIN
The current Moniepoint registration process asks you to select your nationality and confirm your National Identification Number (NIN).
Make sure the information you provide is accurate.
Incorrect personal information can create problems during KYC verification.
Step 6: Complete Face Verification
Next, you will need to complete Moniepoint’s face verification process.
This is part of the identity verification procedure used when opening the account.
Follow the instructions displayed in the app and make sure your face is clearly visible during the verification process.
If the verification fails, check that you have good lighting, a stable internet connection and that your camera is working properly before trying again.
Step 7: Enter Your Address and Business Information
You will then provide your residential address and business information.
Moniepoint’s current instructions require users to provide details about their business, including the business address.
Enter your details carefully.
For example, if you operate a physical shop, provide the correct information about where the business operates rather than entering random details simply to complete registration.
Step 8: Provide Your PEP Status
Moniepoint also asks users to confirm their Politically Exposed Person (PEP) status during the account-opening process.
Answer this question accurately based on your circumstances.
Step 9: Provide Your Source of Revenue
You will also be asked about your source of revenue.
This information forms part of the account’s KYC and compliance process.
Provide truthful information about how you earn money through your business.
Step 10: Review Your Information and Attest
Before completing registration, carefully review the information you have provided.
If everything is correct, confirm the required attestation and submit the registration.
Moniepoint says that after successful completion, your account details and applicable transaction limits will be displayed.
Do You Need CAC Registration to Create a Moniepoint Business Account?
Not necessarily for the initial signup.
Moniepoint’s current account-opening process allows a user to create a business account and then complete different KYC levels depending on the information and documentation provided.
However, a registered business account is different.
Moniepoint states that business owners who want to upgrade to a Registered Business KYC level must provide business registration details and supporting documents.
These can include:
- Business registration type
- RC number
- Legal business name
- TIN
- CAC documents
- Memorandum and Articles of Association
- Board resolution
- Attestation
The exact documents required can depend on the type of registered business and the KYC level.
What If You Don’t Have a CAC-Registered Business?
You can still start the Moniepoint business-account registration process without assuming that you must already have a CAC certificate.
However, if you need the features and limits associated with a registered business account, you may need to complete the relevant business registration and KYC requirements.
Moniepoint also currently offers CAC business-name registration through its Business Banking app.
This can be useful for entrepreneurs who are operating a business but have not yet registered the business name.
What Are the Moniepoint KYC Levels?
Moniepoint uses KYC requirements to determine the level of verification attached to an account.
Its current guidance states that:
| KYC Level | Main requirement |
|---|---|
| Level 1 | Correct BVN or NIN |
| Level 2 | NIN/BVN information and next-of-kin details |
| Level 3 | Face verification, address information, proof of address, residential verification and indemnity |
| Registered Business | Business registration details and supporting documents |
Moniepoint notes that users must complete the earlier KYC requirements before moving to the Registered Business upgrade.
Because KYC requirements and transaction restrictions can change, check the requirements displayed in your Moniepoint account before submitting documents.
How Long Does It Take to Create a Moniepoint Business Account?
The initial registration can be completed online, and Moniepoint describes its business account as an account that can be opened in minutes.
However, the actual time required can vary.
For example, verification may take longer if:
- Your information does not match your identity records.
- Face verification fails.
- You provide incomplete information.
- Additional KYC documents are required.
- There is a technical problem during registration.
The best approach is to provide accurate information from the beginning rather than trying to rush through the process.
What Can You Do With a Moniepoint Business Account?
The account is designed around business banking rather than simply receiving money.
Moniepoint currently lists business banking services including:
- Receiving and sending payments
- Business banking
- POS services
- Business savings
- Expense cards
- Working capital loans
- Business management tools
The exact products and eligibility requirements can vary by customer and account status.
For someone running a Nigerian business, having a dedicated business account can also make it easier to separate business transactions from personal spending.
Business Account vs Personal Account on Moniepoint
A business account and a personal account serve different purposes.
A personal account is intended for individual financial activities, while a business account is designed around managing business finances.
Moniepoint itself recommends keeping separate personal and business accounts so that business finances can be tracked properly.
If you receive customer payments regularly, use business funds to buy stock or pay suppliers, or operate a physical business, a dedicated business account can make your records easier to manage.
What Should You Do After Creating the Account?
Once your account has been successfully created, do not stop at registration.
You can:
- Check your account details and transaction limits.
- Complete any outstanding KYC requirements.
- Fund the account if you need to make transfers.
- Review the business banking features available to you.
- Keep your login details private.
- Make sure your business information remains accurate.
Moniepoint’s business banking page currently describes the next stage as funding the account before making transfers and accessing the business dashboard.
What If You Have Problems During Registration?
If your registration gets stuck, do not give your OTP, PIN or password to someone claiming they can “help” you outside Moniepoint’s official support channels.
Moniepoint provides support through its Help Centre and in-app support options.
For KYC problems, check the specific requirement shown in your account first. You may need to correct your information or submit additional verification documents.
Frequently Asked Questions
Can I create a Moniepoint Business Account with my phone?
Yes. Moniepoint provides a Business app that allows customers to start the account-opening process from their phones. The company also provides a web option for signup.
Do I need BVN or NIN to open a Moniepoint Business Account?
You need to provide the required identity information for KYC. Moniepoint’s current guidance states that Level 1 requires a correct BVN or NIN, while its current signup process specifically asks users to confirm their NIN.
Can I open a Moniepoint Business Account without CAC?
You can begin the business-account registration without treating CAC registration as a prerequisite for the initial signup. However, Moniepoint requires business registration information and supporting documents when upgrading to a Registered Business KYC level.
Is there a difference between a Moniepoint Business Account and a personal account?
Yes. A Business Account is designed for managing business finances, while a personal account is intended for individual banking. Moniepoint recommends keeping personal and business accounts separate for better financial tracking.
What happens after I complete my Moniepoint Business Account registration?
After successful registration, Moniepoint says your account details and transaction limits will be displayed. You can then complete any additional KYC requirements applicable to your account and begin using the available business banking services.
Conclusion
Creating a Moniepoint Business Account can be done online without starting with a trip to a bank branch.
The basic process is to download the Moniepoint Business app, sign up with your phone number, verify the OTP, set your security credentials, provide your NIN and other KYC information, complete face verification, enter your business details and submit the required attestation.
If you operate a registered business and want the benefits associated with a Registered Business KYC level, you will need to provide the relevant CAC and other business documents.
The most important part of the process is accuracy. Use your real information, complete the required verification steps and keep your account credentials private.