Opening a Moniepoint account can be done from your phone without going through the traditional bank account-opening process.
Moniepoint currently offers personal banking for individuals and business banking for business owners. The signup process is slightly different depending on the type of account you want.
For a personal account, you can start with the Moniepoint app and provide your phone number, email address and required identity information. Business customers may need additional business and address details depending on their KYC level.
This guide explains how to register, what you need before starting, how verification works and what to do if your verification does not go through.
Read also: Where Is Moniepoint Headquarters Located? Address and Office Details
What You Need Before Opening a Moniepoint Account
Before starting the registration process, have the following information available:
For a Personal Moniepoint Account
Moniepoint says you need:
- A valid Nigerian phone number
- An accessible email address
- Your BVN
- Your NIN or other required KYC information, depending on your account level
The phone number and email address are used during registration, while your identity information is required for KYC verification.
For a Moniepoint Business Account
Business account registration can require additional information, including:
- Functional phone number
- Email address
- BVN or NIN
- Valid government-issued identification
- Residential address
- Business information
- Business address
- Source of revenue information
Moniepoint’s current account-opening guidance also requires face verification and confirmation of certain KYC details during signup.
If you want a registered-business account with higher KYC requirements, additional corporate documents may be required later.
How to Open a Moniepoint Personal Account
If you need Moniepoint mainly for your personal banking, the personal account is the appropriate option.
Step 1: Download the Moniepoint App
Start by downloading the official Moniepoint app from the relevant app store.
Moniepoint’s personal banking page directs new customers to download the app before beginning the signup process.
Avoid downloading an unofficial application or giving your login details to another person.
Step 2: Start the Registration
Open the app and select the option to sign up.
You will be asked to provide your phone number and email address.
Use a phone number you can access because Moniepoint sends an OTP to verify your phone number.
Step 3: Verify Your Phone Number
An OTP will be sent to the phone number you entered.
Enter the code in the app to confirm that the number belongs to you.
Make sure you do not share an OTP with anyone claiming to be a Moniepoint agent or support representative.
Step 4: Create Your Login Details
You will need to set up your account credentials.
Choose a strong password or passcode that is difficult for another person to guess.
Your transaction PIN should also be kept private because it is used to authorize transactions.
Step 5: Provide Your BVN and KYC Information
The next stage involves verifying your identity.
Moniepoint requires customers to provide the relevant BVN and KYC information during the account-opening process. Its current KYC guidance also explains that an account can remain at Level 0 if the required BVN or NIN information has not been provided.
Enter your details carefully.
Your personal information should match the information attached to your identity records. Incorrect names, dates of birth or identification details can cause verification problems.
Step 6: Complete Identity Verification
Depending on the verification stage, you may be required to complete face verification and provide additional identity information.
When taking a verification photo:
- Use good lighting.
- Make sure your face is clearly visible.
- Avoid blurred images.
- Follow the instructions displayed on the screen.
- Use valid, government-issued identification where requested.
Moniepoint specifically recommends using clear images of original identification documents rather than photocopies.
Step 7: Fund Your Account
After completing the required signup and verification steps, you can fund your account and begin using the available banking services.
Moniepoint lists transfers, airtime purchases and bill payments among the services available through its personal banking platform.
How to Open a Moniepoint Business Account
If you run a shop, online business, POS business or another type of enterprise, you can open a Moniepoint business account.
The current Moniepoint process can be completed through the Moniepoint Business app or through its business banking web platform.
Step 1: Open the Moniepoint Business Signup Page
Download the Moniepoint Business app or use the business banking web option provided by Moniepoint.
Select Sign Up to begin.
Step 2: Enter Your Phone Number
Provide your functional phone number.
Moniepoint will send an OTP to the number to confirm it.
Enter the OTP when prompted.
Step 3: Set Your Passcode and Transaction PIN
Create your login passcode and transaction PIN.
Do not use an easily guessed PIN such as your year of birth.
Also avoid sharing these details with anyone.
Step 4: Confirm Your Nationality and NIN
The current business signup process requires customers to select their nationality and confirm their NIN.
Follow the instructions displayed in the app to complete this stage.
Step 5: Complete Face Verification
The next stage involves face verification.
Follow the instructions on your screen and make sure your face is clearly captured.
Poor lighting, blurry images or incorrect positioning can interfere with verification.
Step 6: Enter Your Address and Business Details
You will be asked to provide your residential address and business information.
Enter accurate information.
If you operate from a physical location, make sure the business address you provide is correct.
Step 7: Provide PEP and Revenue Information
Moniepoint’s current business account process asks customers to confirm their Politically Exposed Person (PEP) status and provide information about their source of revenue.
Answer these questions truthfully.
Step 8: Review and Attest
Before completing registration, check the information you have entered.
If everything is correct, complete the attestation step.
Moniepoint states that the account is created after the required signup process is successfully completed, after which the customer can see their account details and transaction limits.
Can You Open a Moniepoint Account Without Visiting a Branch?
Yes.
Moniepoint’s online account-opening process allows customers to register remotely.
For personal banking, the process begins through the Moniepoint app. For business banking, Moniepoint says verification can be completed without visiting a physical location.
However, Moniepoint also has physical service centres where customers can receive support and, according to the company’s location directory, walk in to open an account or resolve certain issues.
So you do not necessarily need to visit a centre just to start your account.
How Long Does It Take to Open a Moniepoint Account?
The signup process is designed to be completed quickly.
Moniepoint currently advertises its personal and business account opening process as taking about five minutes, although the actual time can vary depending on verification and whether the information provided is accepted immediately.
If additional verification is required, account activation or access to certain features may take longer.
What Happens After You Open the Account?
Once your account has been successfully created, you can access the banking services available to your account level.
For a personal account, this can include:
- Sending money
- Buying airtime
- Paying bills
- Funding the account
- Managing your banking activities through the app
For business customers, Moniepoint offers additional business-focused services such as payment collection, business banking and other tools.
Your available transaction limits can depend on your KYC level.
What Are Moniepoint KYC Levels?
Moniepoint uses different KYC levels to determine the information required for customers and the limits applicable to their accounts.
According to Moniepoint’s current KYC guidance:
Level 1 requires your correct BVN or NIN after signup.
Level 2 requires NIN or BVN where necessary and next-of-kin details.
Level 3 involves additional verification, including:
- Face verification
- Address collection
- Proof of address
- Residential address verification
- Indemnity
Registered businesses may have additional requirements, including business registration information and corporate documents.
This means opening an account and completing every available KYC level are not necessarily the same thing.
What Can Cause Moniepoint Verification to Fail?
If your verification does not go through, check the information you submitted before trying again.
Common things to check include:
- Your name and date of birth
- BVN or NIN details
- Quality of your identification document
- Whether your document is still valid
- Whether the entire document is visible
- Face verification quality
- Lighting during the verification process
Moniepoint advises customers to use clear images of valid government-issued IDs and to make sure the edges of documents are visible when using document verification.
If the problem continues, use Moniepoint’s official support channels rather than giving your personal information to an unofficial agent.
Can You Open a Moniepoint Account for a Business Without CAC Registration?
You can start with a business account, but a registered-business upgrade has additional requirements.
Moniepoint’s KYC documentation distinguishes between its general business banking account and a registered-business upgrade.
For the registered-business level, customers may need to submit information such as:
- Business registration type
- RC number
- Legal business name
- TIN
- CAC documents
- Memorandum and Articles of Association
- Board resolution
- Attestation
These requirements apply to the registered-business upgrade and are not the same as the basic signup process.
Is There a Fee to Open a Moniepoint Account?
Moniepoint currently states that there is no fee for opening or maintaining a personal account.
For business banking, Moniepoint also advertises its business account as free to open.
However, account-opening costs should not be confused with transaction charges or fees that may apply to particular services.
Always check the current fee information before carrying out transactions.
Personal or Business Account: Which One Should You Open?
The answer depends on why you need the account.
| If you are… | Consider |
|---|---|
| Managing your personal finances | Moniepoint Personal Account |
| Receiving money for your own personal use | Personal Account |
| Running a shop or business | Moniepoint Business Account |
| Collecting customer payments | Business Account |
| Managing business finances separately | Business Account |
| Planning to use business banking tools | Business Account |
Moniepoint itself recommends keeping personal and business finances separate rather than using a personal account for business activities.
What to Do If You Get Stuck During Registration
If your account-opening process stops midway, do not immediately create multiple accounts.
First, check whether you already created login credentials.
Moniepoint’s business account guidance says that if you started signup and reached the stage of creating a username and password, you can log in and continue the process from where you stopped.
You can also use Moniepoint’s official support resources if the problem involves verification or account access.
Frequently Asked Questions
Can I open a Moniepoint account with my phone?
Yes. Moniepoint allows personal customers to begin account registration through its mobile app, while business customers can use the Moniepoint Business app or the company’s web signup option.
Do I need BVN to open a Moniepoint account?
BVN is part of Moniepoint’s identity and KYC requirements. Moniepoint’s personal account information lists BVN among the requirements, while its KYC guidance also allows NIN to satisfy certain account-level requirements.
Can I use Moniepoint without a smartphone?
Moniepoint’s business banking platform also provides a web option, and the company offers USSD banking for business customers. However, some signup and verification steps require access to a suitable internet-connected device.
Can I have both a Moniepoint personal and business account?
Yes. Moniepoint distinguishes between personal and business banking. The company recommends keeping personal and business finances separate.
What should I do if my Moniepoint account verification fails?
Review your submitted information and make sure your identification documents are valid, clear and readable. For face verification, use good lighting and follow the instructions shown in the app. If the issue continues, contact Moniepoint through its official support channels.
Conclusion
Opening a Moniepoint account is primarily an online process, so you can get started without making a traditional bank visit.
For personal banking, you can download the Moniepoint app, verify your phone number, provide your identity information and complete the required KYC checks. Business owners follow a similar process through the Moniepoint Business platform but may need to provide additional business, address and revenue information.
The key is to use accurate information and valid identification documents from the beginning. That can make the verification process much smoother.
If you are opening the account for personal finances, use the personal banking option. If you are receiving payments or managing a business, the business account is the more appropriate choice.