Opening a Moniepoint account does not require you to visit a banking hall. You can complete the signup process from your phone, but you will still need to provide certain personal information for identity verification.
The exact requirements depend on the type of account you want to open. Moniepoint currently offers Personal and Business banking options, and the information needed for each is slightly different.
For a basic Moniepoint Personal account, the company says you need a valid Nigerian phone number, a functional email address and your BVN to get a functional account at KYC Level 1.
Read also: How to Open a Moniepoint Account in Nigeria: Step-by-Step Guide
A Business account requires additional verification, particularly when you want higher KYC levels or a registered business account.
What Do You Need to Open a Moniepoint Account?
For a basic Moniepoint Personal account, you need:
- A valid Nigerian phone number
- A functional email address
- Your Bank Verification Number (BVN)
- Your KYC information
Moniepoint’s current Personal Banking information states that a valid Nigerian phone number, email address and BVN are enough to open a functional account at KYC Level 1.
During signup, Moniepoint also requires you to provide your details and complete the applicable verification process.
Moniepoint Account Requirements at a Glance
| Requirement | Personal Account | Business Account |
|---|---|---|
| Nigerian phone number | Yes | Yes |
| Email address | Yes | Yes |
| BVN | Yes | Yes |
| NIN/KYC information | Required for KYC | Required |
| Face verification | May be required during KYC | Yes |
| Valid identification | For applicable verification | Yes |
| Proof of address | Higher KYC levels | Required for higher KYC |
| Business registration documents | No | Required for registered business upgrade |
| TIN | Not required for basic personal signup | Required for registered business upgrade |
The requirements can change depending on your KYC level and the type of Moniepoint account you are using.
Moniepoint Personal Account Requirements
If you only want a personal bank account, the process is relatively straightforward.
Moniepoint currently lists these basic requirements:
1. A Valid Nigerian Phone Number
You need a phone number that can receive SMS because Moniepoint uses an OTP to verify your number during registration.
The phone number is also used as part of your account setup and communication with the service.
2. A Functional Email Address
You also need an active email address.
Make sure you can access the email account because it may be used for account-related communication.
3. Bank Verification Number (BVN)
Your BVN is one of the main identity requirements for opening a Moniepoint Personal account.
Moniepoint states that providing your BVN gives you access to a functional account at KYC Level 1.
If you do not provide the required identity information, your account may remain at a lower verification level.
4. KYC Information
KYC means Know Your Customer. It is the identity verification process used by financial institutions to establish who their customers are.
Moniepoint’s current KYC documentation says Level 1 requires a correct BVN or NIN after signup. Level 2 requires NIN or BVN, matching identity information and Next of Kin details.
Depending on the level you need, additional information and documents may be requested.
Moniepoint Business Account Requirements
If you want a Moniepoint account for your business, you should be prepared to provide more information than someone opening a basic personal account.
Moniepoint’s official Business Account page lists the following requirements:
- A functional mobile phone number linked to your BVN
- An email address
- BVN
- A smart device or computer with internet access
- A valid means of identification
- Proof of address
The accepted identification documents listed by Moniepoint include a NIN slip, PVC, international passport or driver’s licence. For proof of address, Moniepoint lists documents such as a bank statement, PVC, driver’s licence, utility bill or tenancy agreement.
Do You Need BVN to Open a Moniepoint Account?
Yes. BVN is an important requirement for Moniepoint account verification.
For Personal banking, Moniepoint says you need your BVN to access a functional KYC Level 1 account. Its KYC guidance also allows NIN as an identity number for Level 1 verification.
For Business banking, Moniepoint’s account-opening process asks customers to provide their BVN and other KYC information.
Do You Need NIN for a Moniepoint Account?
NIN is part of Moniepoint’s KYC process.
The company’s current KYC guidance states that Level 1 requires a correct BVN or NIN after successful signup. For Level 2, customers need to provide NIN or BVN if it has not already been provided, and the relevant names and date of birth should match between the two records.
For Business account registration, Moniepoint’s current signup instructions also include nationality and NIN confirmation as part of the verification flow.
What ID Can You Use for a Moniepoint Account?
For its Business Account verification, Moniepoint currently lists these acceptable forms of identification:
- NIN slip
- Permanent Voter’s Card (PVC)
- International passport
- Driver’s licence
The document should be valid, clear and readable. Moniepoint advises customers whose ID verification fails to use government-issued identification and ensure that the original document is clearly captured.
Do You Need Proof of Address?
For a basic Personal account, proof of address is not listed among the basic requirements on Moniepoint’s Personal Banking page.
However, proof of address becomes relevant when completing higher levels of KYC.
For KYC Level 3, Moniepoint requires customers to complete address collection, upload proof of address and undergo residential address verification.
Examples of acceptable proof-of-address documents include:
- Electricity or other utility bills
- Commercial bank statement
- Tenancy agreement
- Permanent driver’s licence
- Permanent Voter’s Card
- Certain government or legal documents
The document must belong to you and the address should match the address provided on your Moniepoint profile.
Moniepoint KYC Levels and What They Mean
Your account requirements can increase as you move to higher KYC levels.
Moniepoint currently has three KYC levels for both Personal and Business accounts.
KYC Level 1
At Level 1, you need to provide your correct BVN or NIN after signup.
This is the basic verification stage.
KYC Level 2
Level 2 requires:
- NIN or BVN, where applicable
- Matching names and date of birth between your identity records
- Next of Kin information
KYC Level 3
Level 3 involves more detailed verification.
You may need to complete:
- Face verification
- Address collection
- Proof of address submission
- Residential address verification
- Indemnity
For a registered business, additional business verification requirements apply.
Requirements for a Registered Moniepoint Business Account
There is a difference between opening a Business account and completing the Registered Business KYC process.
For a registered business upgrade, Moniepoint requires business information such as:
- Business registration type
- RC number
- Legal business name
- TIN
- CAC documents
- Memorandum and Articles of Association
- Board resolution, where applicable
Additional documents can depend on the business registration type and category. Moniepoint says the Registered Business upgrade is available after the business owner has completed the requirements for KYC Levels 1–3.
So, you do not necessarily need every CAC document just to begin a basic Moniepoint Business account signup.
What Happens During Moniepoint Account Registration?
The signup process is designed to be completed digitally.
For a Personal account, Moniepoint’s current process generally involves:
- Downloading the Moniepoint app.
- Providing your phone number and email address.
- Verifying your phone number with an OTP.
- Setting your login details.
- Providing your BVN and KYC information.
- Completing the required identity verification.
- Funding the account when ready.
Moniepoint says its Personal account can be opened in about five minutes, although the actual time can depend on whether your verification is successful.
For Business accounts, the process includes business information and additional verification steps.
What Can Cause Moniepoint Verification to Fail?
Having the right documents does not always guarantee immediate verification.
Common issues can include:
- Blurry ID images
- Expired identification documents
- Information that does not match your records
- Poor lighting during face verification
- Incorrect personal details
- Address information that does not match your proof-of-address document
Moniepoint specifically advises customers to use clear images of valid government-issued IDs and complete face verification in a well-lit environment.
If your NIN and BVN contain different names or dates of birth, resolving the mismatch may also be necessary before completing higher KYC levels.
Is There a Fee to Open a Moniepoint Account?
No. Moniepoint currently states that there is no fee for opening or maintaining a Personal account.
Its Personal Banking page also states that there is no minimum initial deposit and no minimum balance requirement for the savings account.
This is separate from transaction charges or other fees that may apply when using particular financial services.
Frequently Asked Questions
Can I open a Moniepoint account without BVN?
For a functional KYC Level 1 account, Moniepoint requires a correct BVN or NIN. A customer who has not provided the required identity information remains at Level 0.
Can I use my NIN instead of BVN on Moniepoint?
Moniepoint’s KYC documentation states that either a correct BVN or NIN can satisfy the identity requirement for Level 1. However, additional KYC stages may require further identity information.
Can I open a Moniepoint Business account without CAC registration?
You can begin the Business account process without necessarily completing the Registered Business upgrade. However, Moniepoint requires business registration information and supporting documents when you upgrade to its Registered Business KYC level.
What address documents does Moniepoint accept?
For higher KYC verification, Moniepoint lists documents including utility bills, bank statements, tenancy agreements, PVCs and driver’s licences, subject to its verification requirements. The address should match the residential address in your Moniepoint profile.
How long does it take to open a Moniepoint account?
Moniepoint says its Personal account can be opened in about five minutes, while its Business Account page says the signup process takes less than 10 minutes when the required information is provided and verification is completed.
Conclusion
The Moniepoint account requirement depends mainly on whether you are opening a Personal or Business account and how far you want to take your KYC verification.
For a basic Personal account, the key requirements are a valid Nigerian phone number, functional email address and BVN, with KYC verification required for account activation.
Business customers should be prepared for additional requirements such as valid identification, proof of address and business information. If you want a Registered Business account with higher verification, CAC-related documents, TIN and other business details may be required.
Because KYC requirements can change, it is best to confirm the requirements inside the Moniepoint app or its official support pages before starting your registration.