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| Moniepoint Co-founders |
Moniepoint is one of the largest financial technology (fintech) companies in Nigeria. The firm is known for providing financial solutions to both individuals and businesses in Nigeria. From personal banking accounts to business management tools—Moniebook and working capital loans—that are incomparable among others.
The fintech is also offering international remittance services through Monieworld—a UK remittance app that allows Nigerians living and working in the UK to send money to any Nigerian bank account, including Moniepoint accounts. But a general overview of Moniepoint is not what we're looking at in this article.
We're here to talk about Moniepoint Loans: how to qualify for the loan, requirements, how to apply, the loan limits, the loan interest rate, and how to repay the loan without any consequences. However, there's one thing you need to know before you proceed: Moniepoint is currently only offering working capital loans for its business account holders, and POS merchants and agents.
So, don't be surprised if you cannot see the offering of loans in your Moniepoint personal banking account/app. The Moniepoint Loans are designed solely for business managers who are using Moniepoint business management tools—such as POS terminal, Moniebook POS, Business Account, Business Savings Features, and Moniepoint Expense Card—to manage their business's day-to-day finances.
Moniepoint Personal Loan App
Moniepoint offers loan services to its users, but this offering is only available to business account holders who are using the company's business management tools, like the Moniepoint POS terminal and Moniebook's All-In-One POS and Bookkeeping terminal, to manage their business's daily activities. This is to prove that only businesses that show good financial strength are eligible for the Moniepoint Loan.
Currently, Moniepoint isn't providing loans to personal banking accounts. You'll need to migrate your personal account to a business account through the Moniepoint business banking app, downloadable through the Google Play Store or Apple App Store, and demonstrate a good financial record every day to get eligible for the loan.
Moniepoint Loan App Download
You can download the Moniepoint business banking app on the Google Play Store or Apple App Store depending on the smartphone you're using. You can also access the working capital loan via your Moniepoint business manager dashboard that's accessible through a web-based portal via atm.moniepoint.com.
Once you download the Moniepoint app via any of your favorite app stores, you can then check your eligibility status. If you're qualified, you can then proceed with the loan application with all the necessary documents which we're still going to explore in this article. All you need to do is keep reading and read to the end to get all the full tips on the Moniepoint loan.
Moniepoint Loan Code in Nigeria
It's always been Nigerians' wish to be able to access loan services via USSD code. But till now, I haven't seen any fintech company providing that solution in Nigeria. Not even Moniepoint: the only means of accessing Moniepoint loan are through the Moniepoint app, Moniepoint POS terminal, or through its business management dashboard via atm.moniepoint.com.
In other words, Moniepoint does not currently offer direct loan applications via a USSD code. Meanwhile, the fintech does have a general USSD code, *5573#, for basic banking services like transfers and checking account balances. But you see that "getting a loan" requires a different process entirely.
Eligible business owners typically apply directly through their Moniepoint Business Banking App or website dashboard after having an active account with consistent transaction history for at least six weeks, and the process is designed to be straightforward with minimal paperwork once the business account is already Level 5.
Moniepoint Loan Requirements
Basically, once your Moniepoint business banking account is in Level 5, that means you've already submitted all documents including your company registration certificate to complete your KYC verification. However, it's not necessary to be in Level 5 before you can be eligible for the working capital loan.
The Moniepoint loan requirements are simple documents you can provide without hassle. You'll need to submit your national means of identification such as NIN, Voter's Card, Driver's License, or International Passport. You'll also need to provide your proof of address such as NEPA bill or any utility bill that carries your name and home address—note, bank statements are not acceptable.
Lastly, you'll need to have a working Nigerian phone number, a valid email address to open an account, upload a selfie photo of yourself, and be at least 18 years old. Once all these documents and criteria are met, then you can check your eligibility status on the Moniepoint app or via the web-based portal.
However, it's important to note that if your Moniepoint business account is in Level 3 or you've been given a POS terminal, that means you've completed some necessary KYC and you no longer need to file too much documentation to get eligible for the Moniepoint business loan.
In a nutshell, here are the major requirements to become eligible for the Moniepoint business Loan:
- Be at least 18 years old
- Have a good standard Moniepoint Business account
- Have a working phone number and valid email for business account creation
- Proof of Address such as utility bills
- National means of identification such as NIN, International Passport, etc.
- Bank Verification Number (BVN)
- CAC certificate of registration—optional but boosts eligibility
How to Qualify for Moniepoint Loan
To become eligible or to qualify for the Moniepoint business loan is a very simple task to complete in less than six weeks of business account registration. All the eligibility checks and qualifications are processed 100% online. The trick is simple: to qualify for a Moniepoint working capital loan, you primarily need to be a business owner who maintains an active Moniepoint business account and demonstrates consistent transaction history.
It's important to let you know that your business account and POS terminal account must have been active for a minimum of six weeks, and you must regularly use it for all your business transactions, as Moniepoint assesses loan eligibility based on the volume and consistency of the financial activities conducted through the account.
Once you meet the company's baseline activity requirements set for business loan eligibility, the company will then display available loan offers directly on your business web-based dashboard portal or via the business app dashboard, and you can select the offer that suits your needs, with minimal or no physical documentation required for the application process.
How to Check Eligibility for Moniepoint Loan
The eligibility checks can be done via the Moniepoint business app and via the web-based portal: atm.moniepoint.com. However you want to check it, follow these steps to check your Moniepoint business loan eligibility status:
- Login to your Moniepoint business account
- On the Menu List, you'll see the "Loan" option
- Click on the Loan option to access your Credit Dashboard
- Most times, if you're not qualified for the Loan, the Loan option will not be clickable
- But if you're eligible, you'll see your eligibility status such as loan offers and limits you're qualified to obtain
- Once you're eligible, you can proceed to the loan application filing
How to Apply for Moniepoint Loan
Borrowing money from Moniepoint is a straightforward process as long as you're eligible. In the credit dashboard where you check your eligibility status, just click on "Apply Now" to begin the application process. You'll be shown the amount that'll be disbursed, the interest of the loan, the loan duration, and preferable options for you to pay back.
Once you're cool with all these conditions, you'll be required to accept the loan terms and conditions, and your application will be submitted. It may take 3 to 4 working days to get the outcome of the application because Moniepoint's hands-on-desk team will also need to evaluate the application.
Once the loan is approved, the disbursement will be credited instantly to your Moniepoint business account number. Furthermore, the repayment will start as you've chosen during the application filing, and the repayment will be deducted from your account balance. So, you need to always keep some money in your account balance when the repayment time nears.
However, it's important to let you know that defaulting on your repayment will not only limit your next loan amount, it'll also incur more interest on defaulting repayments, and in some cases where your offense is too high, you'll get deactivated from the Moniepoint business loan until you rebuild your creditworthiness.
