Are you seeing "restricted card/account" on your Moniepoint dashboard or when you tried withdraw or carryout card transfer on Moniepoint POS, it's showing "restricted card/account"? There are few reasons why you're getting the error message. In this article, we'll walk you through why your Moniepoint Card and Account are restricted from performing transactions.
Why Moniepoint Restricted Cards and Accounts
If your Moniepoint account and debit card are blocked, you need to first understand the reason behind the restrictions. Once the reasons why the card and account is restricted, then you can proceed to unblock it by providing the necessary information and documents needed to un-restrict the account/card.
Here are possible reasons why your Moniepoint Card/Account is Blocked:
1. Fraudulent/Suspicious Activities
If your account had received inward transfer that's suspicious or involved in fraud activities, your Moniepoint account and debit card will be restricted. Moniepoint has automatic fraud detector system in place to monitor every transactions on the fintech's banking system.
However, in some rare cases, the system might flagged your account for suspicious activities when you receive or send out huge amount of money that's never been sent to your account. So, suspicious activities does not mean you've involved in fraud, the system may be trying to protect your account and need more authentication from you to be assure that you're the one doing the transaction.
2. Exceeded Account Limit
Another reason why you restricted from performing transactions on your Moniepoint Account and Card maybe subjected to the fact that you have exceeded your transaction limits for the day. According to Moniepoint, "If you exceed the transaction limits associated with your current KYC level, your account will be restricted in accordance with CBN regulations."
This simply means that if your account is not in the last KYC level - which it's the highest level - you'll always be restricted whenever you try to carryout transaction beyond the limit. This is not the decision by Moniepoint, it's a directive from the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) in Nigeria.
3. Know-Your-Customer (KYC) Issues
If you don't complete your KYC or if one of your submitted documents for KYC verification is outdated, your account will be limited which usually leads to restriction when you try to perform transactions beyond your account limit.
Recently, the Nigeria's apex bank imposed more stricter KYC requirements for the five major fintech companies in Nigeria - which Moniepoint is among them. So, if your KYC level was once fulfilled and you were downgraded, this is because of the stricter KYC requirements that was introduced by the CBN. So, Moniepoint is expecting you to update or submit additional documents to upgrade your Account and avoid any limits and restrictions.
How to Reactivate Moniepoint Restricted Account and Card
If your Moniepoint Card/Account is restricted because of fraudulent or suspicious activities, then you'll need to contact the Moniepoint support team to help you unblock your account with demanded documents, verification and proof of transaction from the sender.
However, if your account is restricted due to account limitation and KYC issues, then you need to make sure that your KYC is upgraded to Level 3 by providing accurate and necessary documentation and information for KYC approval. This will remove transaction limits and prevent further restrictions.
Lastly, do note that once your account or card is restricted, you'll not be able to get money out of the account. It's also important to know that if your Moniepoint account is restricted due to exceeding account limits, you can only withdraw N50,000 for KYC Level 1 and N100,000 for KYC Level 2 per transaction. The Daily Debit Limit will ₦300,000 for Level 1 and ₦500,000 for Level 2 respectively.
