Moniepoint Business Account Requirements

As you might have known that Moniepoint business account is an online business banking account that requires no physical registration. However, these does means that the account is free to register without some criteria and documentations that must be provided.

In this article, we’ll walk you through everything you need to open a verified Moniepoint business account in Nigeria. But before we get right to that, let’s discuss the benefits of having a Moniepoint business account in Nigeria.

Benefits of Moniepoint Business Account

First of all, Moniepoint Business Account comes for free for potential and existing users. However, because the account is free doesn’t mean that there will be hidden fees on the account.

In other words, there’s no hidden fees and you can have full control over your account’s inventories and transactions. More so, Moniepoint business banking account offers round-the-clock business banking support and business verification can be completed within few minutes.

In addition to all that features mentioned, a business account helps separate personal finances from business finances and gives your business a unique professional image including creditworthiness. A business account also gives improved record-keeping, enhanced security and access to business loans.

That’s just to mention few of what Moniepoint business accounts are offering to business owners in Nigeria. You get all these features including the ones that are not listed immediately you open and verify the account. Now, let’s proceed to the primary purpose of this article; Moniepoint business account requirements.

Requirements to open a Moniepoint Business Account

To get you Moniepoint business account to Level 3, you’ll need to provide your “Bank Verification Number, BVN,” “National Identification Number, NIN,” “working phone number,” and “valid email address.”

However, to fully verify your Moniepoint busines account, you’ll need to provide your “proof business address,” and “business name registration certificate.”

Here are the documents you need to provide when opening a Moniepoint business account:

1. Phone Number: You need to register the Moniepoint business banking account with a Nigeria (+234) valid phone number. Don’t use number that’s already used for another account to register. Otherwise, the registration will not be approved.
2. Valid Email Address: An Email Address is also needed to open the business account in Nigeria. If you don’t have an email address, simply go-to gmail.com or visit playstore or Apple Store to download Gmail app on your phone and create a new gmail account.
3. National ID Card: You will also need to provide your national means of identification such as NIN, National ID, Voter’s Card, International Passport or Residence/Work Permit (For Foreigners).
4. Proof of Address: You will also need to provide your business proof of address. The acceptable documents are utility bills, tenancy agreement or lease agreement, government-issued tax bills, bank statements, and certificate of occupancy or titled deed.

Lastly, do note that you must be at least 18-years old to qualify for Moniepoint business account and the document provided must be recent, typically within the last three to six months, and it must clearly show the registered business name.

How to Start Moniepoint Business

There are typically many things you can do with Moniepoint Business Account in Nigeria. With Moniepoint business account, you can start offering banking services to your community using the company’s POS terminal. As a merchant, Moniepoint business account can help your business to grow by using it to accept/collect payment from your customers.

Hence, if you wish to start a Moniepoint business in Nigeria, there are many options you can tryout. Let’s dive deeper!

Moniepoint Agency Banking

Once you have fully verified your business account or you’ve pushed it to KYC/LEVEL 3, you can request a POS machine and start offering banking businesses in your community. Once the POS terminal arrives, it’ll linked to your business account and you can manage all transactions right from the account either via Moniepoint business banking app or business manager dashboard.

So, you can simply start a banking business with Moniepoint business account in Nigeria and begin to offer financial and banking solutions to the underbanked part of Nigeria. All that’s needed to start is moniepoint business account, Moniepoint POS and little initial capital. Here’s the price of Moniepoint POS machines in Nigeria.

Payment Gateway For Merchants

Moniepoint serves as payment gateway for many business owners and merchants in Nigeria. If you want to start any business at all in Nigeria, with the help of Moniepoint business account and POS terminal, you can collect payment from your customer via debit cards.

Likewise the agency banking requirements, all that’s needed is a verified Moniepoint business account and the company’s payment terminal (Moniepoint POS device).

Recap

To open a Moniepoint business account in Nigeria, you’ll need to provide your BVN, NIN, proof of business address, certificate of business registration, working phone and valid email address. Once the business account is fully registered and verified, you can request a point-of-sale (POS) terminal and start using it to do banking business in your community or start using it to collect payments via debit cards from your business’s customers.