In today's market, having a dedicated business account with all the important details is crucial for building trust and authority. However, opening such an account for one of my startup ideas has been quite a challenge.

I've tried several times, but it seems like there's always something standing in the way – be it complicated forms, long bank queues, or the need for various certifications.

I simply need a separate account for this startup, that's all!

Thankfully, I found a core advantage with Moniepoint when opening a business account with them – the process is remarkably simple and hassle-free.

What is a business account?

A business account is a type of account that companies, organisations, or individuals use to manage their financial transactions and activities related to businesses. This type of account is typically separate from personal accounts and is used for managing revenue, expenses, and other financial transactions related to running a business.

Some examples of transactions that can be made using a business account include accepting customer payments, paying bills and expenses, and transferring funds between accounts.

What is Moniepoint?

Moniepoint is a leading mobile money platform in Nigeria that provides convenient financial services to individuals and businesses. The platform allows users to make payments, receive money, and access a range of other financial services using their mobile phones.

What is Moniepoint Business Account

Moniepoint Business Account is a mobile money account designed for businesses in Nigeria. It provides businesses with a range of features and benefits that enable them to manage their finances more effectively.

Features of Moniepoint Business Account

The features of Moniepoint Business account is quite enormous, I am listing the few I have tested and confirmed.

1. Instant Account Opening: One of the most significant advantages of Moniepoint Business Account is the speed and ease of account opening.

2. Multiple Payment Channels: Moniepoint Business Account provides businesses with multiple payment channels, including bank transfers, cash deposits, and POS payments. This allows businesses to receive payments from their customers easily and conveniently. The platform also supports payments from all major banks in Nigeria.

3. Multiple Account Management: With Moniepoint Business Account, businesses can manage multiple accounts using a single login. This makes it easier for businesses to manage their finances and keep track of their transactions.

4. Transaction Notifications: Moniepoint Business Account sends real-time notifications to businesses for all transactions on their account. This helps businesses keep track of their finances and identify any unauthorized transactions.

5. Bill Payments: Moniepoint Business Account enables businesses to pay bills, including utilities, taxes, and other bills, easily and conveniently. This eliminates the need for businesses to visit various bill payment centers and saves them time and effort.

Requirements to open a business account on Moniepoint

• A functional phone number

• An email address you can easily access

• Your BVN

• A valid Government ID, e.g. International Passport, Driver’s License, and Permanent Voter’s Card. National Identification Number (NIN), Residence/Work Permit (For Foreigners)

• A utility bill to verify your address

Setting up Your Business Account on Moniepoint

You can open a Moniepoint business account online in just a few simple steps.

1. Click here to access the account opening form.

2. Input your email address and phone number and click “Next.”

3. You’ll receive an OTP in a few seconds. Type it in to verify your phone number.

4. Input your BVN and date of birth.

5. Create a username. This is the name your customers would see, so remember to choose something memorable.

6. Select a password for your business. Remember not to use any personal information like your name or birthday.

7. Provide your BVN and KYC details and start face & ID verification. To improve your chances of a successful verification process. Click here to read all about it.

8. Finally, choose a transaction PIN with any four numbers of your choice. And just like that, you have a Moniepoint Business account that gives you the power to accept payments, request loans, and so much more from anywhere in Nigeria.

Moniepoint Business Account Limits and Transaction Charges

Moniepoint Business Account comes with various limits, which are designed to help businesses manage their transactions effectively and securely. These limits apply to the amount of money that can be transacted through the account, the frequency of transactions, and other activities that can be performed on the account. They are put in place to ensure that the platform is secure and compliant with regulations.

1. Moniepoint Business Account Balance Limit: Moniepoint Business Account has a balance limit of N5,000,000. This means that businesses cannot hold more than N5,000,000 in their Moniepoint Business Account at any time. However, businesses can make withdrawals or transfer funds to other accounts to maintain a balance below this limit.

2. Moniepoint Business Account Daily Transaction Limit: Moniepoint Business Account has a daily transaction limit of N3,000,000. This means that businesses cannot make transactions that exceed N3,000,000 in a single day. However, businesses can make multiple transactions up to this limit.

3. Moniepoint Business Account Transfer Limit: Moniepoint Business Account has a transfer limit of N500,000 per transaction. This means that businesses cannot transfer more than N500,000 in a single transaction. However, businesses can make multiple transactions up to this limit.

Using Moniepoint Business Account attracts some charges for transactions and other services offered by the platform. These charges are designed to ensure that the platform continues to operate sustainably and provide quality services to its customers.

Here are the charges that are applicable when using on Moniepoint Business Account:

1. Account Opening Fee: Moniepoint Business Account opening fee is free.

2. Deposit Charges: Moniepoint Business Account deposit charges depend on the deposit method used.

   • For cash deposits, there is a 1.5% charge on the amount deposited.

   • For transfers from other bank accounts, there is no deposit charge.

3. Withdrawal Charges: Moniepoint Business Account withdrawal charges depend on the withdrawal method used.

   • For cash withdrawals, there is a 1.5% charge on the amount withdrawn.

   • For transfers to other bank accounts, there is a ₦20 charge per transaction.

4. Transfer Charges: Moniepoint Business Account transfer charges depend on the type of transfer made.

   • For transfers to other Moniepoint Business Accounts, there is no charge.

   • For transfers to other bank accounts, there is a ₦20 charge per transaction.

FAQS

Moniepoint Business Account is a valuable platform for businesses in Nigeria. The platform provides businesses with a range of features and benefits that enable them to manage their finances more effectively.

The platform is cost-effective, secure, and accessible, making it an ideal solution for businesses of all sizes.

If you are a business owner in Nigeria, what are you waiting for? Download Moniepoint on Playstore or Appstore now, or visit the website at: atm.moniepoint.com and get started!

Acknowledgement

• Dev P Academy

• Nas.io

• Openai

• Canva

References

Araoye, T. (2023, May 16). How to Open A Moniepoint Business Account - Moniepoint Blog. Moniepoint Blog. https://blog.moniepoint.com/how-to-open-a-moniepoint-business-account/

Hundredkey. (2023, May 9). Moniepoint Business Account Review 2023 » HundredKey. HundredKey. https://hundredkey.com.ng/moniepoint-business-account/