Moniepoint Review: What You Need to Know

As an entrepreneur, nothing beats finding a single platform that brings together all the essential tools you need to effortlessly run your business. That’s exactly what Moniepoint Microfinance Bank offers.

Moniepoint Microfinance Bank is a leading financial institution that has gained significant recognition for its all-in-one platform catering to the requirements of businesses. It offers a wide range of services, including payment processing, financial management tools, and other banking solutions. The platform aims to simplify business operations by providing a seamless experience for entrepreneurs.

The MFB received its license in February 2022 and helps over 600,000 businesses with banking, payments processing, access to loans and business management tools. With these solutions, businesses on the Moniepoint platform process about seven trillion Naira monthly. Headquartered in Oyo, with support offices in 33 states, Moniepoint MFB currently operates the largest distribution network for financial services in Nigeria.

The bank has an array of products to meet its customers’ needs.

Banking

Moniepoint Microfinance Bank offers a range of banking services tailored to meet the needs of small, medium, and large enterprises. With Moniepoint, entrepreneurs can enjoy the convenience of accessing banking services from the comfort of their homes, eliminating the need for bank queues, extensive paperwork, and opening balances.

Business Account

Entrepreneurs can open a Moniepoint business account in their business name with ease. This account serves as a central hub for managing financial transactions and offers various benefits. By opening a Moniepoint business account, entrepreneurs gain access to features such as business loans, a POS terminal for their business within 48 hours, and an expense card to track day-to-day operational costs. The Moniepoint Business Account can be opened in five easy steps.

1. Visit Moniepoint
2. Fill in your details.
3. Get verified.
4. Fund your accounts.
5. Start banking!

Payment Systems

This comes in two forms.

POS Terminals

The Microfinance bank provides POS (Point of Sale) terminals, enabling businesses to accept card payments from customers. To acquire a Moniepoint POS machine, entrepreneurs need to fund their newly created business account with a minimum of ₦21,500.

This amount covers a ₦10,000 caution fee, ₦10,000 logistics fee, and ₦1,500 insurance fee for one year. Upon completing the request, entrepreneurs are assigned a dedicated Relationship Manager from Moniepoint, who will deliver the POS terminal within 48 hours. The Relationship Manager will also provide training on how to use the terminal and address any inquiries.

Monify Payment Gateway

Moniepoint’s Monify system is a web-based payment gateway offered by Moniepoint Microfinance Bank. It provides businesses with a seamless and efficient way to accept payments from customers, whether on a recurring or one-time basis. The Monify system aims to simplify the payment process for businesses and enhance the overall customer experience.

Key features and functionalities of Moniepoint’s Monify system include:

1.Web-Based Payment Gateway

Monify acts as a payment gateway that businesses can integrate into their web platforms. This enables them to accept payments from customers directly on their websites.

2.Multiple Payment Methods

Monify supports various payment methods, including card payments and account transfers. This flexibility allows customers to choose their preferred payment option, enhancing convenience and customer satisfaction.

3.Mobile Application Integration

In addition to web-based payments, Monify enables businesses to receive payments from customers within their mobile applications. This extends the reach of businesses by providing a convenient in-app payment solution for customers.

4.Cost-Effective Solution

Monify offers a cost-effective alternative for businesses compared to traditional payment methods. By leveraging Monify, businesses can avoid the need for expensive payment infrastructure and benefit from streamlined payment processing at a reduced cost.

5.Enhanced Security

Moniepoint places a strong emphasis on security within the Monify system. Advanced encryption techniques and robust security measures are implemented to safeguard sensitive customer information and protect against potentially fraudulent activities.

Monify boasts high success rates for payment transactions, providing businesses with reliable and secure payment processing. This ensures that businesses can accept payments smoothly and minimize potential disruptions in their operations.

Small Business Loans

Moniepoint offers small business owners the opportunity to access unsecured loans of up to N90M. These loans come with capped interest rates of 10% per annum, ensuring affordability for borrowers.

Moreover, Moniepoint provides quick approval processes, typically within three days or less, allowing entrepreneurs to obtain the funds they need promptly. Additionally, Moniepoint offers flexible repayment tenures that can be tailored to match the individual pace and financial capabilities of the borrowers.

Business Expense Cards

The primary purpose of Moniepoint’s Business Expense cards is to facilitate the tracking and control of business-related expenses. These cards serve as dedicated payment tools specifically allocated for business expenses, allowing entrepreneurs to separate personal and business finances effectively.

With the Business Expense cards, entrepreneurs can easily monitor and track their business-related expenditures. Every transaction made using the card is recorded, providing a clear overview of expenses for proper bookkeeping and financial analysis. This simplifies the process of budgeting, expense reporting, and identifying spending patterns within the business.

The card also eliminates the need for petty cash and reduce reliance on reimbursements, as expenses can be directly charged to the card. This improves efficiency, saves time, and minimizes the administrative burden associated with managing expenses.

Advantages of Moniepoint Microfinance Bank

1.Easy Account Opening

Moniepoint simplifies the process of opening a business account, allowing entrepreneurs to create an account in their business name from the comfort of their home. This eliminates the need for bank queues, paperwork, and extensive documentation.

2.Convenient Banking

With Moniepoint, entrepreneurs can access a wide range of banking services and tools in one place. This includes features such as business accounts, loans, POS terminals, and expense cards, making it convenient for businesses to manage their financial needs.

3.Quick Loan Approvals

Moniepoint offers quick loan approval processes, typically taking three days or less. This ensures that entrepreneurs can secure the funds they need promptly to support their business growth and expansion plans.

4.Competitive Interest Rates

Moniepoint provides competitive interest rates on its loans, ensuring that borrowers can access funding at affordable terms. This helps businesses minimize borrowing costs and manage their finances effectively.

5.Seamless Payment Solutions

Moniepoint offers payment solutions such as POS terminals and the Monify payment gateway. These enable businesses to accept payments from customers conveniently, both online and in-person, expanding their revenue streams and enhancing customer satisfaction.

6.Expense Tracking and Control

Moniepoint’s Business Expense cards facilitate easy expense tracking and control for businesses. Entrepreneurs can efficiently monitor and manage their day-to-day operational costs, improving financial visibility and budgeting.

7.Personalized Customer Support

Moniepoint emphasizes personalized customer support, ensuring that entrepreneurs receive assistance whenever needed. Their support team is available to address queries, provide guidance, and resolve any issues that may arise.

Drawbacks of Moniepoint Microfinance Bank

Moniepoint has a limited network of branches and ATMs. This can make it difficult to access your account or make transactions if you are not near one of their locations.

Another drawback is that Moniepoint’s customer service can be slow to respond. This can be frustrating if you have a question or problem that needs to be resolved quickly.

Overall, Moniepoint Microfinance Bank is a good option for businesses and individuals who are looking for a convenient, affordable, and reliable way to access financial services.

Visit nairaCompare to read more about Moniepoint Microfinance Banks and other banking platforms.