Digital banking has changed the way Nigerians send money, pay bills, receive payments and manage their finances. Among the financial platforms that have become widely known in Nigeria is Moniepoint.
Originally well known for its POS and business banking services, Moniepoint has expanded into personal banking, giving individuals access to a bank account, debit card, transfers, bill payments and savings through its mobile platform.
But is Moniepoint actually worth using in 2026? What features does it offer, how does the account work, what does it cost, and is it safe?
In this Moniepoint review, we take a practical look at the platform from a Nigerian user’s perspective, including its personal and business banking features, account-opening process, security, advantages, limitations and who may benefit most from using it.
What Is Moniepoint?
Moniepoint is a Nigerian financial services company that operates Moniepoint Microfinance Bank. The bank provides banking and financial services to individuals and businesses in Nigeria.
Moniepoint is regulated by the Central Bank of Nigeria (CBN), while deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). Moniepoint says its microfinance bank received its banking licence in 2022 and offers both personal and business financial services.
The platform is particularly well known among Nigerian business owners because of its POS terminals, but its personal banking service allows individuals to use Moniepoint for everyday banking activities such as transfers, payments, airtime purchases, bill payments and savings.
Moniepoint Personal Banking
The Moniepoint Personal Banking app is designed for individuals who want to manage everyday financial transactions from their phones.
According to Moniepoint, users can open a personal account without paying an account-opening or monthly maintenance fee. The account can be used for transfers, bill payments, airtime purchases, savings and other banking activities.
You can also request a Moniepoint debit card through the app. Moniepoint currently says the card can be delivered within 48 hours, although delivery times may depend on circumstances and location.
If you are interested in other ways to manage money digitally, you may also want to read our guide on PiggyVest alternatives in Nigeria.
Moniepoint Business Account
Moniepoint is especially popular among small businesses, retailers, traders and entrepreneurs.
The Moniepoint Business Account allows a business owner to manage business finances separately from personal finances. Moniepoint says businesses can open an account in their business name and access tools designed for managing payments and business operations.
Depending on eligibility and the products available to the business, Moniepoint also offers services such as POS terminals, business savings, expense cards, loans and business management tools.
This can be particularly useful for Nigerian entrepreneurs who want to keep business transactions separate from their personal spending.
If you are building an online business, our guide on starting an online store with Shopify in Nigeria may also be useful.
Key Features of Moniepoint
1. Personal Bank Account
Moniepoint allows individuals to open a personal bank account through its mobile banking platform.
The account can be used for receiving money, sending transfers, paying bills, purchasing airtime and managing everyday finances.
2. Business Banking
Business owners can create a dedicated business account and manage their business finances digitally.
Separating business and personal money can make it easier to track income, expenses and cash flow, especially if you operate a small business.
3. Debit Card
Moniepoint offers debit cards for personal banking customers. The card can be used for payments, while the app allows users to manage their banking activities.
Moniepoint currently advertises card delivery within 48 hours for personal customers, although actual delivery may vary.
4. Transfers
Transfers are one of the main reasons people use digital banking platforms in Nigeria.
Moniepoint provides transfer functionality through its personal banking app, allowing customers to send money to other bank accounts and make payments.
Moniepoint currently advertises a 99.9% transfer success rate on its personal banking platform. This is a company-reported figure, so individual experiences can still vary.
5. Airtime and Bill Payments
You can use the Moniepoint app to purchase airtime and pay supported bills without visiting a physical banking location.
Moniepoint says there is no extra transaction fee for paying bills through its app, although users should always check the transaction screen for the applicable cost before confirming a transaction.
6. Savings
Moniepoint also provides savings options for customers who want to set money aside for specific goals.
The interest rate advertised by Moniepoint can change, so it is better to check the current rate inside the app or on the official Moniepoint website before making a savings decision.
At the time of writing, Moniepoint’s official personal banking page advertises savings of up to 16% per annum, while other Moniepoint pages advertise different rates depending on the applicable savings product or promotion.
7. POS Services for Businesses
Moniepoint’s POS business is one of the features that helped make the brand widely recognised in Nigeria.
Business owners can use Moniepoint POS terminals to accept payments from customers through cards and other supported payment methods.
The platform also provides business tools designed to help merchants manage their financial operations.
8. Business Loans
Eligible businesses may also be able to access credit products through Moniepoint.
However, loan availability, amounts, eligibility requirements, interest and repayment terms can vary. You should therefore check the terms displayed by Moniepoint before accepting any credit offer.
How to Open a Moniepoint Personal Account
Opening a Moniepoint personal account is designed to be completed through the mobile app.
The general process is:
- Download the official Moniepoint Personal Banking app.
- Enter your phone number and email address.
- Verify your phone number using the OTP sent to you.
- Create your login details.
- Provide your BVN and required KYC information.
- Complete the required identity and face verification.
- Fund the account when you are ready to start making transactions.
Moniepoint currently states that a personal account can be opened in about five minutes, although verification time can vary depending on the information provided.
What Do You Need to Open a Moniepoint Account?
For a personal account, Moniepoint says you need a valid Nigerian phone number, a functional email address and your BVN for the initial account-opening process.
Additional verification requirements may apply depending on your KYC level and the services you want to access.
For business accounts, requirements can include BVN, NIN, a valid identification document, proof of address and business information.
Is Moniepoint Safe?
Security is one of the most important things to consider before putting money into any digital banking platform.
Moniepoint Microfinance Bank states that it is authorised and regulated by the Central Bank of Nigeria and that deposits are insured by NDIC.
Moniepoint also says it uses cybersecurity measures to protect customers’ information and accounts.
However, no banking platform can completely eliminate the risk of fraud. Customers should never share their transaction PIN, password, OTP or other sensitive account information with another person.
If you use online financial services regularly, our guide on staying safe online in Nigeria contains additional cybersecurity tips.
How Much Does Moniepoint Cost?
One advantage of Moniepoint’s personal banking service is that the company currently states that there is no fee for opening or maintaining a personal account.
However, that does not mean every transaction or financial product on the platform is necessarily free.
Charges can depend on the type of transaction or service being used. Before confirming a transaction, always check the fee displayed in the Moniepoint app.
Business users should also check the current pricing for POS transactions, withdrawals, transfers and other business services because fees and promotions can change over time.
Moniepoint Referral Code: FCQQ212
If you want to try Moniepoint, you can use the referral code FCQQ212 when signing up through the referral link below.
Referral Code: FCQQ212
Join Moniepoint with referral code FCQQ212
Disclosure: This is a referral link. Infolandia may receive a referral benefit if a qualifying signup or transaction is completed through the link. Any reward or promotional benefit is subject to Moniepoint’s current referral programme terms and conditions.
Advantages of Moniepoint
- Easy digital account opening.
- No fee for opening a personal account.
- Personal and business banking options.
- Debit card availability.
- Transfers and bill payments from the mobile app.
- Savings options.
- Strong presence among Nigerian businesses and merchants.
- POS solutions for eligible businesses.
- CBN-regulated microfinance bank.
- NDIC deposit insurance.
- Digital customer support.
Disadvantages of Moniepoint
- Some features require additional verification or eligibility.
- Transaction charges can apply depending on the service.
- Users still depend heavily on a smartphone and internet connection for many activities.
- Interest rates and promotional offers can change.
- Business services may have different requirements and pricing from personal banking.
Who Should Use Moniepoint?
Moniepoint can be particularly useful for people who want a digital banking option for everyday transactions.
It may also be worth considering if you:
- Run a small business.
- Need a separate business account.
- Receive frequent transfers from customers.
- Want access to a digital debit card and banking app.
- Want to manage savings digitally.
- Operate a retail business where POS payments are important.
For freelancers and people earning money online, having reliable digital banking can also make receiving and managing payments easier. You can read our guide on how to start freelancing in Nigeria for more ideas about building an online income stream.
Moniepoint vs Traditional Banks
Moniepoint is not necessarily a replacement for every traditional bank. Instead, it offers another way to access banking services digitally.
Traditional banks may provide a broader range of products, physical branches and specialised financial services. Digital banking platforms such as Moniepoint, on the other hand, can make everyday transactions more convenient through mobile applications.
The better option depends on what you need from your bank.
| Feature | Moniepoint | Traditional Bank |
|---|---|---|
| Account opening | Digital | Digital or branch-based |
| Mobile banking | Yes | Usually available |
| Physical branches | Limited compared with traditional banks | Usually available |
| Business banking | Yes | Yes |
| POS services | Yes | Available from many banks |
| Savings | Yes | Yes |
| Debit card | Yes | Yes |
Frequently Asked Questions About Moniepoint
Is Moniepoint a bank?
Moniepoint operates through Moniepoint Microfinance Bank, which is authorised and regulated by the Central Bank of Nigeria.
Is Moniepoint safe for keeping money?
Moniepoint Microfinance Bank states that it is CBN-regulated and that deposits are insured by NDIC. However, customers should still follow basic security practices and protect their account credentials.
Can I open a Moniepoint account for free?
Yes. Moniepoint currently states that there is no fee for opening or maintaining a personal account.
Can I use Moniepoint for business?
Yes. Moniepoint provides dedicated business banking services, including business accounts and other tools for eligible businesses.
Does Moniepoint have a debit card?
Yes. Personal customers can request a Moniepoint debit card through the platform.
Can I pay bills with Moniepoint?
Yes. Moniepoint supports bill payments and airtime purchases through its personal banking platform.
Does Moniepoint offer savings?
Yes. Moniepoint offers savings products. The applicable interest rate depends on the savings product and current terms, so customers should check the latest rate before saving.
What is the Moniepoint referral code?
The referral code used in this article is FCQQ212. You can use the referral link provided above, subject to Moniepoint’s current referral programme terms.
Final Verdict: Is Moniepoint Worth Using in Nigeria?
Moniepoint is a strong digital banking option for Nigerians who want convenient personal banking or business financial services.
Its biggest strengths are its digital-first experience, personal and business accounts, debit cards, transfers, bill payments, savings and strong ecosystem for small businesses.
Its CBN-regulated status and NDIC deposit insurance also provide an important layer of confidence for customers.
However, users should not choose a financial platform based only on advertisements or referral rewards. Check the current fees, transaction limits, savings rates, eligibility requirements and terms before using any financial service.
For everyday digital banking and small-business financial management, Moniepoint is certainly worth considering in 2026.
If you decide to sign up, you can use the referral code FCQQ212 through the link below:
Join Moniepoint with code FCQQ212