Account Opening and KYC

Level 1:

Requirements:

• Provide your correct BVN (Bank Verification Number) or NIN (National Identification Number) upon successful signup.
• Note: Without this information, your account will remain at Level 0.

Level 2:

Requirements:

• Provide your NIN or BVN (if not already provided).
• Please ensure that the information, such as names and date of birth, matches on both NIN and BVN.
• Submit your Next of Kin details.

Level 3:

Requirements

You must have completed KYC Level 1 and 2 requirements to begin the KYC Level 3 upgrade process. 

You must complete these five steps:

1. Face Verification
2. Address Collection
3. Proof of Address Document Upload
4. Residential Address Verification
5. Indemnity

Registered Business (Available Only on Moniepoint Business)

Business Details Approval:

• Business Registration Type
• RC Number (Registration Certificate Number)
• Business Legal Name

Supporting Documents:

• TIN (Tax Identification Number)
• Memorandum and Articles of Association
• Board Resolution
• CAC (Corporate Affairs Commission) Documents
• Attestation

Do not hesitate to contact us if you have any further questions or require additional information.

KYC stands for "Know Your Customer," a process Moniepoint uses to verify your identity for secure transactions. It's crucial because it safeguards your financial activities, prevents fraud, and ensures compliance with regulations, all while prioritising your safety and trust in our services.

Do not hesitate to contact us if you have any further questions or require additional information.

To find your KYC level, simply open the Moniepoint app and glance at the top left corner of the screen. Your current KYC level is displayed there for quick reference.

For a detailed view of your transaction limits, tap on your KYC level. From there, select "View Details," followed by "View More." This will provide a breakdown of your single and daily credit and debit limits, allowing you to manage your transaction capabilities conveniently.

Do not hesitate to contact us if you have any further questions or require additional information.

To upgrade your KYC to Level 3 on Moniepoint, you can provide any of the following documents as proof of address:

These documents must display your residential address clearly and match the address you entered during address collection.

Utility Bills:

• Electricity Bill (not older than 6 months)
• Water, Waste, or Other Utility Bills (not older than 3 months)

Government-Issued ID:

The documents must belong to the user and must not be expired.

• Permanent Driver's License
• Permanent Voter's Card

Official & Financial Documents

The documents must belong to the user.

• Commercial Bank statement (not older than 6 months)
• Tax assessment
• Letter from a Public Authority

Property and Legal Documents:

The documents must belong to the user.

• Solicitor’s letter confirming recent house purchase or search report from the Land Registry
• Tenancy Agreement

Please ensure the following:

• The documents must belong to you.
• The address on the provided document must match the address in our system.

If the address does not match, the document will be declined, and your KYC will remain at Level 2.

How to quickly generate a proof of address with your utility bill

If you do not have any of the documents listed above, you can easily generate a receipt or utility bill from your Moniepoint account, that will satisfy our requirement for proof of address.

To do this;

1. Log in to your Moniepoint application
2. On the dashboard, click on Pay Bills
3. Select the type of Bill payment you want to pay for; The recommended one is Electricity.
4. Select the Biller (For example, Eko Electricity Prepaid)
5. Input the meter number that has an address that matches the one on your profile, and confirm the beneficiary returned.
6. Select the amount.
7. Click on Send to myself, under customer information.
8. Click on Continue.

Once this is concluded, this receipt is now a valid proof of your residential address, which you can use for your account upgrade.

Do not hesitate to contact us if you have any further questions or require additional information.

For a business banking customer (business owner), you are required to provide your business registration details and other information needed to be able to properly enjoy the full benefits of a business account, such as:

• Account name to bear Legal Business name different from your BVN name
• Increased Account Limit
• Access to an increased transaction limit

These privileges are made available to the business owner and their accounts when they submit all the required details to upgrade to a Registered Business KYC (KYB) Level. To complete the Registered Business Upgrade, the information can be submitted by the BO themselves or through their Business Relationship Managers (BRM).

NB: Only business owners who have completed all the requirements for KYC Level 1-3 will be eligible for the Registered Business Upgrade

STEPS TO REGISTERED BUSINESS UPGRADE

• Navigate to the KYC status page
• Click on the button to proceed to the Registered Business Upgrade

• On the Business Information page

1. Select the right Business Registration Type for the Business
2. Enter the Business registration number
3. Click on the Continue/Validate button
4. If the Business registration number is successfully validated and the customer is found to be a registered Affiliate of the business, you can to proceed to the Supporting documents page

• On the supporting documents page, 

1. Submit all the required documents depending on the Business registration type (Certificate of Registration, Status Report document, MEMAT, etc)
2. Ensure the right documents are submitted to the right field
3. Click on the submit button to proceed to the Additional Information page

• On the Additional Information Page,

1. Submit TIN
2. Submit SCUML (Depends on Business category/subcategory)
3. Submit Operating Licence

• On the Account Name Review Page,

1. Review the account name of the accounts - You are allowed to add a custom suffix to the Legal business name, or maintain their Legal Business name

• On the Attestation page,

1. Review all the information they had submitted along the registered business upgrade flow
2. Click the update button for any information they want to modify
3. When all the data is confirmed to be as desired, check the confirmation check box and click on the “Submit” button

This new feature allows the BRM to be able to successfully create additional registered business for BOs who have more than one business and would like to have Moniepoint business banking accounts under each of those businesses. The accounts will bear the name of the Business they belong to with the option of a suffix (Business name - suffix).

Only Business owners that have been successfully upgraded to the Registered Business Level are eligible to add additional registered business to their customer profile.

Unregistered BOs (on KYC Level 1-3) would not be able to create additional registered business.

To be able to successfully create an additional registered business, the BRM will need to be able to provide the following information:

1. CAC Registration Number
2. CAC Registration type
3. CAC Registration Documents
4. SCUML Certificate
5. TIN
6. Operating Licence
7. Business Address
8. Nature of Business

Steps to create Additional Registered Business

• Log on to the Moniepoint front-office as a BRM
• Expand the “Team Management” menu to reveal the sub-menus
• Select “Business owners” sub-menu
• Find the Business owner you want to add a new business to
• Click on the Business owner to navigate the “Business owner Details” Page
• Select the “View Businesses” action option. You should be navigate to the “Businesses” Page
• On the “Business” page, you can see a list of businesses that belong the the Business name
• Click on the “Add Business” button to be navigated to the Additional registered business creation flow
• Select whether you want an account to be created to the new business or you want the business to be created without an account yet
• Submit the business CAC registration information:
• Business registration type
• CAC registration number
• The system must be able to validate that:
• The business registration is valid
• The business owner is an affiliate of the business at CAC
• Submit the Supporting documents required based on the business registration type selected in the above step
• Select the Nature of business by selecting the business category/subcategory applicable to the business. You can select up to 3 business subcategories for a business
• Submit Additional required information about the business:
• TIN
• SCUML Certificate (based on the Nature of business selected above)
• Operating Licence (based on the Nature of business selected above)
• Submit the Address for the new business. You are allowed to use any of the previously verified addresses - business address or residential address.
• Setup account name for the account to be created alongside the business, if you selected the option to have an account created with the registered business.
• Review all the information you have submitted for the additional registered business before you submit finally for the Business to be created for the BO.

Both Moniepoint Business and Moniepoint Personal accounts have three KYC levels, each with different requirements and transaction limits. Here are the details for each KYC level:

KYC Level 1:

• Single Debit Limit: ₦50,000.00
• Daily Debit Limit: ₦300,000.00
• Single Credit Limit: ₦50,000.00
• Daily Credit Limit: ₦300,000.00
• Balance Limit: ₦300,000.00

KYC Level 2:

• Single Debit Limit: ₦100,000.00
• Daily Debit Limit: ₦500,000.00
• Single Credit Limit: ₦100,000.00
• Daily Credit Limit: ₦500,000.00
• Balance Limit: ₦500,000.00

KYC Level 3:

• Single Debit Limit: ₦5,000,000.00
• Daily Debit Limit: ₦5,000,000.00
• Single Credit Limit: Unlimited
• Daily Credit Limit: Unlimited
• Balance Limit: Unlimited

Important Note:

If your account is at a particular KYC Level, you cannot exceed the limits for that level. If you do, your account will be automatically placed on restriction. To lift the restriction, you must upload the necessary documents to upgrade your KYC level, and once approved, the restriction will be lifted automatically.