Savings

1. Open your active SAYT plan.
2. Tap Close Plan.
3. Select a reason for closure from the provided options (e.g., goal achieved, change in financial plans).
4. Choose the cash-out account where the remaining saved funds will be transferred.
5. Enter your transaction PIN to confirm the closure.
6. Your plan will be closed, and the remaining funds will be transferred to your selected account.

1. Tap Withdraw on your active SAYT plan.
2. Enter the amount you want to withdraw.
3. Select the destination account where the funds will be credited.
4. Review the withdrawal details carefully.
5. Enter your transaction PIN to confirm the withdrawal.
6. The funds will be credited to your account, and your plan balance will automatically update.

1. Open your active SAYT plan.

2. View recent savings activity:

• The app displays the last 8 transactions that contributed to your savings.
• To see your full transaction history, tap “See All.”

3. Update your transaction types or savings mode:

• You can add or remove transaction types that trigger savings.
• Adjust fixed amounts or percentages if needed.

4. Pause or Reactivate your plan temporarily:

• Select Pause and choose a duration between 1 to 30 days.
• When ready, reactivate the plan to resume automatic savings.

5. Configure Auto-Withdraw:

• Choose how often saved funds are transferred to your account: daily, weekly, monthly, etc.
• Select the destination account for the funds.
• Save changes to apply the configuration.

1. Open the Moniepoint App on your mobile device.

2. Navigate to Savings → Add New → SAYT.

3. Configure the savings amount or percentage:

• Fixed amount: Enter a specific value to save per transaction.
• Percentage: Enter a percentage of each selected transaction to save.

4. Select the transaction types that will trigger the savings. For example:

• Bank transfers
• Airtime purchases
• Bill payments

5. Review and accept the terms and conditions carefully.

6. Confirm to create your SAYT plan. The plan is now active, and savings will automatically start based on selected transactions.

Save As You Transact (SAYT) is an automated savings product designed to help users save effortlessly by linking contributions to transactions they already make. This means that every time a specific type of transaction is performed, a pre-set amount or percentage of that transaction is automatically saved.

Key Details:

• v1: Designed for Business Owners only. Every transaction triggers a fixed amount to be saved automatically.
• v2: Available for both Business and Personal Customers. Users can save a fixed amount or a percentage of selected transaction types, such as transfers, airtime purchases, bill payments, etc.
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Key Features

• Automated Savings: Each selected transaction type automatically triggers a savings deduction.
• Flexible Payout Schedules: Users can receive saved funds according to their preference — daily, weekly, monthly, quarterly, biannually, or yearly.
• Pause & Resume Plans: Plans can be paused for 1 to 30 days if needed and reactivated without losing saved amounts.
• Manual Withdrawals: Users can withdraw funds before the scheduled payout.

• Edit Target: Increase target amount, extend date, or adjust contribution frequency (reductions not allowed).
• Change Goal Nickname: Update for clarity.
• Halal Compliance: Opt out of earning interest if desired.

Partial Withdrawal

• Allowed up to 50% of the plan balance before the target date.
• Interest is forfeited on the withdrawn sum.

Break Plan

• Stop the plan entirely.
• Lose all accrued interest.
• Principal is returned to your account.

Withdraw Post-Target Date

Principal + interest credited to your account after withholding 10% tax.

First Contribution

• After plan creation, you can contribute immediately or schedule the first contribution later.

Top-Up Contributions

• Open the Target Savings plan → Tap “Top Up.”
• Enter the top-up amount and confirm using your transaction PIN.
• Top-ups are subject to account limits (Personal: 10M, Business: 100M).

Auto-Save Contributions

• Toggle the auto-save option on/off in “Manage Plan” based on your preference.

Step 1: Open the Moniepoint App

• Navigate to “Savings.”
• Select “Target Savings.”

Step 2: Enter Goal Details

• Category: Select the type of goal (personal, business, short-term, etc.).
• Target Amount: Enter the total amount you want to save.
• Target Date: Set a deadline to achieve your goal.
• Contribution Frequency: Choose daily, weekly, or monthly contributions.
• Auto-Save Option: Toggle on or off depending on preference.
• Contribution Amount: Enter the amount for each contribution cycle.
• Goal Nickname: Give your savings plan a recognisable name

Step 3: Review & Confirm

• Carefully review the details entered.
• Agree to the terms and conditions.
• Confirm to create the Target Savings plan.

Target Savings is a goal-oriented savings product for individuals or businesses who want to save towards a specific objective.

Key Details:

• Interest Rate: 11.5% per annum
• Flexibility: Auto-save, partial withdrawal, or break plan options
• Halal-Compliant: Interest opt-out available

 FAQs

• Duration: 1 month – 12+ months
• Multiple Plans: Allowed
• Interest Rate: 11.5% p.a., opt-out available
• Auto-Save: Available
• Partial Withdrawal: Up to 50%, loses interest
• Break Plan: All interest forfeited
• Target Reached: Withdraw or continue saving

Edit Plan Details

• Tap “Manage” on your active plan.
• You can change the plan name or toggle the auto-rollover option.
• Save changes; updates are applied immediately.

Break Plan (Early Withdrawal)

• Open the Fixed Deposit plan.
• Tap “Break Plan.”
• Confirm that early withdrawal will forfeit interest.
• Enter your transaction PIN to complete the request.
• Principal is returned; interest is forfeited.

Step 1: Open the Moniepoint App

• Navigate to the “Savings” menu.
• Select “Fixed Savings” from the options.

Step 2: Review Plan Details

• Carefully check the interest rate applicable for your selected duration.
• Review the minimum deposit amount and any restrictions or conditions.
• Ensure you understand that early withdrawal will result in loss of interest.

Step 3: Fill in Plan Information

• Plan Name: Give your plan a descriptive name.
• Amount: Enter the lump sum you want to deposit.
• Duration: Choose the fixed period (1, 3, 6, or 12 months, or longer if allowed).
• Debit Account: Select the account from which funds will be deducted.
• Auto-Rollover (Optional): Enable if you want the plan to continue automatically after maturity.

Step 4: Review & Confirm

• Carefully review all entered information.
• Agree to the terms and conditions.
• Confirm to activate your Fixed Deposit plan.

Fixed Deposit Savings is a product for disciplined, long-term savers who want to lock a lump sum for a defined duration while earning interest. This product is ideal for those who do not need immediate access to their funds.

Key Details:

• Interest Rate: 9.5% – 17.5% per annum (tiered by duration)
• Withdrawals: Only allowed via breaking the plan; early withdrawal forfeits accrued interest
• Top-Up: Not allowed (one-time deposit)
• Halal-Compliant: Option to opt out of interest

 FAQs

• Minimum Duration: 1, 3, 6, 12 months
• Early Withdrawal: Allowed but forfeits interest
• Top-Up: Not allowed
• Notifications: You will receive a notification at maturity
• Halal Compliance: Interest can be opted out of

• Top-Up: Open plan → Tap Top-Up → Enter amount → PIN → Confirm
• Manage/Update: Open plan → Tap Manage → Edit Plan Name or End Date → Save changes
• Break Plan: App → Locked Savings → Select plan → Break Savings → Confirm forfeit interest → Submit request

Funds: Credited to the account within 48 hours

Locked Savings is designed for disciplined savers who are willing to commit funds for a fixed period in exchange for higher interest rates.

Key Details:

• Interest Rate: 16% per annum
• Withdrawals: Not allowed until maturity. Early breaks forfeit all accrued interest.
• Rollover: Manual extension at maturity
• Halal-Compliant: Option to opt out of interest

Note: This product is phasing out. Existing plans will continue until maturity; new plans are no longer available.

FAQs

• Can I withdraw early? Yes, but all accrued interest is lost.
• Can I top up? Yes, top-ups are allowed.
• Can I manage multiple plans? Yes
• What happens at maturity? Principal + interest received; option to roll over
• Halal compliance? Yes, interest can be opted out of

Flexible Savings allows individuals and businesses to save without strict restrictions while earning daily interest. It is ideal for those who want liquidity and flexibility in managing their funds.

Key Details:

• Interest Rate: 9.5% per annum
• Withdrawals: Unlimited. If more than four withdrawals are made in a month, the accrued interest for that month is forfeited.
• Halal-Compliant: Users can opt out of interest if desired.
• Use Cases: Emergency funds, short-term goals, or saving idle funds.

 FAQs

• Can I withdraw anytime? Yes, but if more than four withdrawals are made per month, interest for the month is forfeited.
• How is interest calculated? Daily accrual, paid monthly.
• Can I stop earning interest? Yes, via interest opt-out for Halal compliance.
• Can I manage multiple plans? Yes, you can have several active plans simultaneously.
• Can I edit my plan? Yes, through the “Manage” menu.

Yes, but if more than four withdrawals are made per month, interest for the month is forfeited.

Open your savings plan and tap “Manage”.

You can update:

• Plan Name
• Target Date
• Target Amount
• Contribution Frequency
• Contribution Mode (Manual/Automatic)
• Interest Option (opt-in/opt-out)
• Auto-Rollover Option

Save Changes: Updates are applied immediately.

Cancel Plan: Use the same menu; note that all accrued interest is forfeited upon cancellation.

1. Open the active savings plan.
2. Tap “Withdraw”.
3. Enter the amount you want to withdraw and select the destination account.
4. Review the withdrawal details, then enter your transaction PIN to confirm.
5. The funds are credited to your account, and your savings plan balance is updated automatically.

1. Open the active savings plan.
2. Tap “Top Up”.
3. Enter the desired amount to add.
4. Confirm the details and enter your transaction PIN.
5. The top-up is processed instantly, and the updated balance is reflected immediately.

Open the Moniepoint App

• Navigate to the “Savings” menu and select “Flexible Savings”.

Review Plan Details

• Carefully read the interest rate, withdrawal terms, and minimum savings period.
• Understand any fees or conditions related to withdrawals or interest forfeiture.

Fill in Plan Information

• Goal Type: Choose whether this is a targeted goal (specific amount/date) or a general savings plan.
• Target Name & Date: Provide a descriptive name for your goal and a target date for achieving it.
• Target Amount & Contribution Frequency: Input the total savings goal and how often contributions will be made (daily, weekly, or monthly).

Set Up Contribution Method

• Choose Manual (you initiate savings) or Automatic (scheduled deductions from your account).
• Optional: Make an initial deposit to kick-start the plan.
• Decide whether to opt in or out of interest (for Halal compliance).
• Choose Auto-Rollover if you want the plan to continue after maturity.

Review & Confirm

• Carefully check all entries.

Agree to the terms and confirm to activate the savings plan.

On the Moniepoint platform, we offer various savings plans catering to different needs:

Personal Banking App:

• Flexible Savings
• Locked Savings
• Fixed Savings

Business Banking App:

• Save as U Transact (S.A.Y.T)
• Flexible Savings
• Locked Savings
• Fixed Savings

These diverse options are designed to accommodate varying financial goals and preferences, ensuring a suitable choice for every user.

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