Does Moniepoint Give Loans in Nigeria: Let’s Find out

To empower businesses in the fast emerging markets in Nigeria, Moniepoint became a leading digital financial platform designed to empower its customers. A variety of solutions are offered by this company to streamline finances, including secure payments, banking features, and business management tools.

But the big question remains: Does Moniepoint offer loans in Nigeria? Yes! that’s the answer. The importance of access to capital for growth was recognized by Moniepoint, and they’ve designed loan products specifically for the Nigerian market.

Can I Get a Moniepoint Loan in Nigeria?

Certainly! In Nigeria with access to essential financial tools Moniepoint empowers businesses, and loans are a key part of that offering. These working capital loans were specifically designed to address the cash flow challenges faced by many growing businesses. These loans can be a lifesaver, helping bridge temporary gaps, finance inventory purchases, or cover unexpected expenses.

currently, Moniepoint doesn’t offer personal loans in Nigeria, its focus on supporting businesses aligns perfectly with the needs of entrepreneurs and aspiring small business owners. The unique financial hurdles faced by businesses in the Nigerian market allow them to tailor loan products that directly address these targeted issues.

what are the Criteria for a Moniepoint Loan?

Eligibility for each loan app differs according to the company. Here’s a rundown of what you’ll generally need to qualify for a Moniepoint loan:

Basic Requirements

• Nigerian Resident: You must be a legal resident of Nigeria.
• Age Requirement: Be over 18 years old.
• Valid Phone Number: Ensure clear communication throughout the process.

Business Loan Specifics

• Registered Business: Your business needs to be officially recognized by the Corporate Affairs Commission (CAC).
• Financial Stability: Moniepoint will assess your business’s financial health (bank statements, past Moniepoint transactions).
• Minimum Business Age: There might be a minimum operational timeframe (e.g., 6 months).

Hidden Factors

• Positive Credit History: A healthy credit score can strengthen your application.
• Moniepoint Account Activity: For old customers, consistent use of Moniepoint services might be viewed favorably.

How to Apply for a Moniepoint Loan (Step-by-Step Guide)

A smooth application process and well-understood is what Moniepoint achieved. Here’s a breakdown of the steps to get you started:

Step 1: Create a Moniepoint Account (if you don’t have any)

If you don’t have one already use the steps below to create your own free account today;

Creating a Moniepoint Account on the Web

Head to the Moniepoint website: in your web browser visit https://atm.moniepoint.com/login/web

Locate the signup option: Look for a “Sign Up,” “Open Account,” button or link label or something similar. It’s usually prominently displayed on the homepage.

Enter your details: Required information, typically including your email address and phone number should be filled correctly.

Verify your phone number: A one-time verification code (OTP) will be sent to your phone number by Moniepoint. Enter the code on the website to confirm your contact information.

Set up your credentials: Create a secure username and password for your Moniepoint account. Choose a strong password that you don’t use for other online accounts.

Complete the profile (optional): Depending on Moniepoint’s current process, you might be prompted to fill in additional details like your date of birth or BVN (Bank Verification Number) to complete your profile.

Creating a Moniepoint Account on the App

Download the Moniepoint app: Visit the App Store (iOS) or Google Play Store (Android) and search for “Moniepoint.” Download and install the official app.

• Open the app: Launch the Moniepoint app on your mobile device.
• Find the signup option: Look for a button or prompt similar to “Sign Up” or “Create Account.”
• Provide your information: Enter your email address and phone number as requested by the app.
• Verify your phone number: Moniepoint will likely send a verification code (OTP) to your phone. Enter the code within the app to confirm your contact details.
• Set up your login credentials: Choose a strong username and password for accessing your Moniepoint account on the app.
• Complete the profile (optional): Similar to the web version, you might be asked to provide additional information like your date of birth or BVN to fully set up your profile within the app. In case you want to remove your BVN from loan apps use this guide.

Step 2: Gather Required Documents

You’ll likely need some documents like your business registration materials and potentially some financial statements Moniepoint needs them to keep the paperwork streamlined. The exact requirements will be communicated during the application process. check the eligibility we talked about above.

Step 3: Apply On the website or Through the App

• Initiate the loan application process once you have everything ready. This can be done conveniently through the Moniepoint website or their mobile app.

Step 4: Provide Loan Application Details and Submit

• The online application will guide you through providing details about your business, loan purpose, and desired amount. Be sure to enter accurate information and attach any necessary documents. Once everything is complete, submit your application electronically.

Step 5: Await Loan Decision and Next Steps

• Your application will be reviewed by Moniepoint and they will also assess your business’s eligibility and creditworthiness. They will likely contact you to discuss the application and may request further information if needed.

What are the Moniepoint loan interest rates?

Definitely, Moniepoint likely offers business loan interest rates that fall within the range commonly seen for alternative lenders in Nigeria.

with our research, this range can typically be between 20% and 40% per annum. But remember this is a broad estimate, and the actual rate you’ll receive depends on various factors specific to your business, such as:

• Loan amount
• Loan term (repayment period)
• Business financial health
• Creditworthiness

However moniepoint.inc clearly stated that they Enjoy a flat rate interest of 9% annually without incurring any breakage fees

Moniepoint.inc

Is Moniepoint a Legit Loan Company in Nigeria?

Absolutely! Moniepoint is a reputable and licensed financial services provider in Nigeria. Here’s why you can be confident using their services:

• Central Bank Regulation: Moniepoint operates as Microfinance Bank Limited, Authorized and regulated by the Central Bank of Nigeria (CBN). This ensures they adhere to strict financial regulations and consumer protection guidelines.
• Industry Recognition: “most inclusive payment platform in the country” in 2022 has been dedicated to Moniepoint’ as a financial inclusion acknowledged by the CBN. This recognition highlights their commitment to responsible lending practices.