Are you trying to transfer or receive funds into your Moniepoint Personal or Business bank account but have hit your account's daily transaction limit?

We understand how that could make you feel!

That is why it's possible to raise your daily/single credit and debit limit as you upgrade your KYC levels in your account. 

It's important to know that these limits exist to safeguard your finances and ensure security. However, you might want to transact with more funds and need the flexibility to do so.

Let's explore the various KYC levels, the daily/single credit and debit limits, and how to increase these limits.

How do I Increase the Transaction Limit on my Moniepoint Personal Banking App?

You can easily increase your daily/single debit and credit transaction limit on your Moniepoint Personal Banking app by upgrading your KYC levels. 

There are three KYC levels you can upgrade to by providing the required documentation. These KYC levels come with their individual transaction limits.

1. Level 1

The single credit limit for this level is N50,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N300,000, while the daily debit limit is N300,000. To upgrade to KYC level one, you will need to provide the following requirements:

• Your Nationality

• NIN or BVN details

• Face Verification

• Residential Address

• PEP Status (Politically Exposed Person)

• Source of Income

• Attestation

2. Level 2 

At this level, the single credit limit is N100,000, while the single debit limit is N100,000. Additionally, the daily credit limit is N500,000, while the daily debit limit is N500,000. To upgrade to KYC level 2, you will need to provide the following requirements:

• BVN or NIN details

• Next of Kin details

3. Level 3 

This final level has an unlimited single and daily credit limit; this means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000. 

To increase your transaction limit, you will need to upgrade to this level by providing the following requirements:

• Proof of Address Verification

• Indemnity

How do I Increase the Transaction Limit on my Moniepoint Business Banking App?

You can increase the transaction limit on your Business Banking Account, allowing you more flexibility to send and receive money from your vendors and customers. The different KYC levels and their transaction limits include:

1. Level 1 

The single credit limit at this level is N50,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N300,000, while the daily debit limit is N300,000. To upgrade to KYC level one, you will need to provide the following requirements:

• Your Nationality

• BVN or NIN details

• Face Verification

• Residential Address

• Business Details

• Business Address

• PEP Status (Politically Exposed Person)

• Source of Revenue

• Attestation

2. Level 2 

The single credit limit for level two is N100,000, while the single debit limit is N100,000. Additionally, the daily credit limit is N500,000, while the daily debit limit is N500,000. To increase your Moniepoint business banking account transaction limit by upgrading to KYC 2, you need to provide the following requirements:

• BVN or NIN details

• Next of Kin details

3. Level 3

Like the personal account, this level has an unlimited single and daily credit limit. It means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000. The requirements for this level upgrade are as follows:

• Proof of Address (Residential)

• Indemnity

4. Level 4 - Registered Business

You have an unlimited single and daily credit limit at this level. Also, your single debit limit is N10,000,000, while your daily debit limit is N25,000,000. You can upgrade to KYC level four with the following requirements:

• Business Registration Type

• Supporting Documents

• Review Business Names

• Attestation

5. Level 5 - Registered Business Plus

At the final level, you have an unlimited single and daily credit limit. However, you have a single debit limit of N100,000,000 and a daily debit limit of N250,000,000. The requirement to upgrade to this level is:

• Internal Business Registration Document Review

Conclusion

On the different KYC levels, you can improve your banking experience on the Moniepoint Personal and Business Banking app and enjoy seamless transactions with unlimited potential.