Moniepoint Microfinance Bank conducts its business in strict compliance and observance of extant laws and regulatory circulars issued by the Central Bank of Nigeria on matters relating to the principles and procedures of Know Your Customer” (KYC).

For us, “Know Your Customer” (KYC) has become a cornerstone in establishing trust, ensuring security, and complying with regulatory standards. KYC is not merely an acronym; it represents a crucial set of processes designed to verify and authenticate the identity of customers engaging in financial transactions. 

The primary objective of KYC is to prevent financial institutions from being unwittingly involved in illicit activities such as money laundering, terrorist financing, and fraud. By thoroughly understanding who our customers are, Moniepoint MFB can mitigate risks, safeguard our reputation, and maintain the integrity of our financial system.

For our business and personal banking operations, we are guided by CBN’s regulation on account opening and have maintained robust internal mechanisms to bolster our customer identification procedures. In accordance with every other regulatory protocol, we conduct BVN verification on all account openings with enhanced due diligence.

Furthermore, to demonstrate the primacy we place on KYC, we have developed an online course that we take our stakeholders through to help deepen their understanding and drive strict compliance. 

As a responsible and compliant organisation, we will continue to explore innovative tools and methodologies while actively collaborating and co-operating with all stakeholders in the financial services value chain to reduce the menace of fraud-related transactions.