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News

March 17, 2024

2 mins read

We’re updating our banking account tiers.

by Moniepoint MFB

In accordance with regulation by the Central Bank of Nigeria (CBN), we’re updating our account tiers. Based on your level of KYC verification, here are the transaction limit restrictions we’ll be enforcing for Moniepoint banking accounts from April 2, 2024;

Business banking transaction limits.

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Personal banking transaction limits.

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If you’re not sure what level you’re on, you can check within your app. But here is a breakdown of the different levels and their KYC requirements;

Level 1

For this level, you must have completed your BVN verification, liveness verification, residential address and signature.

Level 2

KYC requirements for Level 2 include, in addition to Level 1 documents; next of kin, Govt-ID document verification, and Proof of Home Address.

Level 3

For level 3, you’re required to have your Proof of Home Address verified, and Indemnity provided, in addition to the requirements for level 2..

Level 4

At this level, you must submit your Legal name, Business Registration Type, CAC number, and all relevant CAC documents.

Level 5

Operating at level 5 requires verifying all your CAC documents, in addition to the requirements from the previous levels.

If your current balance exceeds your KYC level, Moniepoint is legally mandated to place a restriction on your account.

But not to worry – by providing the required KYC documents, you can have your account upgraded, and go ahead with banking as usual. If you need any assistance, kindly reach out to us within your app, and you’ll get prompt support.

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