Why is my Moniepoint Personal Bank Account Restricted?

You’ve just been notified and might wonder, “Why is my Moniepoint account restricted?”

Dealing with a restricted account can get frustrating, especially if you don’t know the reason why. From not upgrading your KYC level to uploading incomplete documents, there are several reasons your account can get restricted.

First, understand that a restricted account notice is put in place for your security rather than slowing down your financial operations.

Let me explain some reasons your account can get restricted and how you can rectify them.

Reasons Why your Moniepoint Account can get Restricted

Below are some of the reasons why your accounts can get restricted.

1. Incomplete Document Upload and Verification.

When opening your Moniepoint personal banking account, you must upload verification documents at different KYC levels. Some documents include your Identification means, utility bill, tenancy agreement, business registration proof, etc. By not uploading the required documents, your account can be restricted. 

2. KYC Level Limitation.

The Moniepoint business and personal accounts have different KYC levels with credit and debit limitations. The levels range from one to three for a personal account and one to five for a business account. 

When using your account, there are transaction amounts that can not be made at lower KYC levels. Ensure to pay attention to your current KYC level and its limitations to ensure it is not below your desired transaction.

3. Suspected Account Compromise or Fraudulent Activities

Your Moniepoint account can be restricted if any suspicious activity occurs on it. At Moniepoint, we care about the safety of your transactions and enable you to stay on top of every activity on your account. 

4. Multiple Failed Login Attempts

If you try logging in to your account unsuccessfully after five wrong attempts, your account will get deactivated. Ensure you input your correct username or reset your password in case you forget it to avoid a restriction.

What can I do if my Moniepoint Account is Restricted?

If your account gets restricted due to some of the reasons listed above, there’s no need to panic. Go through the following tips to rectify it;

• Contact your business relationship manager or our customer support team by calling the number +234 201 888 9990 or sending an email. By doing so, you get a better explanation of the ongoing issue and a solution to it.
• Verify your current KYC level and the attached credit and debit limitations.
• Ensure you complete the verifications and upload the required documents for your current KYC level.
•  By attempting to log in with the wrong password multiple times, your account can get restricted. Ensure you reset your password if you have forgotten it to regain access to your account.

What are the KYC Limitations for my Moniepoint Personal Bank Account?

Your Moniepoint personal account is grouped into three KYC levels – levels 1 to 3. Here are the credit and debit limitations on each level.

• Level 1: The single credit limit for this level is N500,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N500,000, while the daily debit limit is N200,000.
• Level 2: At this level, the single credit limit is N5,000,000, while the single debit limit is N900,000. Additionally, the daily credit limit is N5,000,000, while the daily debit limit is N900,000.
• 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 N1,000,000, while the daily debit limit is N25,000,000.

What are the KYC Limitations for my Moniepoint Business Account?

Unlike your Moniepoint personal account, the Moniepoint business account has five KYC levels. Below are the levels and their credit and debit limitations.

• Level 1: The single credit limit is N500,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N500,000, while the daily debit limit is N200,000.
• Level 2: The single credit limit for level two is N5,000,000, while the single debit limit is N900,000. Additionally, the daily credit limit is N5,000,000, while the daily debit limit is N900,000. 
• 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.
• Level 4: You have an unlimited single and daily credit limit at this level. Also, your single debit limit is N50,000,000, while your daily debit limit is N250,000,000.
• Level 5: At the final level, you can access unlimited transactions, including single and daily credit and debit transactions. 

Conclusion

A restricted Moniepoint Personal Bank Account shouldn’t worry you. Paying attention to the KYC level requirements, document uploads, and customer care representatives will get your account back up in no time. 

With the Moniepoint business account and personal accounts, you can enjoy smooth transactions, pay your bills, and save up as you wish.