This article covers in detail the various processes involved in accessing loans from Nigeria’s foremost microfinance bank, Moniepoint.
When we talk about loans, online loan facilities like Fair Money, Okash, Alat easily comes to mind. However, the Moniepoint is a reliable and easy-to-access loan either for personal use or business growth. So if you are interested in accessing loans, I will encourage you read this article to a conclusive end.
About Moniepoint
Moniepoint is one of the leading Microfinance banks in Nigeria with its operations especially its Point of Sales (POS) services spread all over the country. It is easily one of the most reliable and best financial institutions out there.
With its operations spanning over ten years, it has been operating efficient banking operations including loans for individuals, businesses and corporate organizations. Moniepoint employs both the conventional bank system as well as the digital and mobile system through its web system and mobile app. These online services have made it easy to access and with just your smart phone; you can access their alone anywhere.
Services Rendered by Moniepoint
Aside from offering loans which is our major concern in this article, Moniepoint also offers the following services:
- Payment of bills
- Sending money
- Receiving money
- Settlement of debts
- POS services
- Making transfers
- Airtime/Data
How does Moniepoint works?
I believe at this point, you are eager to know how you can get this loan and without a further waste of time, I am going to get right into it. Moniepoint shares similarities with most of the other microfinance banks around. However, it still has its peculiar features.
Any paperwork?
The answer is an absolute NO. Moniepoint doesn’t require any paperwork or collateral. Yes, you heard me right. In conventional banking, applicants for loans are requested to bring collaterals but in this case, collateral is not needed.
All you need to get the Moniepoint loan as started earlier is just your smart phone and data. There are no stringent processes, conditions and requirements. The conventional bureaucracy experienced in conventional banking is non-existent. You can access short-term loans with easy payback terms and very low-interest rates.
Who is eligible?
For purpose of accounting and monitoring, there are criteria you must meet before you can apply for this loan. Below are the criteria for individual’s eligibility for securing Moniepoint loan:
- You must be a Nigerian citizen or resident in Nigeria with a valid means of identification such as a Voter’s card, Passport, or National ID card.
- You must be 18 years and above.
- You must have an active phone number
- You must have a validated Moniepoint account.
- You must have a good and reliable source of income or a business that brings in consistent income.
- Must have a bank account with one of Nigeria’s known banks.
- You must have a solid credit history. This is determined by the credit score algorithm used by Moniepoint.
To secure a Moniepoint loan for the purpose of business expansion or funding, below are the criteria:
- The business must be registered with Nigerian Corporate Affairs (CAC).
- The registered business must be financially stable with an operating period of not less than six (6) months.
- The business must have a bank account with a reputable Nigerian bank.
- The company’s credit history as determined by Moniepoint credit score algorithm.
How do you go about it?
The first step involved in getting this loan is a registered phone number, an active account and a means of identification. Once the app is downloaded and installed on your smart phone or you accessed the website on your phone’s browser, you can get yourself registered and begin the process of applying for the loan. You can get the app on Google Play Store.
The process is further explained below:
Getting the app
- Go to Google Play Store
- Search for Moniepoint app in the search bar
- Tap on ‘’Install’’ to download the app
- Create a Moniepoint Account
After downloading and installing the app, what follows is the creation of an account. The process of creating the account is straightforward and will require your personal information like name, email address, phone number, and a unique password.
- Requesting for a loan
The loan feature is displayed on the app. Click on it and enters the amount that you want to get from the available credit limit given. You are also required to choose the repayment plan from the list of options given. After filling all the necessary details, kindly cross check and once satisfied, you can go ahead and submit your application for assessment and approval. Once your application is approved, the money will be sent to you. The process takes just a few minutes and the disbursement is done.
- Interest Rates
The interest rate of Moniepoint loans is determined by the amount borrowed, the credit score of the applicant and the repayment plan chosen. However, the general interest rate of Moniepoint loans are personal loans 5% and 20%, and small business 2.5% and 10%.
How To Apply For Moniepoint Loan
If you are interested in apply for Moniepoint loan, kindly visit the loan application link.
