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Moniepoint Loan is a collateral-free credit facility for individual entrepreneurs and small-scale businesses operating in Nigeria. The loan is intended primarily for working capital purposes and will not be approved for personal expenses. It is designed to support business expansion, inventory restocking, day-to-day operations, and cash flow management.
Moniepoint operates under the Central Bank of Nigeria (CBN) as a licensed Microfinance Bank (MFB). This license allows the company to provide credit solutions to Nigerian businesses. The company also provides banking solutions to individuals and businesses, utilities bill payments, and business management tools. That's just to mention few. Our primary focus in this article is how to access Moniepoint Loan.
Details about Moniepoint Loans
Moniepoint offers two types of Loans:
- Working Capital Loan
- Overdraft Loan
These two loans are targeted towards businesses and entrepreneurs; the company does not offer a personal loan.
The Working Capital Loan is a type of loan designed to help businesses maintain smooth and timely operations. The Overdraft Loan, on the other hand, is designed for Moniepoint POS agents and merchants to access additional funds for maintaining cash flow. Once you're eligible for any of these loans and you apply through the business app or business web dashboard to obtain it, the disbursement will be made within 24 to 72 business hours, according to Moniepoint.
However, a Loan Monitoring and Credit Risk professional at Moniepoint, Ifedayo Olanrewaju, clarified that eligible applicants must own an active business(es) operating in Nigeria and hold a transaction-active Moniepoint business banking account for more than six months before applying for the loan.
Let's just say the basics for the loan eligibility criteria is largely based on your business activity and transaction history; these are different from the documents you must submit.
Furthermore, the loan amounts range from ₦1,000,000 up to ₦10 billion depending on your business turnover. The interest charge ranges from 2% to 3.3% monthly, which translates to an annual percentage rate (APR) of roughly 24% to 40%.
The interest rate is also structured depending on your creditworthiness and transaction history. Some merchants are offered daily interest structures (e.g., around 0.3% per 24 hours) or standard monthly percentages. The repayment structure is also flexible. You can pay in installments and some loans automatically deduct a percentage of your daily sales to ensure seamless, stress-free repayment.
Requirements, Eligibility, and Documents
These are all the requirements and documents needed to become eligible for the Moniepoint business loans:
- You must be at least 18 years old to create a Moniepoint business account.
- You must also be a NIgeria citizen or legal resident with legal documents to create an account.
- You must have a verified Moniepoint business account that has actively been used to carry out financial transactions for more than six months.
- For verification, you must submit valid form of identification (e.g., NIN, National ID, Passport, Voter’s Card) and a bank verification number (BVN).
- Your business must be registered with the Corporate Affairs Commission (CAC), also for verification.
- Your business address must tally with the one on your CAC certificate.
- Your business address must be verified using a valid, not less than three months utility bills e.g., NEPA bill, or Waste Management bill—or shop rent receipts that carry your name or your business name.
- All documents mentioned in this list must be submitted to verify and upgrade your business account to Level 5.
- Lastly, you must maintain a good credit score because both your personal credit score and your business credit history will be evaluated by Moniepoint’s credit score algorithm to determine your eligibility and disbursement amount.
How to apply for Moniepoint Loans
Applying for Moniepoint Loans require you to operate a Moniepoint business account for at least six months with a good history of transactions. If you're just creating your business account, you will need to use it for transactions for up to six months before you apply.
Nevertheless, I'm going to start the application processes guidelines from the business account creation to that beginners can have the best understanding of how to go about it. If you've already registered or maintained an account, you can skip the account registration section.
Follow these steps to successfully obtain a Moniepoint Loan:
1. Register a Moniepoint Business Account
The Moniepoint business banking account is free to register. It's the account used by every Moniepoint POS agents and merchants you see out there holding the blue POS terminals. The business account can be created through the Moniepoint business banking app that is available for download on the Google Play Store or Apple App Store, depending on the smartphone you're using.
You can also register a business account through the Moniepoint business manager dashboard via atm.moniepoint.com on the web. To register an account, you will need to provide a valid email address, reachable phone number, your Bank Verification Number (BVN), and National Identification Number (NIN).
OTPs will be sent to the email address and phone number you provided during the account registration. Input the codes in the designated space to proceed with the account registration. The OTP codes are designed to ensure you're using a working login credentials. Similarly, you will also need to verify your BVN and NIN by uploading live selfie videos of yourself following instructions as provided during the live capturing. After all these procedures, your business account will be created. You can then login and proceed to KYC verification.
2. Complete your KYC Verification
Completing your KYC verification is very important to become eligible for the business loan. If you don't complete your KYC verification, the loan option will not be available on your account. To complete your KYC, you will need to provide your business proof of address such as utility bills that is not more than three months. Bills that are acceptable includes:
- Electric bill: This can be a post-paid bill or a prepaid token purchase receipt, provided it originates from the official power distribution company (e.g., IKEDC, EKEDC, AEDC, IBEDC, etc.) and clearly shows your registered address.
- Water Bills (from state or commercial water corporations).
- Waste Management Bills (e.g., LAWMA in Lagos, or your state’s equivalent public/private waste management authority).
- Commercial bank statement
- Tenancy Agreement
- Tax assessment
- Letter from a public authority
- Solicitor's letter confirming a recent house purchase or Land Registry search report.
Once you upload any of these bills, your address will be verified. After that, upload your CAC certificate to verify your business. In some cases and depending on the type of business registration you do with the CAC, your business address might be printed on the certificate. In this situation, Moniepoint can verify both your address and business at the same time through the CAC certificate. After completing the KYC verification, your account will be upgraded to tier 5.
3. Use the Business Account for Six Months
Moniepoint requires businesses to utilize their account for at least six months before applying for a working capital loan primarily to build a reliable financial track record. Because these are cash-flow-based loans that often do not require physical collateral, Moniepoint relies entirely on transaction data to assess creditworthiness.
Six months of consistent account activity gives their underwriting algorithms a clear, comprehensive view of your business's average monthly revenue, daily cash flow patterns, and overall stability. It proves to the lender that the business is actively operating and generating the steady income necessary to meet a recurring repayment schedule.
Furthermore, this six-month window acts as an essential risk mitigation tool to evaluate seasonal trends and financial health over time. A shorter window could capture an artificial spike in sales—such as a single high-volume month or a holiday rush—which does not reflect the true baseline of the business.
By monitoring daily transaction history, inflow-to-outflow ratios, and customer retention over half a year, Moniepoint can accurately determine a safe, tailored loan amount. This safeguards the platform against early defaults while preventing the entrepreneur from taking on more debt than their actual cash flow can comfortably support.
4. Check Loan Eligibility
After you have used the account for good six months for your business day-to-day transaction activities, you can then log in to the Moniepoint business banking account to check if you're eligible for business loan. To check, sign in to your account via web or business app, navigate to “Loan & Credit” and you will see if you're eligible. If you're eligible, you will see the eligible amount you can obtain.
5. Apply for the Business Loan
On the “Loan & Credit” page, you will your eligible amount. To apply, click on the Amount and select your preferred loan type. If you're obtaining for the purpose of running day-to-day activities, choose working capital. But if you need additional cash to maintain cash-flow, choose overdraft. However, you preference can further influence the loan amounts and overall decisions.
After selecting your preferred loan category, you will be displayed the loan amount you're eligible to request in that category and the interest rate. Next, structure you repayment tenure and schedule. Accept the loan term and conditions, and submit your application. Moniepoint will review your application and come up with the final decision within 24 to 72 business hours.
If the loan is approved, disbursement will be made into your Moniepoint business account. Depending on the repayment structure you choose, the repayments can be automatically deducted directly from your Moniepoint business account balance, and the platform also allows you to make manual repayments early at any time without penalty. The repayment are often offered as a short-to-medium-term tenures typically spanning 12 to 24 weeks.
FAQs
Why was my loan application rejected?
If Moniepoint rejects your business loan application, four factors usually cause it: if your business account is not up to six months, if you have little to no transaction history on the account, if you've not upgraded your account to level 5, and if your personal credit worthiness has influenced the overall decisions.
In a nutshell, it is important to maintain good credit history on both personal and business account, complete your KYC verification, and maintain a good transaction history for six months minimum before you apply for the business loan.
Does Moniepoint Offer Personal Loans?
As of 2026, Moniepoint is not providing personal loan to individual account holders. The company is only offering overdraft loans for agents and working capital loans for businesses.
Is Moniepoint Safe and Legit to Use?
Yes, Moniepoint is 100% trusted, safe, and legit to use for both personal and business banking. The financial institution maintains a micrifinance banking license with the CBN and secures approval from the Nigeria Deposit Insurance Corporation (NDIC)—an independent federal government agency that protects depositors' funds and ensures the stability of the Nigerian banking system. All the transactions from Moniepoint to other financial institutions in Nigeria are also facilitated through the Nigeria Inter-Bank Settlement System Plc (NIBSS). So, there's nothing to worry about because Moniepoint is a safe and legit platform in Nigeria.
Moniepoint Loan via USSD Banking?
You cannot obtain the Moniepoint business loan through the *5573# USSD banking. The USSD banking are majorly a means to carry out transactions on your account when you're offline. To obtain the loan, you will need to access it through the Moniepoint business app or via web at atm.moniepoint.com.
Conclusion
Moniepoint Business Loan is a good choice for entrepreneurs, business owners, POS agents expanding financial inclusion in underserved areas, and grocery stores looking to expand their inventory or simply looking for a working capital credit facility. The loan comes as collateral-free credit with affordable interest rate and flexibility repayment options.
However, you still need to maintain a good credit score, verify your business account, and transact on the account for good six months to become eligible. Once you finally get eligible for the loan, it's also important to keep in mind that you should always borrow responsibly and ensure that your business can comfortably meet the repayment obligations before accepting any loan offer.
