How to Borrow Money From Moniepoint (A Step-by-Step Guide)

How to Borrow Money From Moniepoint: In recent years, Moniepoint has grown into one of the most trusted fintech platforms in Nigeria, providing financial services to millions of individuals and small businesses. Known primarily for its reliable Point of Sale (POS) terminals and agency banking solutions, many Nigerians now wonder: “Can I borrow money from Moniepoint?” If you’re searching for a clear and accurate answer, you’re in the right place.

This guide explains how to borrow money from Moniepoint, whether you’re a POS agent, small business owner, or everyday user. With the rising need for fast and accessible funding in Nigeria, it’s important to know the options available and avoid misleading claims. We’ll walk you through everything you need to know, from Moniepoint’s official lending services to alternative ways of accessing credit through the platform.

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What is Moniepoint and How Does It Work?

Moniepoint is a licensed financial technology company and digital banking platform in Nigeria, operated by TeamApt. Initially known for powering Point of Sale (POS) services, Moniepoint has evolved into a full-fledged business banking provider, offering tools for money transfers, deposits, bill payments, and financial management, especially for small and medium-sized businesses (SMEs).

Moniepoint enables agency banking by allowing independent agents across Nigeria to provide financial services to the unbanked and underbanked population. These agents use Moniepoint’s POS terminals to handle cash withdrawals, deposits, transfers, and more.

Beyond POS services, Moniepoint now offers business accounts, automated transaction reports, customer support, and an ecosystem for business growth. This makes it not just a payments solution, but a key player in Nigeria’s drive toward financial inclusion.

However, when it comes to borrowing money, many users are unsure whether Moniepoint provides direct loans, agent credit, or business funding. That’s what we’ll clarify in the next section.

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Can You Borrow Money from Moniepoint?

Yes, you can borrow money from Moniepoint—but only if you operate a registered business.
Moniepoint offers business loans tailored to support the growth and operations of small, medium, and large businesses in Nigeria. These loans are not designed for personal use and are not available to individuals without a business operation.

According to Moniepoint, their loan products are structured to help business owners with:

• Working capital
• Inventory purchase
• Expansion
• Operational expenses

However, to access these loans, the business must be actively operating and financially credible, and must meet Moniepoint’s eligibility criteria.

Note: Moniepoint does not currently offer personal loans or emergency cash loans for individuals. Any claim or third party promising personal loans through Moniepoint should be treated with caution.

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Moniepoint Loan Requirements

Getting a loan from Moniepoint is relatively straightforward, especially if you own a legitimate business. The platform is designed to make business financing quick, accessible, and minimally demanding, unlike traditional banks that often require piles of paperwork.

According to Moniepoint, no documents are required by default during the loan application process. However, certain documents may be requested if your business fails initial verification checks.

Here’s a breakdown of what you need:

Basic Loan Eligibility Requirements:

1. You must have a BVN: Just like many other loans in Nigeria, you must have a Bank Verification Number to be eligible for Moniepoint loans.
2. You must operate a registered business: Your business can be small, medium, or large. Daily or frequent transaction activity strengthens your credibility.
3. You must be using Moniepoint’s services: This is mandatory. You need a Moniepoint account to apply for a loan. Having a Moniepoint account or using their services (POS, transfers, etc.) helps in monitoring your business performance, which may influence your loan approval.
4. Good business performance: Moniepoint uses your business cash flow and financial behavior to determine eligibility.

Documents You May Be Asked to Provide (Only if Needed):

1. CAC Certificate (Corporate Affairs Commission registration): If your business can’t be verified through digital or physical assessments, your CAC document may be requested to confirm legitimacy.
2. Shop Rent Receipt or Utility Bill: To confirm the physical location of your business if digital verification fails.

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Steps on How to Borrow Money from Moniepoint

Here’s a step-by-step guide on how to borrow money from Moniepoint:

1. Sign Up for a Moniepoint Business Account

• Visit the Moniepoint website or download the Moniepoint app from your app store.
• Register by providing your business details, phone number, and a secure password.
• Complete all required onboarding steps.

2. Use Moniepoint for Business Transactions

• Carry out regular transactions like customer payments, transfers, deposits, and bill payments.
• Active usage increases your creditworthiness and loan eligibility.

3. Wait for Automatic Eligibility Assessment

• Moniepoint uses your transaction history and business behavior to determine if you qualify.
• If you’re eligible, you will receive a notification via SMS, email, or in-app message.
• A “Loan” or “Credit” section will automatically appear in your dashboard when you’re eligible.

Note: If you don’t see a loan option, it means you’re not yet qualified based on your activity. Keep using the platform consistently to improve your chances.

4. Apply via Website or App (When Eligible)

• Once eligible, you can apply directly:
  • On the Moniepoint mobile app, through the newly visible “Loan” section.
  • Or by logging into your account via the Moniepoint website, where you can access your loan offer.

5. Review Your Loan Offer

• Check the amount offered, interest rate, repayment schedule, and other terms.
• If you agree, proceed with the application.

6. (Optional) Submit Supporting Documents

• If your business fails automatic verification, Moniepoint may ask for:
  • CAC business registration certificate, or
  • Shop rent receipt confirming your business location.

7. Get Approved and Receive Funds

• Approved loans are disbursed directly into your Moniepoint business account.
• You’ll be able to track your loan balance, due dates, and repayment progress from your dashboard.

8. Repay on Time to Boost Your Credit Profile

• Timely repayment opens up access to larger future loan offers and improves your standing within Moniepoint’s system.

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Interest Rates, Repayment Terms, and Charges

If you ever search for how to borrow money from Moniepoint, then it’s also mandatory to know their loan interest rates, repayment terms, and, of course, be fully aware of their charges.

Moniepoint’s loan system is built with flexibility in mind, especially to support small and medium-sized businesses that need working capital or short-term funding. While they do not publicly state fixed interest rates, here’s what you should know:

Interest Rates on Moniepoint Loans

Moniepoint currently offers two types of credit products:

• Working Capital Loans
• Overdraft Facilities

Both products come with varying interest rates, depending on:

• The size of the loan
• The type of business
• Your business cash flow
• Your transaction history and risk profile

Note: The actual interest rate you receive will be shown in your loan offer when you become eligible. You’ll be able to review it before accepting the loan.

Moniepoint Loan Repayment Frequencies

Moniepoint offers flexible repayment options, allowing you to repay your loan at intervals that suit your business cash flow. As of now, you can:

• Repay daily
• Repay weekly

They’ve also stated that bi-weekly and monthly repayment options will be available soon to offer even greater convenience to business owners.

Are There Hidden Charges?

Moniepoint is committed to transparent pricing. While specific fees and charges (like processing fees or penalties) may depend on the loan type, these details are always disclosed before you accept any loan.

To get a full breakdown of your loan structure, including the exact interest rate and repayment schedule, review the loan details within your Moniepoint dashboard or contact their support team for clarification.

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Common Misconceptions About Borrowing from Moniepoint

As Moniepoint continues to grow in popularity across Nigeria, several misconceptions have begun circulating online, especially on social media and forums. To help you make informed decisions, here are some of the most common myths about borrowing from Moniepoint—and the truth behind them:

1. Anyone Can Borrow Money from Moniepoint

Truth: Moniepoint does not offer personal loans to individuals. Their loans are strictly for businesses, whether small, medium, or large. If you don’t run a business, you won’t be eligible.

2. You Need to Be a Moniepoint POS Agent to Get a Loan

Truth: While Moniepoint agents may qualify based on business activity, you don’t have to be a POS agent to access a loan. Any registered business owner using Moniepoint services may be eligible, regardless of whether they operate a POS terminal.

3. Moniepoint Gives Instant Loans Without Eligibility Checks

Truth: All Moniepoint loans are subject to eligibility checks. The platform uses your business performance, transaction history, and risk profile to determine if you qualify. There is no instant or guaranteed loan without meeting the required conditions.

4. You Can Borrow From Moniepoint Without a Business

Truth: Moniepoint loans are business-focused only. You’ll need to operate a real business and may be asked to provide proof, like a CAC certificate or shop rent receipt, if your business cannot be automatically verified.

5. The Loan Option is Always Visible in the App

Truth: The loan feature only becomes visible when you’re eligible. If you don’t see it in your dashboard, it means you haven’t met the internal requirements yet. Keep transacting and building your account activity to improve your chances.

Understanding these misconceptions helps you avoid falling for scams or misleading content online. If in doubt, always refer to Moniepoint’s official support center for accurate updates.

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How to Borrow Money From Moniepoint: Final Thoughts

Thanks for following this article to the end. I believe that by now, you have a good understanding of how to borrow money on Moniepoint!

Borrowing money from Moniepoint is a smart option, but only for real businesses looking to grow and scale responsibly. With its simplified loan application process, minimal documentation requirements, and flexible repayment options, Moniepoint has positioned itself as one of the most business-friendly lenders in Nigeria’s fintech space.

However, it’s important to understand that Moniepoint does not currently offer personal loans. Their credit services are strictly designed for small, medium, and large businesses, not for individual borrowing. If you’re eligible, you can apply easily through their website or mobile app and receive funding directly into your business account once approved.

To increase your chances of qualifying for a Moniepoint loan:

• Keep your business active
• Maintain consistent transactions
• Ensure your business information is up to date
• Be ready to provide supporting documents if requested

And remember: Always verify any information from Moniepoint’s official channels to avoid falling victim to false claims or scams.