Moniepoint has introduced a revolutionary upgrade system to enhance customer experience and comply with the Central Bank of Nigeria’s (CBN) directives. This new classification system, effective 22nd January 2025, ensures that business operations align seamlessly with regulatory requirements.
Contents [hide]
Understanding the New Classification
The Moniepoint system now classifies customers into three main categories:
- Agent
- Purpose: Primarily for agency banking transactions.
- Transaction Type: Restricted to Withdrawal Transactions.
- Withdrawal Limits:
- Weekly: ₦500,000 per customer.
- Daily: ₦100,000 per transaction.
- Daily Cumulative: ₦1,200,000 per agent.
- Merchant
- Purpose: Designed for businesses selling goods or services.
- Transaction Type: Restricted to Purchase Transactions.
- Limit: Up to ₦5,000,000 per transaction.
- Hybrid/Merchant
- Purpose: Combines agency banking with selling goods and services.
- Transaction Type: Can process both Withdrawal and Purchase Transactions.
- Withdrawal Limits: Same as agents.
Benefits of the Upgrade
This new system offers:
Access Our Exclusive Past Questions & Answers PDF Below!
- Better transaction tracking for businesses.
- Enhanced compliance with CBN policies.
- Increased accuracy in Moniepoint’s database.
How the Upgrade Works
- For Existing Customers:
- Reclassification is based on transaction patterns.
- Customers are notified of changes via email, SMS, and push notifications.
- For New Customers:
- Business categories must be selected during onboarding.
- Categories are now sorted by popularity, with Agency Banking as the default option.
Related Post
Apply Now for Moniepoint DreamDevs 2025 Program
CBN Introduces New ATM Transaction Fees: What You Need to Know Starting March 1, 2025
Making Changes to Your Business Category
You can update your category through the Moniepoint app or website. Alternatively, contact your BRM for help.
Ensuring Compliance with the New Limits
Hybrid/Merchant customers must use the correct transaction type for their services:
- Use the Withdrawal Type for cash withdrawals.
- Use the Purchase Type for payments related to goods or services.
Final Thoughts
This upgrade represents a significant step towards achieving a cashless economy. By adhering to these changes, you not only comply with regulatory requirements but also enhance your business operations.
Have Questions?
Contact support@moniepoint.com or your BRM for further assistance.
Discover more from Allmedia24 News
Subscribe to get the latest posts sent to your email.