Moniepoint Upgrade System Explained: New Features for Agents, Merchants, and Hybrid Customers

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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

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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:

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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.

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.