Is Monie Point a good bank?

Is Monie Point a good bank? These are questions many Nigerians have asked and also deserve answers to. Monie point Microfinance Bank is one of the fast-emerging names in Nigeria’s banking sector for small and medium enterprises (SMEs). To know whether Monie Point will meet your expectations involves looking at its services, pros, legal aspects, and so on. This article will explain what Monie Point is so that you will know how to approach all your banking problems.

Is Monie Point a good bank?

Monie Point was previously called Team Apt. Monie Point is Nigerian fintech based in Lagos. In a very short period, it has established itself as one of the prominent banking solutions providers for small and medium enterprises. Monie Point, through its state-of-the-art online banking solutions, seeks to ease transactions and provide loans for its users in a manner that considers their unique needs.

Regulatory Framework

Monie Point functions under the licensing of the Central Bank of Nigeria (CBN) and this is paramount to the protection of every financial transaction. This regulation not only mitigates the risk of people conducting business within the economy but also outlines a mandate for healthy economic relations and fairness to all stakeholders.

Recognition in the Industry

In 2022, the CBN awarded Monie Point the Best Payment Platform Award in Nigeria. This award celebrates Monie Point efforts to drive financial services accessibility especially to the SMEs which hitherto have faced a lot of banking challenges till today.

The Benefits of Banking with Monie Point

Specialized Services for SMEs

Monie Point goes above and beyond simply banking services by emphasizing on the need of small and medium sized enterprises. The bank appreciates the specific problems that SMEs encounter and has modified its products and services in line with that. Here are some key benefits:

Find the Right Loan Products For Your Business

Monie Point avails a number of loan products that aid businesses under the definition of SMEs. Be it a street business needing a bridging loan to ease the cash flow or a retail business that wants to enlarge its scope of business operations, Monie Point has loans suitable for your situation. In most cases, the processes are usually short and concise, thus easing access of these funds to the business owners at the times they are most needed.

Improved Services for Internet Banking

The Monie Point application has been developed bearing in mind the scorching need for an easy to use app in an attempt to ease users with banking services. This enables users to perform many functions with ease including checking their balance, transferring money and applying for a loan, among others. The app’s ease of use is quite advantageous especially to busy businessmen and women who wouldn’t want to get bothered by extensive banking procedures.

Abundance of Financial Resources

Apart from the most rudimentary banking services, Monie Point also has an array of financial resources that facilitate effective handling of business finances. These resources include aids in formulating limits, assessing and monitoring costs, and preparing financial statements which provide essential information for making sound management decisions.

Don’t Leave Anyone Behind Agenda

Monie Point has a sincere passion towards advancing financial inclusion in Nigeria. The commercial bank provides SMEs focused services, thus the bank facilitates many more businesses in making use of the formal financial system. Such usage is very important for the achievement of economic growth, particularly in a country where access to the banking system for the majority of small scale enterprises is quite limited.

Better customer care

Customer support is yet another field where Monie Point stands out. This is because the bank is able to devote some support to its users making sure that all the concerns or queries are resolved in good time. This kind of customer care can prove to be pivotal for a business owner who heavily depends on their banking partner for most of their daily operations.

Frequently asked questions

Do Individuals Stand a Chance of Making Use of Monie Point as a Bank?

The difficulty with Monie Point is that it is more focused on providing services to SMEs as compared to individuals. However, there are provisions on the platform that can still benefit users, especially those with micro-enterprises or those working as freelancers. For instance, if you are an individual who does not want complex banking options, you can consider Monie Point.

What are the Benefits of Monie Point More than Banking Institutions?

Monie Point has many benefits when it comes to catering for small businesses compared to other banks. In the first place, the processing of application forms for loans and other services in most banks is less favourable and more confining. On top of that, Monie Point being a modern bank uses technology to its advantage such that transactions and management of account are done at a faster pace. In the case of traditional banks, lots of arrangement must be made in regard to providing you with a loan, collateral might be needed, which poses hindrances to many SMEs. The other hand, Monie Point seeks to appreciate its users’ specific requirements and therefore builds its services around that.

What is the Registration Process?

The registration process is quite simple in regards to Monie Point. It goes this way.

Download the Application: First, get the Monie Point application installed on your device and this could be done via the app store of the device.

Open an Account: Then within the given time go on to the account opening process, during which you will have to give personally identifiable information including your Bank Verification Number (BVN) or other KYC data.

Identity Verification: As soon as you provide the necessary documents, your next step will be to undergo a face and ID verification. This is done to further verify your authenticity and to provide additional protection to your account.

Explore Services: After a successful and complete account verification, it is advisable to look through the app and her elements for a while.

Is it Necessary To Have a BVN To use Monie Point?

Monie Point will ask you to provide a Bank Verification Number during the registration process. A bank verification number helps to confirm your identity and prevent fraudulent banking transactions. This practice is common in many banks in Nigeria.

What are the Types of Loans that Monie Point Provides?

Monie Point provides various loan products suitable to SMEs. These may include different loan types like:

Short-Term Loans: Mostly useful for short term cash management instead of long term hire purchase.

Long-Term Loans: Deployed for larger thresholds like business expansion or purchasing of equipment.

Business Development Loans: A loan facility geared to the growth and scaling of a business.

How Safe is Monie Point?

Monie Point is very security-conscious. Security measures include the use of encryption technologies, and two-step verification, among others to prevent unauthorized access to users information and transactions. Being a financial services company that is regulated by laws, Monie Point has very clear policies on protection of their customers’ funds.

Beginning with Monie Point

Step 1: Install the Application

In order to start Monie Point, the very first thing to do is to get the app. This is easy because it can be downloaded on the Android and the iOS platforms.

Step 2: Set Up Your Account

After downloading the app, the very next thing is to set up your account. The good thing about signing up is that it is very simple as the process makes it easy for you to complete the profile.

Step 3: Verification of Identity is Essential

When done with registration, you will be required to verify your identity. This often requires you to give your BVN and takes place face to face where an ID is shown and a face verification done. This is important to safeguard your account.

Step 4: Use the Application

When your account is fully verified and in active status, try to sweep through the different functions of Monie Point. Do get to understand the loan services, ability to process payments and other activities encompassed in the app.

Final Thoughts: Will Monie Point Work for You?

In case you are a Nigerian small or medium enterprise owner, using Monie Point Microfinance Bank is most probably a great choice for you. thanks to its customised services and technologies, as well as efforts aimed at promoting inclusion in the economy, Monie Point manages to makes very good banking sense. In the desire to assess your banking needs, look where those needs fit in Close to those offered by Monie Point. Given its focus on SMEs, it is reasonable to expect that solutions relevant to the increase of your business will be available.

Is Monie Point a good bank?