Is MoniePoint a Good Bank?

Is MoniePoint a good bank? Digital banking in Nigeria has seen explosive growth over the past few years, with fintech companies reshaping how millions manage their money. One of the most talked-about platforms is MoniePoint. But amidst the buzz, a critical question remains: Is MoniePoint a good bank?

In this post, we’ll explore everything you need to know about MoniePoint—from its services, security, and performance, to how it compares to traditional banks. Whether you’re a business owner, agent, or everyday user looking for a reliable bank, this detailed guide will help you decide if MoniePoint is the right choice.

Is MoniePoint a good bank?

What is MoniePoint?

Before diving into “Is MoniePoint a good bank?”, let’s start with the basics.

MoniePoint is a Nigerian-based financial technology company that provides digital banking solutions for individuals and businesses. It started as a mobile money platform and has grown into a full-fledged Microfinance Bank licensed by the Central Bank of Nigeria (CBN).

MoniePoint is owned by TeamApt, a reputable fintech company that has empowered thousands of agents and businesses with payment solutions across Nigeria.

Also read on: Is moniepoint a bank or wallet

Key Services Offered by MoniePoint

To determine “Is MoniePoint a good bank?”, it’s important to understand what services it provides:

1. Banking Services

• Current and savings accounts

• Instant account creation

• Debit card issuance

• Fund transfers (intra and inter-bank)

2. POS Terminals for Agents

• High-quality POS machines for agents

• Reliable transaction speed and uptime

• Real-time transaction monitoring

3. Business Solutions

• Bulk payments

• Salary disbursements

• Account management for SMEs

• Transaction history and analytics

4. Bill Payments

• Airtime and data purchase

• Electricity bills

• Cable TV subscriptions

MoniePoint’s ecosystem is focused on empowering both business owners and everyday users, making it a solid choice in the growing digital banking landscape.

Is MoniePoint a good bank?

Is MoniePoint Legit and Licensed?

This is one of the most asked questions alongside “Is MoniePoint a good bank?”

Yes, MoniePoint is legit and fully licensed by the Central Bank of Nigeria (CBN) as a Microfinance Bank. It also has approval from Nigeria Deposit Insurance Corporation (NDIC), which provides added assurance that customers’ funds are safe.

Regulatory Highlights:

• CBN licensed

• NDIC insured

• Licensed to offer banking and agency services

This legal and regulatory framework strengthens the argument in favor of a “yes” when answering is MoniePoint a good bank.

MoniePoint App and User Experience

MoniePoint offers a mobile app that is sleek, user-friendly, and efficient. The app provides:

• Seamless onboarding

• Fast transaction processing

• Biometric login

• Real-time balance and history updates

MoniePoint’s user experience has received positive feedback from small business owners and agents who use the app daily for transaction tracking and reporting.

If you’re still wondering is MoniePoint a good bank, the app functionality adds a solid “yes” to the checklist.

Pros of Banking with MoniePoint

Here are the top reasons people rate MoniePoint positively:

 1. Fast and Reliable Transactions

POS agents and users have praised MoniePoint for consistently high uptime and fast settlement of funds.

 2. Affordable Charges

Compared to traditional banks, MoniePoint offers lower transaction fees, especially for transfers and POS services.

3. 24/7 Access

Whether through the app or web dashboard, users can access their accounts anytime, making banking more flexible.

 4. Excellent Support

MoniePoint has built a reputation for fast and responsive customer service, a major advantage over traditional banks.

 5. Business Focus

MoniePoint isn’t just about individuals—it also focuses on businesses by offering bulk transfers, real-time reporting, and analytics.

Cons or Limitations of MoniePoint

To fairly answer is MoniePoint a good bank, we must also look at the downsides:

 1. Limited Physical Branches

MoniePoint operates mostly online, with agent points replacing physical branches. Some people still prefer the assurance of walking into a bank building.

 2. Occasional Downtimes

Like all digital banks, MoniePoint has faced occasional service interruptions. However, reports show they are typically resolved quickly.

 3. Not Ideal for Complex Banking Needs

If you’re looking for foreign exchange, international transfers, or corporate investment services, MoniePoint may not yet offer these.

What Customers Say About MoniePoint

Google Play Store Review:

• Average Rating: 4.5/5

• Common praise: Fast transactions, excellent support

• Common complaints: Occasional login issues

Trustpilot Review:

• Overall sentiment: Positive

• Highlighted: Efficient POS services for agents

Real-Life Testimonials:

“As a MoniePoint agent, I’ve seen fewer failed transactions compared to other platforms. It’s reliable and supports my business growth.”

— Chinedu, Lagos-based POS Agent

“I opened a MoniePoint account for my shop and I haven’t looked back. Their charges are fair and their app is simple to use.”

— Amina, Small Business Owner in Kaduna

These reviews help answer is MoniePoint a good bank with strong evidence from real users.

MoniePoint vs Traditional Banks

Let’s compare MoniePoint to traditional Nigerian banks like GTBank, Access Bank, or First Bank:

In many areas, especially for small businesses, MoniePoint comes out ahead. So when considering is MoniePoint a good bank, the comparison puts it in a favorable position.

Is MoniePoint Safe for Saving Money?

Absolutely. MoniePoint uses industry-standard encryption and two-factor authentication to protect user data and funds. It’s also regulated and insured by CBN and NDIC, adding another layer of trust.

So if you’re wondering is MoniePoint a good bank for savings, rest assured that your money is in safe hands.

Who Should Use MoniePoint?

MoniePoint is ideal for:

• POS Agents looking for reliable daily transactions

• Small and Medium Businesses needing simple banking tools

• Salaried individuals seeking affordable banking services

• Tech-savvy users who prefer digital convenience

If you’re in any of these categories, and still asking is MoniePoint a good bank, the answer is a strong yes.

How to Open a MoniePoint Account

If you’ve been convinced and no longer need to ask is MoniePoint a good bank, here’s how to get started:

1. Download the MoniePoint App on Google Play or App Store

2. Register with your phone number and personal details

3. Submit valid ID (NIN, BVN, or Voter’s Card)

4. Create a secure password and PIN

5. Start transacting immediately

Final Verdict: Is MoniePoint a Good Bank?

So, is MoniePoint a good bank in 2025? The answer is a resounding YES—especially if you are a small business owner, a POS agent, or an individual looking for a low-cost, high-efficiency banking option.

With strong regulatory backing, innovative services, a user-friendly app, and overwhelmingly positive customer reviews, MoniePoint has proven itself as a worthy challenger to traditional banks in Nigeria.

However, like any financial service, it’s essential to consider your specific needs. If you’re looking for simple banking, reliable support, and fast transactions, MoniePoint is an excellent choice.