Moniepoint review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Moniepoint suits businesses and individuals in Nigeria that want a free debit account alongside short working capital lending from one provider rather than separate apps. Borrowing costs 24% to 40% and runs for 3 to 6, and early repayment is free once the account shows consistent use.
Key facts
Loans
- APR
- 24% to 40%↗
- Loan amount
- from NGN 1,000,000↗
- Term
- 3 to 6 months↗
- Arrangement fee
- Management fees only, amount not published↗
- Funding time
- 1-2 business days after approval↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- Active Moniepoint business account held for at least six weeks with consistent use for business transactions↗
- Loan types
- Business, Personal, Credit-line↗
Facts checked September 26, 2026, 7 sources
Pros and cons
Pros
- A free account with a debit card for day to day business spending.
- Loans come straight from Moniepoint, and business, personal and credit line all run through the same app.
- Early repayment is free, so a strong month can clear the balance sooner.
- Funds reach you 1-2 business days after approval, which keeps a restock on schedule.
Cons
- Support runs on chat and help centre only, which is thin for an urgent payment problem.
- Terms are short, 3 to 6, so a large purchase needs another route to funding.
- The arrangement charge is Management fees only, amount not published, which leaves no fixed figure to budget against.
Who it suits
- Traders and small firms in Nigeria that need a free account for daily payments and a loan for restocking.
- Borrowers who want to clear a working capital loan early without a charge.
- Individuals looking for personal lending listed in business, personal and credit line, with the account and the loan in one place.
Who should look elsewhere
- Readers who want a secured credit card rather than a business facility: Varo Believe Secured Credit Card charges $0 a month and centres on the card.
- Anyone after a long repayment window, since Moniepoint lends for 3 to 6 and a bigger purchase needs a different shape of facility.
- Readers who simply want to hold money for nothing, where bunq's monthly fee is €0 and Wise's is £0.
Rates and terms
Working capital loans are priced at 24% to 40% and the term runs 3 to 6. That is a short window, so the borrowing suits a restock or a payroll bridge rather than a long asset purchase. Compare the rate against your own cash cycle before you apply, and settle the arrangement charge with the lender up front.
How Moniepoint compares
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Where Moniepoint is available
- Available
- Nigeria
- Licence in Nigeria
- Central Bank of Nigeria, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold a Moniepoint account?+
The monthly fee on the account is NGN 0, so keeping it open costs nothing to hold. The card issued is debit, which suits paying suppliers and collecting receipts. Borrowing is arranged separately on the same app, and the rate to check there is 24% to 40%.
How much do Moniepoint working capital loans cost?+
Working capital loans are priced at 24% to 40% and the term runs 3 to 6. The arrangement charge is Management fees only, amount not published, so ask for the amount before you sign. Early repayment carries no charge, which keeps the total tied to the time you actually use the money.
Who can borrow from Moniepoint?+
Moniepoint asks for an active business account that has been held for a minimum period with consistent use for business transactions. The lending menu is business, personal and credit line, and the loans come from Moniepoint Microfinance Bank Limited rather than an intermediary, so one decision maker sits behind the whole facility.
How quickly do funds arrive after approval?+
Funds are released 1-2 business days after approval. That is the pace to plan around if you are waiting on stock or paying a contractor, since the balance does not move the instant an application is approved. Eligibility also depends on keeping the account active and used for business transactions.
How much can I borrow from Moniepoint?+
Working capital loans run from from NGN 1,000,000, and the rate on them is 24% to 40%. The entry point is high, so the facility is aimed at a business order or a payroll gap rather than a small personal purchase. Personal and credit line borrowing both sit inside business, personal and credit line.
Is Moniepoint regulated?+
The named legal entity is Moniepoint Microfinance Bank Limited, based in Nigeria, and the Central Bank of Nigeria is the regulator listed in its licensing. That matters for a business account because the deposits and the loan sit with the same bank, and lending runs at 24% to 40% from the same name on your statements.
How do I get help from Moniepoint?+
Support runs on chat and help centre. That is in app chat plus a help centre, with no phone line listed, so an urgent blocked payment goes through chat. The help centre also covers the business loan questions, including early repayment and eligibility on the account.
Can I repay a Moniepoint loan early?+
Early repayment is free, so clearing the balance before the end of the term carries no charge. The term itself is 3 to 6 at 24% to 40%, which means a good month can cut the total cost. A lender that also holds your everyday account keeps the extra payment on the same record.
Sources
- moniepoint.com checked September 26, 2026
Backs: Headquarters
“Nigeria: The Post Square, Off Adeola Odeku, Victoria Island, Lagos, Nigeria”
- moniepoint.com/about checked September 26, 2026
Backs: Founded
“In 2019, Moniepoint set out to even the odds”
- moniepoint.com/banking checked September 26, 2026
Backs: Monthly fee
“We offer business owners and their customers a free bank account - Banking”
- moniepoint.com/ng/about checked September 26, 2026
Backs: Licences
- moniepoint.com/ng/business/working-capital-loans checked September 26, 2026
Backs: Loan amount, APR, Funding time, Lender type
“Working Capital Loan: Get a minimum of N1,000,000 and more without collateral”
- moniepoint.com/ng/contact checked September 26, 2026
Backs: Legal entity, Support channels
“Moniepoint Microfinance Bank Limited is authorised and regulated”
- moniepoint.com/ng/digital-banking checked September 26, 2026
Backs: Card type
“Get an instant debit card that works - Personal Banking app”
- support.moniepoint.com/topics/business-loans-225 checked September 26, 2026
Backs: Eligibility, Free early repayment, Loan types, Arrangement fee, Term
“Business owners who have had an active Moniepoint business account for at least six weeks and use their business account consistently for all their business transactions, are eligible to apply for a...”
Compiled from 8 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Currency conversion fee, Free ATM withdrawals, Protection.
Related by the facts
Moniepoint
A free business account in Nigeria plus short working capital borrowing from a direct lender.