Moniepoint: a digital microfinance bank in Nigeria

The account is held by Moniepoint Microfinance Bank, which states that it is "licensed and regulated by the Central Bank of Nigeria". Like Kuda, it is a microfinance bank, which we classify among licensed banks; the press reported in January 2026 that Moniepoint MFB was among the institutions upgraded to national status.

The full corporate name and the entry in the CBN register have not been verified. The group's shareholding is not covered.

The first verification level requires the BVN or the NIN; the second, a match between the BVN and NIN data and the details of a relative or close contact; the third, a recent approved proof of address and a signed indemnity undertaking. The account-opening page also mentions facial verification and an identity document.

The minimum age and access for resident foreigners are not specified. The limits for each level are not published on the help page consulted.

In Nigeria, opening a digital account relies on the BVN, a biometric banking identifier issued through the banking system, and on the NIN, the national identification number. A newly arrived foreign expatriate generally has to obtain these identifiers before being able to access a fully digital account; the corresponding procedures are not described here.

Moniepoint presents account opening as free, with no initial deposit and no monthly account maintenance fees. The offering includes a personal account in naira and business accounts, including a verification level specific to registered companies.

Card and transfer fees are not covered.

For microfinance banks, the NDIC deposit insurance ceiling was raised to up to 2,000,000¹ per depositor in 2024, according to the Nigerian press reporting the NDIC's announcement. Moniepoint states that its deposits are insured by the NDIC.

The Moniepoint page consulted shows a lower ceiling, predating the 2024 reform: either it is not up to date, or the ceiling displayed reflects another category; this should be checked with the bank or the NDIC.

In 2024, the NDIC raised the ceilings for all categories of institutions (deposit money banks, microfinance banks, payment service banks) as well as the pass-through coverage for subscribers of mobile money operators. The ceiling therefore depends on the category of the institution holding the account, which makes the exact status of the entity decisive.

• The verification level reached, which determines the transaction limits.
• The applicable coverage ceiling, as the bank's page contradicts the 2024 reform.
• Access for a resident foreigner without a BVN.
• The reporting obligations linked to your tax residence: a French tax resident must declare each year the accounts opened, held, used or closed outside France, including those with online banks and payment wallets; other countries impose comparable obligations.
• The tax residence self-certification requested at account opening: depending on the automatic exchange of information commitments of the bank's country, the account's balances and income may be reported to the tax authority of your country of residence.