Moniepoint is one of the best fintech and licensed microfinance banks in Nigeria that offers digital banking services, including loans.

It has become popular with merchants, small businesses, and POS agents that are seeking quick working capital.

Moniepoint loan products are of two types; we have Moniepoint business loans and personal loans.

Moniepoint Business Loan allows merchants to access funds based on their account transaction history. In the personal loan product, an individual can access this type of loan.

This guide will explain step-by-step how to get a Moniepoint loan (business loan, personal loan) using the Moniepoint POS terminal and the Moniepoint app. We will also look at interest rates, eligibility, amount, and repayment terms.

Overview of Moniepoint Loans

Moniepoint has two loan products (business and personal loans) but is currently offering business loans with no collateral required.

In other words, the Moniepoint loan is for business owners; these include small business owners, retailers, and POS merchants who have an active Moniepoint business account.

The loan amount you can qualify for depends on individual account activity: Moniepoint will analyze your transaction history and business cash flow to set your credit limit.

You can qualify for up to ₦1,000,000 or more without collateral.

Interest rates are roughly 20–40% per annum, depending on the user’s credit profile. You can get your loans disbursed very quickly within 1–3 business days.

See Also: Top 10 Loan App That Gives ₦50,000 Instantly in Nigeria (2025 Reviews)

Eligibility Requirements

Moniepoint Loan Eligibility Requirements

To qualify for a Moniepoint loan, you must meet the following conditions:

• You must be at least 18 years of age.
• You must have a valid Bank Verification Number (BVN), and it should be linked to your Moniepoint account.
• You must have a healthy credit record with consistent repayment of previous loans or debts.
• You must have an active Moniepoint business account for a minimum of six weeks.
• You must carry out regular business transactions on your Moniepoint account.
• You must have a valid Certificate of Business Name Registration (CAC) and a business ledger that has been maintained for at least six months.

Read more: How to Qualify for a Moniepoint Loan: A Guide for Small Businesses

Why Many People Fail to Get a Moniepoint Loan

Getting a loan from Moniepoint is one of the easiest processes you can go through. You can get a loan in less than 2 minutes, and the loan will be disbursed to you—no collateral required, and you get access to huge amounts of money.

The problem is that many people follow the wrong process or approach the wrong channel, and when you do that, you’ll never be able to get the loan. That’s why I’m going to share three important steps you must follow. The last step is the most important—and it’s where most people miss out.

Step 1 – You Must Have a Moniepoint POS Machine

If you want a loan from Moniepoint, it’s not enough to just have a Moniepoint account—you must also be using a Moniepoint POS machine. Even if you are transacting ₦100 million daily with your account, without a Moniepoint POS, you cannot get the loan.

So first, get a Moniepoint POS. If you don’t have one yet, you can get one.

Step 2 – You Must Have a Physical Business Location

Some people don’t understand how important a physical location is. Moniepoint doesn’t collect collateral; your business location is their main way of evaluating your eligibility.

They will check:

• What products are you selling?
• Can they value those products?
• Is the value enough to match the loan amount you’re requesting?

For example, if you request a ₦100 million loan, but your shop only has products worth ₦10 million, you will not qualify for that amount. The general rule is that your business value should be at least 5 times the loan you are requesting.

Also, the Moniepoint loan is for business expansion, not starting a new business. If you come with just an idea, you won’t qualify. You must already have an existing business that you want to grow.

Before you even speak to a loan officer, make sure you have a video of your business location ready for inspection. This creates faster responses and increases your chances.

Step 3 – You Must Do Transactions Through Moniepoint POS

This is where many people still miss out even after completing steps 1 and 2. If you want to get a loan, and you have multiple POS machines from different companies, you must channel all transactions through your Moniepoint POS.

Here’s why:
After physical inspection, Moniepoint will also check the transaction volume on your POS. If your shop looks great but your POS transactions are low, you won’t get the large amount you’re asking for.

So, if you want to qualify for a big loan, process all payments through your Moniepoint POS—not through other banks or terminals.

See Also: 5 Best Loan App with NIN in Nigeria 2025

Step-by-Step Guide: How to Get a Loan from Moniepoint

Follow these steps below to apply for a Moniepoint loan using the Moniepoint app or website:

1. Open a Moniepoint account (if you don’t have one).

The first thing you need to do is to download the Moniepoint app or visit the Moniepoint website, then register for a free business account.

You will be asked to provide your personal/business details and your BVN/NIN for KYC verification.

2. Check loan for loan eligibility on your dashboard.

After you have downloaded the Moniepoint app and created a business account, you need to use it for 6–12 weeks, and then the Moniepoint system will automatically evaluate your account.

If you qualify for a loan, you will be notified via the app, SMS, or email. A new “Loans” or “Credit” section will appear in your Moniepoint app or dashboard.

You can use the features anytime and tap on the section to see if you have any loan offers. If there is no offer, continue using the app and keep doing transactions until eligibility is triggered.

3. Apply for the loan.

When you see a loan offer in your dashboard, open it and choose the amount and repayment tenure that suit your needs. You can enter or select your desired loan amount (within your approved limit) and the repayment plan (daily, weekly, etc.).

To do it, navigate to the Loan section on the Moniepoint dashboard, enter the amount, and select a plan.

4. Accept the loan terms.

Review the loan application form and agree to the loan terms and electronic contract. Also, make sure all your information is correct before submitting, as this will speed approval.

5. Wait for approval and receive funds.

Once you have submitted your loan application, Moniepoint will review your application (automatically based on the data they have). If your loan is approved, the funds will be credited into your Moniepoint business account.

And you will receive a notification of approval, then the money will appear in your wallet or account. You can then use the funds for your business as needed.

See Also: 7 Best Loan Apps Without Face Verification in Nigeria (2025)

How to Get a Loan from Moniepoint Using a POS Terminal

If you are a POS merchant, you can apply for a money-point loan on your POS machine:

• Turn on your Moniepoint POS device and log in.
• Navigate to the menu to find the “Loans” or “Cash Advance” option (menu names may vary by POS model and type).
• Select loan option to view any available loan offer. The system will show if you are eligible and the maximum amount.
• Follow the on-screen prompts and select your desired loan amount, then confirm the application (use your PIN to authorize it).

Tip: For faster loan approval on POS, make sure your terminal is active. Also, your POS must be linked to your Moniepoint account with full KYC verification.

Moniepoint Loan Interest Rate & Repayment Terms

Moniepoint interest rates are based on individual loan size and credit profile. Its annual rate may be between 20–40% for working capital loans. (about 2–4% per month).

Loan repayment can be automatic deductions from your Moniepoint business account each day (or each week, depending on your plan). You can also make manual payments via the app if needed.

If you miss your repayment date, Moniepoint will flag it as a late payment. Late repayments can incur penalties and harm your credit standing.

Advantages of Moniepoint Loans

• Fast disbursement. You can get a Moniepoint loan within 1–3 business days, sometimes the same day.
• No collateral needed. You don’t need collateral to access a Moniepoint loan.
• Automated, flexible repayment: Repayments can be automatic or manual.
• Transparent and digital. Loan application is done in the app or official website without visiting a bank.
• Licensed and regulated: Moniepoint loan is regulated by the Central Bank of Nigeria (CBN) and insured by NDIC, so its loans are fully legal and CBN compliant.

Alternatives to Moniepoint Loans

If your loan is not approved on Moniepoint, consider these popular options:

• OPay Loans: OPay offers short-term loans for personal and business needs on its platform.
• FairMoney loan: you can get instant personal and business loans up to several million naira on the FairMoney app.
• PalmPay loan: This is another Moniepoint alternative that gives collateral-free loans to its users.
• Carbon, Renmoney, ALAT by Wema Bank, etc.: These digital lenders, Carbon, Renmoney, and ALAT, also offer fast loans.

Each of the loan apps has its own interest rates, fees, and repayment rules.

See Also: Best Loan Apps Without BVN (2025 Review)

FAQs – How to Get a Loan from Moniepoint

Can I get a loan from Moniepoint without a POS?

You don’t need to have a physical POS device, but you must have a Moniepoint business account that is active. You should use Moniepoint services either from the app or a POS terminal for sales and payments. Moniepoint loans are offered only to active business accounts, so as long as your account is active, you should be able to get a loan.

2. How long before I can qualify for a Moniepoint loan?

You should have an active business account for at least 6 weeks and with consistent transactions.

3. What is the maximum amount Moniepoint can lend?

There is no fixed maximum amount in a Moniepoint loan; the maximum amount depends on your business type and creditworthiness.