How to Transfer Money from Moniepoint to Bank Accounts in Nigeria: A Step-by-Step Guide
Moniepoint is a popular digital wallet service that lets users store funds, send money to contacts, pay bills, and more directly from their mobile phone. A key feature of Moniepoint is the ability to transfer money from your Moniepoint wallet to any bank account in Nigeria.
This comprehensive guide provides step-by-step instructions on how to move funds from Moniepoint into your personal bank account using the Moniepoint app or USSD code.
Overview of Moniepoint
First, a quick introduction to Moniepoint for context:
- Moniepoint is a financial services platform owned by Ecobank Nigeria.
- It allows both banked and unbanked Nigerians to perform digital payments via their mobile phone.
- With the Moniepoint app, you can transfer funds, pay bills, top up airtime, pay for goods and services, and more.
- Money in your Moniepoint wallet can be funded from bank accounts, cards, cash deposits, or other wallets.
- Moniepoint also issues a virtual debit card for online payments and withdrawals.
- Transfers to recipient bank accounts in Nigeria are instant with round the clock availability.
Overall, Moniepoint makes managing, spending, and moving money convenient through one digital wallet.
Transferring Money from Moniepoint to Bank Using the App
The Moniepoint mobile app provides the simplest way to move funds directly into your bank account:
Step 1: Log in to your Moniepoint app
- Download and install the Moniepoint app from your device’s app store.
- Register for an account if you don’t already have one.
- Login with your registered mobile number and OTP or custom password.
Step 2: Select “Transfer”
- From the Moniepoint app home screen, tap on the “Transfer” icon (arrows forming a circle).
Step 3: Choose “To Bank Account”
- This will open the transfer form. Select “To Bank Account” as the transfer type.
Step 4: Enter the recipient bank details
- Input the account name, account number, and bank name of the bank account you want to transfer money to.
Step 5: Enter the transfer amount
- Specify the amount you want to transfer from your Moniepoint wallet to the bank account.
Step 6: Review and confirm details
- Carefully review the transfer details to ensure they are accurate before confirming.
Step 7: Authenticate with your PIN
- Enter your Moniepoint app PIN to authorize and complete the transfer.
Once authenticated, the money will be sent from your Moniepoint wallet into your designated bank account instantly. The app provides transfer confirmation and updates your balance.
Transferring Money from Moniepoint to Bank Using USSD
If you don’t have the Moniepoint app, you can also transfer money to your bank account using USSD:
Step 1: Dial 88720AmountBank Code*Account Number#
- Replace Amount with the naira sum you want to transfer.
- Replace Bank Code with your bank’s transfer code e.g. 076 for GTB.
- Input your account number to receive the funds.
Step 2: Authenticate with your PIN
- When prompted, enter your Moniepoint PIN to authorize the transaction.
- You will receive SMS confirmation once complete.
While the app method is more convenient, USSD provides a fast way to transfer if you don’t have app access at a particular time.
Transfer Limits and Fees
When transferring money from Moniepoint to banks, take note of:
Transfer Limits
- You can transfer up to ₦50,000 daily from Moniepoint to bank accounts.
- For higher amounts, you may have to split across multiple days.
Transfer Fees
- Moniepoint charges a 1% transfer fee, deducted from the transfer amount.
- Minimum fees are ₦52 for transfers above ₦5,200.
- For amounts below ₦5,200, fixed fees ranging from ₦10 to ₦50 apply based on the naira amount.
Linked BVN
- You can only transfer to bank accounts linked to the same BVN as your Moniepoint wallet.
Knowing the applicable fees and limits ensures your transfer goes through smoothly without issues.
Troubleshooting Problems with Moniepoint Transfers
Sometimes Moniepoint transfers may fail or face issues due to:
Incorrect details entered – Account name, account number or amount typed wrongly when initiating transfer. Triple check information before sending.
BVN mismatch – Receiving bank account not linked to same BVN profile as your Moniepoint wallet. Link accounts.
Exceeding limits – Transfer amount higher than your ₦50,000 daily limit. Try sending in smaller tranches.
Insufficient funds – Your Moniepoint wallet does not have enough money to cover the transfer amount and fees. Top up your wallet.
Network issues – Poor connectivity may disrupt the transfer process. Retry when network improves.
Account freeze – Transfers disabled if your Moniepoint account is temporarily frozen for suspicious activity. Contact customer care.
If issues persist, get in touch with Moniepoint Customer Service via their chatbot, email, phone or social media channels for assistance.
Conclusion
Transferring money instantly from your Moniepoint wallet to local bank accounts is simple using the Moniepoint mobile app or USSD option. Ensure you have the accurate recipient account details and sufficient funds in your wallet.
Set your preferred bank account as beneficiary for even faster subsequent transfers. Remember to factor in the applicable transfer fees based on amount sent.
With customer-centric features like direct bank transfers, bill payments, airtime purchases and more, Moniepoint makes managing your money a breeze all from your mobile phone. Linking your accounts provides seamless flow of funds when required.
By mastering quick money movement between Moniepoint and your bank, you gain financial flexibility and convenience in Nigeria’s emerging cashless economy.
FAQs
Can I transfer Moniepoint funds to bank accounts abroad?
Unfortunately, Moniepoint only allows transfers to bank accounts within Nigeria for now. You cannot transfer money to other African countries or overseas banks.
What is the maximum amount I can transfer daily?
The maximum daily transfer limit from Moniepoint to bank accounts is ₦50,000. You can conduct multiple smaller transfers to move higher amounts over several days.
Is there a charge for receiving money from Moniepoint in my bank?
No, the 1% transfer fee is deducted from the sending Moniepoint wallet. Your bank does not charge for receiving funds into your account from Moniepoint.
What if I input the wrong account details during transfer?
Contact Moniepoint immediately with proof that the account details entered were incorrect. They will assist with reversing the transfer if the funds have not left the system.
Can I transfer from Moniepoint to microfinance or rural banks?
Currently Moniepoint only allows transfers to mainstream commercial banks. Transfer to non-commercial banks or rural banks is not yet supported.
How long do Moniepoint to bank transfers take?
Moniepoint to bank account transfers are instant. Once your transfer is authenticated, the money should reflect in recipient bank account within minutes.
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