As an innovative fintech platform aiming to expand financial access across Nigeria, Moniepoint offers digital banking and payment solutions to meet a wide range of customer needs.
However, as customers utilize the platform’s services for withdrawals, transfers, bill payments, and more, they may have questions about exactly what fees they can expect to incur.
To provide clarity, here is an exhaustive overview of the transaction fee structure enforced by Moniepoint across different use cases:
Withdrawal Charges
Withdrawing cash from your Moniepoint wallet or account incurs variable charges based on the size of the transaction:
- N1 – N20,000: 0.5% of the transaction amount
- N20,001 – N49,999: Fixed fee of N130
- N50,000 – N99,999: Fixed fee of N150
- N100,000 – N500,000: Fixed fee of N200
So for example, withdrawing N30,000 would cost N150 in fees, while N250,000 would incur N200.
Deposits and Transfers
In contrast, incoming deposits or account transfers are charged at a flat rate, regardless of the amount.
- All deposits & transfers: N20 flat fee
So whether you are receiving N5,000 or N500,000 from another account, the platform charges N20.
Other Ancillary Fees
In addition to basic transaction costs, customers may incur other one-time or recurring fees, such as:
- New POS terminal: N21,500 (covers logistics, insurance, caution payment, etc.)
- Failed payments or transfers: No fee charged
So provisioning a physical POS terminal for accepting in-person payments comes at a cost, but failed transactions do not result in any penalty charges which is helpful if technical connectivity issues crop up.
Bill Payment Expenses
Unlike transfers and withdrawals, paying bills via Moniepoint’s digital platforms does not incur any extra charges or commissions. Customers pay exactly the amount owed—no more, no less.
This makes scheduled bill payments an efficient option compared to alternatives. However, users should note that the usual withdrawal fees apply if they need to top up their wallet balances in advance through cash or bank transfers.
To recap, Moniepoint transaction costs primarily depend on withdrawal amounts and whether you are sending or receiving funds. Smaller cash pickups under N20,000 and all digital transfers and bills cost the least, while larger over-the-counter withdrawals can rack up charges rather quickly.
As Nigeria’s cashless ecosystem evolves, Moniepoint aims to offer reasonable fees given operational expenses. And hopefully, as more digital payments emerge, less cash withdrawals will be needed – reducing associated charges even further.
Frequently Asked Questions
What is the maximum withdrawal amount I can take at once from Moniepoint?
The maximum withdrawal limit per transaction is N500,000, with fixed fees reaching N200 for amounts between N100,000 to N500,000.
Does Moniepoint charge any hidden fees?
No, Moniepoint does not charge any hidden or ambiguous fees – the rates for different transactions are transparently documented. Always ensure that withdrawal charges presented match those on the fee schedule.
Can I deposit cash without incurring withdrawal charges?
Yes, cash deposits into Moniepoint wallets incur the minimal flat fee of N20. You only pay withdrawal rates when transferring money out or picking up physical cash.
What happens if my card is declined during a withdrawal?
If your debit card or linked bank account lacks sufficient balance for a withdrawal, Moniepoint does not levy any failed transaction fees or penalties. The payment simply will not go through until topped up.
Who pays the bill payment charges – me or the biller?
Moniepoint does not charge end-users any fees at all for paying bills to service providers. You pay the exact billed amounts owed; no commissions are added on.
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