Many people are wondering what they have done wrong to has Moniepoint restricted their account and ATM Card. Well, there are several cases I have come across online but the most important things people don't understand is that to avoid account restrictions, you must abide by their rules.
In this article, I will walk you through why your Moniepoint Account and Card are restricted and what you can do to unblock it. However, at the end of this article, please share to your social media page and do more by dropping some lines in the comment section.
Why Moniepoint Restricts Your Account and Card
There are several possible reasons why Moniepoint has placed a limit or temporarily restricted your account and debit card. Some of the reasons are stated below:
1. Fraudulent Inward Transfer
Moniepoint has an automated software in place to detect any fraudulent transactions on the Moniepoint banking system. So, if your account has received a suspicious or fraudulent inter-bank transfer, the automatic restriction will trigger, stopping you from performing any further financial transaction on your account and debit card.
2. Account Limitations
Every KYC levels on Moniepoint accounts have transaction limitations. Once you've exceeded the transaction limits associated with your current KYC level, your account and card will be restricted. This is not a decision by Moniepoint, it's a general directive laid down by the Central Bank of Nigeria (CBN).
3. KYC Issues
Recently, CBN ordered the five major fintech companies, including Moniepoint, OPay, PalmPay, Kuda and Paga, to stop onboarding new customers. CBN cited that the fintechs accounts owned by individuals are being used for fraudulent and crypto-related transactions that's affecting the naira-to-dollar rate of the country negatively.
However, when the issues are resolved, the fintechs imposed a tighter KYC compliance that existing and potential users must comply. Infact, I, myself, took part in the KYC compliance strike. During that time, many Moniepoint accounts were restricted and blocked. Moniepoint cited to this as "Incomplete or outdated KYC (Know Your Customer) information" demanding users to update their KYC.
4. Unable to Meet Daily Target
I have come across this scenario where a Moniepoint POS agent cry-out loud on Facebook that her business account was restricted due to inability to meet up with the POS daily target. Although, this shouldn't be the only thing that happened; I believe there's more to it because even if you don't meet up with POS daily target, it's only the POS that'll be temporarily restriected.
"My account was restricted by moniepoint for not meeting up target, now they can not allow me to withdraw from my account, I have been contacting my manager since yesterday but all she keeps saying is that I have to meet up with my target before they can unlock the account, I met the target of yesterday thinking that will be the solution but my account is still locked, please someone should help me out if you have encountered such issue before."
How to Unblock Moniepoint Account
If your Moniepoint Account and Card are restricted due to Limitations and Incomplete or Outdated KYC, then you need to upgraded your account to Level 3 by providing accurate and necessary documentation and information for KYC approval. This will remove transaction limits and prevent further restrictions.
However, if your Moniepoint Account and Card are blocked because you receive a suspicious inward transfer, then you need to contact Moniepoint customer representative to log a complain. Meanwhile, you must be prepared to provide all necessary documents about the transaction, especially if it's a business transaction.
Lastly, if your account is restricted due to inability to meet up with the Moniepoint POS daily target, then you need to complete the expected daily transaction target and contact your POS account manager to help you resolve the issue from there end. Most time, after you've complete the daily target, the POS account will unlock but in rare cases whereby the account is not automatically unlock, then you need to contact your account manager.
Conclusion
Moniepoint don;t just restricts users' accounts and cards. There's always reasons backing their actions. However, the most important things to take note first is why your account/card was restricted/blocked. Once you discover the reason behind the blockage, then it'll be easy for you to find a solution around it.
I hope this article serves you right? Please let it get to more people by sharing it to your social media pages. Do more by dropping some lines in the comment section beneath this article. Cheers!
