You must have seen a prompt banner containing a countdown timer on your Moniepoint business /personal banking app asking you to make some KYC corrections.
In line with the Central Bank of Nigeria’s compulsory KYC mandate, some of our users are expected to update their physical addresses on the banking app.
If you are on KYC level 3 on the Moniepoint Personal banking app and KYC levels 3, 4 and 5 on the Moniepoint Business banking app, you are expected to update your address on the app.
Keeping your address up-to-date is essential to enjoying your current KYC level benefits and avoiding being brought down to a lower KYC level and transaction limit.
Don’t worry; it’s a simple process. In this article, we’ll review the steps needed to update your address and fix the KYC issues prompted.
KYC Levels and their Transaction Limits
There are 3 KYC levels on the Moniepoint Personal Banking app, and their daily/single credit and debit limits include;
|
KYC Tiers |
Single Credit Limit |
Single Debit Limit |
Daily Credit Limit |
Daily Debit Limit |
|
Level 1 |
N50,000 |
N50,000 |
N300,000 |
N300,000 |
|
Level 2 |
N100,000 |
N100,000 |
N500,000 |
N500,000 |
|
Level 3 |
Unlimited |
5,000,000 |
Unlimited |
N25,000,000 |
Note that if you do not update your KYC physical address as a KYC level 3 user on the Moniepoint Personal Banking app, you’ll be downgraded to KYC level 2.
Kindly ensure that you upgrade your KYC details and enjoy transacting with more funds and flexibility.
On the Moniepoint Business Banking app, there are 5 KYC levels, and their daily/single credit and debit limits include;
|
KYC Tiers |
Single Credit Limit |
Single Debit Limit |
Daily Credit Limit |
Daily Debit Limit |
|
Level 1 |
N50,000 |
N50,000 |
N300,000 |
N300,000 |
|
Level 2 |
N100,000 |
N100,000 |
N500,000 |
N500,000 |
|
Level 3 |
Unlimited |
N5,000,000 |
Unlimited |
N25,000,000 |
|
Level 4 |
Unlimited |
N10,000,000 |
Unlimited |
N25,000,000 |
|
Level 5 |
Unlimited |
N100,000,000 |
Unlimited |
N250,000,000 |
Steps to Update Your Physical Address on your Moniepoint Bank App
Step 1: Visit Playstore or Appstore to update your Moniepoint Personal Banking or Business Banking App.
Step 2: Log into your Moniepoint Personal Banking or Business Banking App.
Step 3: Click on the “Fix Now” Icon at the top of your dashboard.
Step 4: Click “Fix Issues” and then “Fix Now”.
Step 5: Click “Yes, I am” to confirm that you are currently at your place of residence or “No, I’m not” if you are not currently there.
Step 6: Select the “Enter Manually” or “Search Map” button to edit your address.
Step 7: Fill in the correct address details and click continue.
Step 8: Click the “I attest” button to proceed.
Step 9: Select the “Yes I have” button to confirm the new address.
Step 10:Upload your proof of address and click “Next”.
Finally, your submission is complete. A Moniepoint BRM will verify your address, and the countdown will be removed from your dashboard.
Conclusion
It’s as easy as that! Let nothing stand in the way of your smooth transactions. Follow the steps above to update your physical addresses, and let’s continue to power your dreams!