Are you trying to transfer or receive funds into your Moniepoint Personal or Business bank account but have hit your account's daily transaction limit? We understand how that could make you feel! That is why it's possible to raise your daily/single credit and debit limit as you upgrade your KYC levels in your account. 

It's important to know that these limits exist to safeguard your finances and ensure security. However, you might want to transact with more funds and need the flexibility to do so.

Let's explore the various KYC levels, the daily/single credit and debit limits, and how to increase these limits.

How do I Increase the Transaction Limit on my Moniepoint Personal Banking App?

You can easily increase your daily/single debit and credit transaction limit on your Moniepoint Personal Banking app by upgrading your KYC levels. 

There are three KYC levels you can upgrade to by providing the required documentation. These KYC levels come with their individual transaction limits.

1. Level 1

The single credit limit for this level is N500,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N500,000, while the daily debit limit is N200,000. To upgrade to KYC level one, you will need to provide the following requirements:

• Your NIN or BVN details

• Face Verification

• Residential Address

• Attestation

2. Level 2 

At this level, the single credit limit is N5,000,000, while the single debit limit is N900,000. Additionally, the daily credit limit is N5,000,000, while the daily debit limit is N900,000. To upgrade to KYC level 2, you will need to provide the following requirements:

• BVN or NIN details

• Next of Kin details

• ID Verification

• Proof of Address

3. Level 3 

This final level has an unlimited single and daily credit limit; this means that your account has no credit transaction limit. On the other hand, your single debit limit is N1,000,000, while the daily debit limit is N25,000,000. 

To increase your transaction limit, you will need to upgrade to this level by providing the following requirements:

• Proof of Address Verification

• Indemnity

How do I Increase the Transaction Limit on my Moniepoint Business Banking App?

You can increase the transaction limit on your Business Banking Account, allowing you more flexibility to send and receive money from your vendors and customers. The different KYC levels and their transaction limits include:

1. Level 1 

The single credit limit at this level is N500,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N500,000, while the daily debit limit is N200,000. To upgrade to KYC level one, you will need to provide the following requirements:

• BVN or NIN details

• Face Verification

• Residential Address

• Business Details

• Business Address

• Attestation

2. Level 2 

The single credit limit for level two is N5,000,000, while the single debit limit is N900,000. Additionally, the daily credit limit is N5,000,000, while the daily debit limit is N900,000. To increase your Moniepoint business banking account transaction limit by upgrading to KYC 2, you need to provide the following requirements:

• BVN or NIN details

• Next of Kin details

• ID Verification

• Proof of Address (Residential)

3. Level 3

Like the personal account, this level has an unlimited single and daily credit limit. It means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000. The requirements for this level upgrade are as follows:

• Proof of Address (Residential)

• Indemnity

4. Level 4 

You have an unlimited single and daily credit limit at this level. Also, your single debit limit is N50,000,000, while your daily debit limit is N250,000,000. You can upgrade to KYC level four with the following requirements:

• Business Registration Type

• Supporting Documents

• Business Names Review

• Attestation

5. Level 5 

At the final level, you can access unlimited transactions, including single and daily credit and debit transactions. The requirement to upgrade to this level is…

• Internal Business Registration Document Review

Conclusion

On the different KYC levels, you can improve your banking experience on the Moniepoint Personal and Business Banking app and enjoy seamless transactions with unlimited potential.