Moniepoint is one of Nigeria’s largest financial technology companies, best known for its ubiquitous payment terminals and its fast growing personal and business banking services.
This complete guide covers everything you need to know about banking internationally and locally with Moniepoint, including its SWIFT code position, how to receive money from abroad, its USSD code and mobile banking, how to open an account, its contact details, and a full profile of Moniepoint itself.
A SWIFT code, also called a BIC (Bank Identifier Code), is an internationally recognised code that identifies a bank during a cross border transfer. It is managed by SWIFT, the Society for Worldwide Interbank Financial Telecommunication, the global network banks use to send secure payment instructions to one another.
Does Moniepoint Have a SWIFT Code?
Moniepoint does not have its own SWIFT/BIC code. Moniepoint operates as a licensed microfinance bank and one of Nigeria’s largest business banking and payments providers, and institutions of this kind in Nigeria generally do not hold their own SWIFT code for receiving international transfers directly, unlike the traditional commercial banks.
What is a SWIFT/BIC Code?
A SWIFT code, or BIC, is the international address of a bank, used to route money across borders to the correct institution. Traditional commercial banks in Nigeria each have one, but payment and microfinance style providers such as Moniepoint typically do not, which is why money from abroad usually reaches you through one of the routes described below rather than through a direct SWIFT transfer.
How to Receive Money from Abroad with Moniepoint
To receive money from abroad into Moniepoint, use a remittance service that pays out to Nigerian bank accounts and select Moniepoint as the destination, or receive foreign currency into a commercial bank with a domiciliary account and transfer it to your Moniepoint account locally.
For local transfers, anyone can send money to your Moniepoint account by selecting Moniepoint Microfinance Bank and entering your account number.
Because Nigeria does not use the IBAN system, an international sender only needs the destination account details and, where a bank is involved, its SWIFT code. When routing money to you through a commercial bank first, use that bank’s SWIFT code and your account there, then move the funds to Moniepoint locally once they arrive.
Moniepoint USSD Code and Mobile Banking
The USSD code for Moniepoint is *5573#. This short code lets you bank directly from any mobile phone, even a basic one with no internet or app, by dialling it from the phone number linked to your account. It is one of the quickest ways to carry out everyday banking on the go.
With the Moniepoint USSD code you can carry out a wide range of everyday banking tasks, including:
Check your account balance
Transfer money to Moniepoint and other bank accounts
Buy airtime and data for yourself or others
Pay bills such as electricity, water and subscriptions
Open a new Moniepoint account
Check your BVN and manage your account
Block your account quickly in an emergency
How to Open a Moniepoint Account with the USSD Code
You can open a Moniepoint account in minutes using the USSD code, without visiting a branch. Dial *5573# on the phone number you want to register, choose the option to open an account, and follow the prompts to enter your details. Once the account is created you can begin transacting straight away and complete any further verification, such as linking your BVN, afterwards.
Getting Started with Moniepoint USSD Banking
Always dial *5573# from the phone number registered with your Moniepoint account, as the service is tied to your registered SIM for security. The first time you use it you will usually create a short secret PIN, which is then required to authorise transactions. Never share this PIN or any one time code with anyone, as no genuine bank staff member will ever ask for it.
About Moniepoint
Overview and History
Moniepoint grew from a payments and agent banking business, founded in 2015, into one of Nigeria’s largest fintech companies, widely recognised for the payment terminals used by businesses across the country.
Now operating as a microfinance bank, Moniepoint offers personal and business accounts and has become one of the most important providers of banking and payments to small businesses in Nigeria.
Leadership
Moniepoint is based in Lagos, Nigeria, with its head office at Lagos, Nigeria. It is led by its chief executive and management team.
Services
Moniepoint offers personal and business current accounts, transfers, POS and payment terminals, working capital and bill payments, delivered through its app, USSD and a vast agent and merchant network.
Digital Banking
Moniepoint is a strongly digital focused institution. Customers can bank through the Moniepoint mobile app and the USSD code *5573#, along with internet banking where available, which together allow transfers, airtime and data purchases, bill payments and account management, in many cases even without an internet connection.
Size and Reach
Moniepoint serves millions of businesses and individuals across Nigeria, processing a very large share of the country’s electronic payments through its terminals, app and agent network.
Moniepoint Agents and Access
Moniepoint is best known for its ubiquitous payment terminals and its vast agent and merchant network, which handle a very large share of everyday electronic payments for businesses across Nigeria.
Moniepoint Contact and Customer Care
Head office
Lagos, Nigeria
Customer care
+234 1 888 9990, or through the Moniepoint app
Email
support@moniepoint.com
Website
moniepoint.com
USSD
*5573#
Fees, Exchange Rates and Cheaper Alternatives
Whenever money is sent internationally, the cost is more than the visible fee. Banks and providers also apply an exchange rate when converting currencies, which can include a margin above the mid market rate, and on larger amounts this margin can cost more than the fee itself.
It is always worth comparing the total cost, not just the advertised fee. Specialist services such as Wise often use the mid market rate with a clear separate fee, while a domiciliary account with a commercial bank lets you receive and hold foreign currency directly. Comparing your options before you send or receive can save you money.
Quick Facts About Moniepoint
SWIFT/BIC code: none (Moniepoint is a licensed microfinance bank and one of Nigeria’s largest business banking and payments providers)
Full name: Moniepoint Microfinance Bank
Head office: Lagos, Nigeria
Founded: 2015
USSD code: *5573#
Website: moniepoint.com
Frequently Asked Questions
Does Moniepoint have a SWIFT code?
No. Moniepoint is a licensed microfinance bank and one of Nigeria’s largest business banking and payments providers and does not have its own SWIFT/BIC code for international transfers.
How do I receive money from abroad with Moniepoint?
You can use an in app or remittance option where available, or receive the funds into a commercial bank with a domiciliary account and then transfer them to your Moniepoint account locally.
What is Moniepoint’s USSD code?
Moniepoint’s USSD code is *5573#, which you can use for transfers, airtime, bill payments, opening an account and more from any mobile phone.
How do I open a Moniepoint account?
You can open a Moniepoint account through its mobile app or by dialling *5573# and following the prompts.
Does Nigeria use IBAN?
No. Nigeria does not use the IBAN system.
Summary
In summary, Moniepoint does not have its own SWIFT code because it is a licensed microfinance bank and one of Nigeria’s largest business banking and payments providers. To receive money from abroad you use a remittance or in app option, or route it through a commercial bank with a domiciliary account. For day to day banking, its USSD code *5573# and its mobile app let you transfer, pay and open an account with ease.
SWIFT/BIC codes change when a bank restructures, merges, or opens new international operations, and some Nigerian institutions route international transfers through a correspondent bank rather than a code of their own. Before you send money, confirm the code directly with the bank, through its official app or customer care line, or by looking the institution up in the official SWIFT/BIC directory at swift.com. Sending to an incorrect or outdated SWIFT code can delay a transfer by days or route it to the wrong institution, and recovering misrouted funds is slow and sometimes costly. The details on this page are compiled from the bank’s own published information and the SWIFT registry.
