How to get Moniepoint loan as a Merchant in 2024

How to get Moniepoint loan as a Merchant in 2024.

Moniepoint has rolled out a loan plan for their merchants who are making use of the Moniepoint pos to receive payment for their businesses. With interest rate as low as 0.88% daily on loan which can be spread within 3-12months depending on the amount the merchant is qualified for. Also note that no collateral, but a physical inspection will be carried out to value your market and in correlation to the loan you requested for.

How can a merchant qualify for a Moniepoint loan.

Before you can be eligible as a merchant for the loan, you must have use the Moniepoint pos for duration of 6 months for heavy transaction which is mostly counted by the numbers of transactions and the total value which is after it is summed up.

This is what the BRM who onboarded the merchant will look at before submitting the loan request. Also not the that been eligible for the loan on the app is not the only thing that they do consider before that can disburse or approve the Loan. 

A loan officer will have to come and visit your business place to know the value of the business in relation to the money you want to collect.

How much can a Moniepoint merchant get as a loan.

The value of your the transactions done on the pos and also the value of the goods in the shop will determine athe amount of loan a merchant can have assess to. For big merchants they can get up to 200 million worth of loan from Moniepoint with low interest.