Is Moniepoint Insured by NDIC?
With the rise of digital banking in Nigeria, one of the most important questions on the mind of users is: “Is my money safe?” For many, this safety boils down to whether the financial institution is insured by the NDIC — the Nigeria Deposit Insurance Corporation.
Moniepoint, a major fintech and mobile money operator in Nigeria, is widely used for its agent banking services and business accounts. But before committing to using Moniepoint to store or transact large sums of money, you need to know the facts surrounding its legal status, protection under NDIC, and how secure your deposits really are.
What is NDIC?
The Nigeria Deposit Insurance Corporation (NDIC) is a government-backed agency established to protect depositors in the event of bank failure. It provides deposit insurance, up to a guaranteed limit, to customers of licensed financial institutions in Nigeria.
What Services Does Moniepoint Offer?
- Business banking accounts
- POS terminals for agents
- Transfers and payments
- Loan products
- Employee salary disbursement
Moniepoint is primarily known for serving micro and small businesses through a strong network of POS agents. It now also offers current accounts with full banking functionality.
Is Moniepoint Registered with CBN?
Yes. Moniepoint is licensed by the Central Bank of Nigeria (CBN) as a Mobile Money Operator (MMO). In 2022, it further obtained a Microfinance Bank (MFB) license, giving it authority to operate digital banking services under strict regulation.
Is Moniepoint Insured by NDIC?
Yes. Since Moniepoint Microfinance Bank is duly licensed by the CBN, it is also covered by the NDIC insurance scheme. This means that customer deposits with Moniepoint are insured up to the standard coverage limit set by NDIC — which is currently ₦500,000 per depositor per bank.
What Does NDIC Insurance Mean for Moniepoint Users?
- If Moniepoint were to shut down or go bankrupt, NDIC would refund eligible customers up to ₦500,000.
- This coverage applies only to legitimate accounts registered with your BVN and identity documents.
- NDIC protection gives confidence and peace of mind when using digital banks like Moniepoint.
How to Confirm If Moniepoint Is Insured by NDIC
- Visit the official NDIC website.
- Check the latest list of insured banks (Moniepoint Microfinance Bank should be listed).
- You can also ask Moniepoint customer support for their NDIC registration number.
Are All Moniepoint Accounts Covered?
Yes, provided the account is created under your name, properly verified, and shows up in the official banking system. Anonymous or unverified accounts are not insured.
Limitations of NDIC Coverage
- Only ₦500,000 is guaranteed. If you have more than that, the excess is not automatically covered.
- Loan balances and investments are not insured — only deposits.
Conclusion: Should You Trust Moniepoint?
Yes, Moniepoint is both CBN-licensed and NDIC-insured. This makes it a secure option for your daily banking, business payments, and savings. However, always stay within the ₦500,000 insured limit or diversify your funds across multiple institutions for added safety.
To explore other NDIC-insured financial platforms, you might also want to check out:
