Looking to make passive income online in Nigeria? Then the Moniepoint app is a good way to do just that.
Although Moniepoint is popular for their POS business solution, they also have a personal banking app that anyone can use to start earning money.
In this post, we’ll look at a few ways to start making passive income right from the Moniepoint personal banking app.
Let’s get right to it.
Flexible Short-term Savings
You can save on the Moniepoint app and get a 10% interest.
This is a flexible savings product that allows you to save and withdraw as you like.
So, it can serve as a digital wallet that pays you to keep and use your funds.
Definitely better than a traditional bank account if you ask me.
Mid-term Locked Savings
If you are looking to save some idle funds, then Moniepoint should be an option.
This is because they pay an interest of up to 16% APR for funds saved for a minimum of 1 month.
The good thing about this savings feature is that interests are paid at the end of each month. So, whatever you earned is paid month by month and can be reinvested back into savings if you want.
With funds locked and a maturity date confirmed, you can’t withdraw until maturity.
So, this is perfect for saving towards mid-term projects or specific personal expenses.
Long-term Fixed Deposits
If you’re looking to earn more on your idle funds, then you can leverage the Moniepoint fixed deposit.
With this option, you can earn up to 18% APR, which is paid upfront once you commit funds for a minimum of 1 month.
This way, you could also reinvest interest earned back into the portfolio to get even more yield.
However, note that this is a strict account, and you can’t withdraw funds until the end of the fixed tenor.
Withdrawals can still be made though, but that will result in the forfeiture of any interest accrued within that period.
Moniepoint Rewards
If you don’t want to commit funds but still earn money on the Moniepoint personal app, then you can do so with the Moniepoint Rewards.
With Rewards, you earn commissions by referring others to download and use the Moniepoint app.
You can earn as much as 4 Naira per transaction for external fund transfers made by your referrals. This could quickly accumulate and translate into a substantial monthly earning if you have lots of referrals.
FAQs on Earning Passive Income with Moniepoint
Is there any limit to how much you can earn on Moniepoint?
There is no limit to how much you can earn on Moniepoint. The more funds you commit in savings, the more interest you can earn in passive income.
Likewise, the more people you refer to Moniepoint and the more transactions they complete on the app, the more commissions you can earn.
Can Earnings be Transfered from Moniepoint to Other Accounts?
Yes. Whatever you earn on Moniepoint can be withdrawn or transfered to other accounts, once the earnings becomes visible in your account balance.
Can you save in other currencies in Moniepoint?
No, currently you can’t save in other currencies on the Moniepoint app. The only currency allowed for transactions on the app is Naira.
Can you get a personal loan from Moniepoint?
You can’t access Moniepoint loan service via the Moniepoint personal banking app. To get access to loans, use the Moniepoint business banking app.
