Managing Your Beneficiary Accounts

Purpose:
To guide members on adding, updating, and verifying bank accounts for secure wallet funding and withdrawals on Monivest.

Title: Managing Your Beneficiary Accounts
Category: Member Tools
Section: Profile & Security

Overview
Monivest ensures all withdrawals and wallet transactions are safe, verified, and compliant. Managing your beneficiary accounts correctly prevents transaction delays and ensures funds are routed to the right account.

1️⃣ Accessing Beneficiary Accounts

• Go to [Beneficiary Accounts → https://app.monivest.ng/user/profile/index/bank]

• Click Add New Account or Edit to update existing accounts

2️⃣ Adding a Bank Account

• Enter bank name and account number

• Ensure the account name matches your Monivest profile name (mandatory for compliance)

• Select the account as primary for withdrawals

3️⃣ Updating an Existing Account

• Click Edit next to the account you wish to update

• Modify the account number or bank name

• Save changes; certain changes may require verification by Monivest

• Security Note: For the safety of your funds, newly added or updated beneficiary accounts take 24 hours before they can be used for withdrawals. This delay helps reduce the risk of account breaches or unauthorized transactions.

4️⃣ Verification & Compliance

• All accounts are verified to prevent fraud and money laundering

• Withdrawals are only allowed to verified accounts matching the profile name

• Members in private mode can fund wallets via the cooperative account but withdrawals remain restricted

5️⃣ Pro Tips

• Use active bank accounts to avoid failed transactions

• Double-check your account details before saving

• Maintain only accounts you personally control for security compliance