Purpose:
To explain how Monivest handles member data, KYC/BVN verification, and regulatory compliance to ensure secure, transparent, and lawful cooperative operations.
Title: Account Privacy & Compliance
Category: Member Tools
Section: Profile & Security
Overview
Monivest is committed to protecting member data while maintaining full regulatory compliance. This ensures your funds, savings, and cooperative participation remain secure and your personal information is handled responsibly.
Monivest collects information such as name, phone number, email, BVN, and bank account details
Data is used to:
Verify identity and eligibility
Facilitate wallet funding, withdrawals, and loans
Ensure compliance with Anti-Money Laundering (AML) regulations
Members can update personal information via their [Profile → https://app.monivest.ng/user/profile/index/profile]
KYC (Know Your Customer) ensures all members are verified
BVN-verified accounts have:
Higher credit and loan access
Immediate wallet funding and withdrawals
Private mode accounts are funded via the cooperative account with restricted withdrawals
Monivest follows Nigerian regulatory frameworks for cooperatives and financial services
All wallet and account transactions are monitored for fraud and money laundering compliance
Newly added or updated beneficiary accounts take 24 hours before withdrawals to reduce risk
Members have the right to review and update personal information
Members must ensure accuracy of their profile, bank accounts, and BVN
Compliance ensures smooth cooperative operations and eligibility for loans, savings, and projects
Always provide accurate information to avoid delays in withdrawals or loan approvals
Keep your BVN and bank account information updated
Review cooperative notifications and dashboard alerts for compliance reminders