Purpose:
To explain the two cooperative account modes available on Monivest — helping members understand verification levels, access, and operational limits.
Overview
Monivest operates with two cooperative membership modes, designed to give flexibility and security to all members.
Each mode determines how your account is verified, how you fund and withdraw, and what credit or loan privileges you enjoy.
This mode links your cooperative profile to your Bank Verification Number (BVN) for seamless financial operations.
Key Features:
Full KYC verification (Name, BVN, Phone, and Bank Account validation).
A dedicated account number is automatically assigned for instant funding.
Immediate loan access and higher cooperative credit limits.
Withdrawals can go to any verified bank account you’ve added as a beneficiary.
Recommended for members using Monivest for business, farming, or larger-scale cooperative projects.
This mode is built for members who prefer cooperative privacy, manual funding, or community-managed accounts.
Key Features:
No BVN verification required at sign-up.
Funds are added manually through Monivest Cooperative accounts.
Withdrawals are restricted to only the bank account that matches the name used during registration.
Limited access to instant credit and automated project investments.
Ideal for small cooperatives, savings circles, or early-stage members.
In line with Monivest’s Anti–Money Laundering (AML) and Know Your Customer (KYC) obligations, all wallet inflows must show clear financial intent (such as savings, investment, or loan repayment).
We do not permit funding of wallets solely for the purpose of withdrawal.
Every transaction must reflect legitimate cooperative activity.
Switching Between Modes:
If you wish to upgrade from Private to BVN-Verified Mode, contact Support for verification and BVN linking.
[Submit a Ticket → https://app.monivest.ng/user/ticket/all]
Pro Tip:
BVN verification unlocks the full Monivest ecosystem — instant funding, automated withdrawals, and access to cooperative loans and project-based investments.
Next Step:
Once your cooperative mode is set, proceed to [Explore Your Dashboard → https://app.monivest.ng/user/portfolio/dashboard]
to access your savings, investments, and portfolio overview.