Customer Wallets are created by merchants to provide their customers with dedicated accounts for secure fund management and seamless transactions within the Monieswitch ecosystem.
Creating a Customer Wallet
The wallet creation process is straightforward and tier-based. Here’s what you need to provide:
Required Information
Select Wallet Tier
Choose the appropriate tier (Tier 1, 2, or 3) based on your customer’s transaction needs and compliance requirements.
Basic Information
Provide essential customer details:
- Full Name - Customer’s complete legal name
- Phone Number - With country code (e.g., +234 for Nigeria)
- Email Address (Optional) - For notifications and communications
Verification Details
Complete KYC requirements based on selected tier:
- Bank Verification Number (BVN) - Required for all tiers
- Date of Birth - In DD-MM-YYYY format
- Additional requirements - Based on tier level (see Tier Requirements below)
Key Features
Tiered Capabilities
Merchants can select different wallet tiers to:
- Set appropriate transaction limits
- Define creation requirements
- Manage risk levels efficiently
- Control maximum balance caps
Dedicated Account Number
Each Customer Wallet comes with:
- Unique account identifier
- Individual balance management
- Personal transaction history
- Real-time balance tracking
Automatic Compliance
Built-in features ensure:
- AML compliance
- Transaction monitoring
- Risk assessment
- Regulatory adherence
Service Integration
Direct integration with:
- Payment collections
- Recurring billing
- Automated transfers
- Wallet-to-wallet transactions
Tier Requirements & Limits
- Tier 1
- Tier 2
- Tier 3
Transaction Limits
- Daily Limit: ₦50,000
- Maximum Balance: ₦50,000
- Full Name
- Phone Number
- Email Address (Optional)
- Bank Verification Number (BVN)
- Date of Birth
Tier 1 is ideal for basic transactions and entry-level customers
Use Cases
- Investment Platforms
- Digital Banking
- Subscription Services
- E-commerce
Investment platforms can use Customer Wallets to:
- Manage individual investor accounts
- Process investment contributions
- Handle dividend distributions
- Track investment returns
- Facilitate withdrawals
Wallet Management
Once created, wallets can be managed through the dashboard:
- View All Wallets - Access a comprehensive list of all customer wallets
- Filter Options - Sort by tier, status, date created, or balance
- Search Functionality - Find wallets by account number or customer details
- Status Monitoring - Track active, inactive, or suspended wallets
- Transaction History - View detailed transaction logs for each wallet
Security & Compliance
All transactions are monitored for suspicious activity and automatically flagged for unusual patterns. Monieswitch ensures compliance with Nigerian financial regulations and CBN guidelines.
Transaction Monitoring
- Automatic suspicious activity detection
- Real-time transaction validation
- Compliance with AML/CFT regulations
- Daily limit enforcement
- Automated risk scoring
Data Protection
- Encrypted customer information
- Secure BVN verification
- PCI-DSS compliant infrastructure
- Regular security audits
API Examples
API
Refer to our API Documentation for integration details
Next Steps
Tier System Details
Learn more about tier requirements and limits
API Reference
Explore complete API documentation
Transaction Management
Manage wallet transactions and transfers
Compliance Guide
Understand KYC and AML requirements