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Moniepoint POS: Everything You Need To Know

Moniepoint POS Review: is it the right POS Machine for your Business to boost sales & simplify transactions by accepting payments & manage Inventory?
Moniepoint POS Machine

Nine out of ten of businesses in Nigeria prefer using Moniepoint POS to other POS terminal. Why? This is because Moniepoint POS terminal/machine has many exclusive features and benefits that are not available on other POS terminal.

With Moniepoint POS, you can accept transfers directly on your POS terminal and print out customer receipts seamlessly. you'll also benefit from reliable payments that successfully process every time, from all card types, plus receiving payments instantly in your Moniepoint business account without any delay, ensuring a close to 100% success rate on all transactions with your terminal.

Other benefits you can enjoy using Moniepoint POS for accepting payment for your businesses includes:

  1. Secure Agent Web/App Platform: Moniepoint takes your financial security seriously, utilizing advanced cybersecurity measures to protect your information and block unauthorized access, giving you peace of mind when managing your money on both the POS terminal and Moniepoint Business App.
  2. Insurance: Moniepoint offers protection and peace of mind to your business capital. You can relax knowing your funds are insured for up to N250,000 by the Nigerian Deposit Insurance Corporation (NDIC), adding an extra layer of security to your business finances.
  3. 24/7 Hand-On-Desk Customer Support Teams: You can never get stuck with a question about your POS terminal. Moniepoint offers comprehensive support whenever and wherever you need it. You can reach out to their user-friendly customer support team via phone, email, directly through the app, or browse the informative Help Center for answers at your own pace.
  4. POS Machines: You have the opportunity to choose between two POS terminals depending on your budget and business size. Moniepoint caters to businesses of all sizes, hence, for those with high transaction volume, the Smart POS offers a powerful solution with an easy-to-use operating system, long-lasting battery, and built-in printer. However, for smaller businesses or those on a low budget, the mPOS provides a versatile and affordable mini-terminal that accepts all cards, prioritizes security, and allows for convenient POS transfers.

Above all, it's important to let you know that Moniepoint Microfinance Bank (MFB) Limited is the parent company of Moniepoint POS and it's authorised and regulated by the Central Bank of Nigeria (CBN) to offer banking services. More so, all deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC).

About Moniepoint POS Business in Nigeria

In the heart of Lagos Nigeria, Mama Ayo's brightly colored fabric stall had always been a bustling hub. Yet, managing cash flow was a constant worry. Long lines snaked through the market, and stolen bills were a fear. Then, Moniepoint POS arrived, a finance revolution in a tiny box.

Mama Ayo, initially hesitant, was surprised by the user-friendly interface. Soon, the "kachunk" of the Moniepoint printer became a melody of progress. Customers, wary at first, embraced the ease of card payments. Lines shortened, and Mama Ayo could finally focus on the vibrant patterns adorning her wares.

Moniepoint became more than just a payment system. It empowered Mama Ayo. Daily reports tracked sales, allowing her to stock in-demand fabrics. Savings grew with the security of digital transactions. She even used Moniepoint to pay her suppliers, saving precious trips to the bank.

News of Mama Ayo's success spread like wildfire. Soon, the market echoed with the comforting "kachunk" of multiple Moniepoint machines. Trust replaced suspicion, and the once-chaotic market became a symphony of financial inclusion.

Mama Ayo's story wasn't unique. Across Nigeria, Moniepoint became a beacon. Small businesses, from corner kiosks to bustling restaurants, thrived with the security and efficiency it offered. Dreams that were once held back by cash limitations were now powered by digital transactions.

Moniepoint wasn't just a box; it was a bridge. A bridge to financial security, a bridge to growth, a bridge to a brighter future for countless Nigerian entrepreneurs, one "kachunk" at a time.

Types of Moniepoint POS Machines

Currently, Moniepoint offers two types of POS machines; Moniepoint's mPOS Machine and Moniepoint's Smart POS Machine. However, when Moniepoint POS was first incepted, it's offering Android POS Machine.

Although, there isn't any information or update suggesting Moniepoint discontinued an Android-based POS machine. But it seems Moniepoint is focusing its marketing efforts on the Smart POS and mPOS models, neglecting the Android version explicitly.

More so, there's a chance the Moniepoint's Android POS Machine is temporarily out of stock and no intention to bring it out for businesses again. Hence, for those looking to buy the Moniepoint Android POS Machine, you can still get it hand-to-hand or on Jiji at refurbished price.

How Much is Moniepoint Android POS?: Well, we cannot say the specific price for the Android POS Machine because it's out of stock on the Moniepoint's official website. You can only get it from people who already owns it and willing to sell it. So, the price may differs for various sellers.

Furthermore, search online marketplaces like https://jiji.ng/ where users sometimes sell new or used POS machines. Listings for Moniepoint Android POS machines might exist with their prices. However, be cautious and ensure the seller is reputable before making any purchases.

Moniepoint Smart POS

The Moniepoint Smart POS Machine is an advanced point-of-sale terminal designed for medium to large-scale businesses with high transaction volume to process payments efficiently and securely. It supports various payment methods, including card transactions, mobile payments, and transfers, offering a versatile and convenient solution for merchants.

Moniepoint SmartPOS Terminal Picture
Moniepoint SmartPOS Terminal Picture

The Smart POS terminal is equipped with the latest cybersecurity features to protect sensitive information and ensure reliable, secure transactions. Additionally, it provides instant payment receipts, seamless integration with business operations, and boasts a high success rate for transaction approvals, making it a valuable tool for improving customer service and streamlining payment processes.

The Moniepoint SmartPOS comes inbox with SmartPOS device, Instruction Manual, Free Printing Paper, and 5volt/2amp wired Charger.

Moniepoint mPOS

The Moniepoint mPOS Machine is a compact, affordable, versatile mini-terminal, and mobile point-of-sale device designed for small and medium-sized businesses to facilitate secure and efficient payment processing on the go. It also support various payment methods, including credit and debit cards, mobile payments, and transfers.

Moniepoint mPOS Terminal Picture
Moniepoint mPOS Terminal Picture

This portable Moniepoint POS terminal is also equipped with up-to-date cybersecurity features to protect sensitive information and prevent unauthorized use. The Moniepoint mPOS Machine ensures reliable transactions with a high success rate, allowing businesses to accept payments anywhere and receive funds instantly in their accounts. It is an ideal solution for small businesses needing flexibility and mobility in their payment processing operations.

The Moniepoint mPOS comes inbox with mPOS device, Instruction Manual and USB Cord. Unlike the SmartPOS, No Charger Head and No Printing Paper because the terminal doesn't have a printer.

Moniepoint POS Machines Price

The price for the Moniepoint Smart POS Machine is a one-time payment of ₦21,500. This covers the machine itself, a ₦10,000 caution fee, a ₦10,000 logistics fee, and ₦1,500 for one year of insurance. The mPOS also costs a one-time payment of ₦21,500 with the same breakdown as the Smart POS (caution fee, logistics fee, and insurance).

However, despite the one-time payment for Moniepoint POS machines, you actually lease the machine, not own it permanently. Here's why: Moniepoint uses a leasing structure to deliver POS terminals to businesses. This means, you pay a one-time fee that covers the initial cost of the machine, a caution fee, logistics fees, and potentially insurance for a year. This grants you access to the machine for as long as you comply with their terms and conditions.

Another thing you need to know is "Returned Upon Termination". This means, if you stop using Moniepoint's services or violate their agreement, you would likely need to return the POS machine.

Moniepoint POS Registration

To register and get Moniepoint POS, you'll have to first sign up for Moniepoint Business Account also known as Moniepoint Agent Account. You can sign up agent account via web and you can also download the Moniepoint business banking app on the Google Playstore or Apple store for Android and iPhone respectively.

Moniepoint Agent Sign Up

Follow these steps to register for Moniepoint Business Account where you can manage all your POS transaction, including getting a debit card, as an Agent:

Step1: Sign Up and Verify

Like we've explained in this article, download the Moniepoint Business App and enter your phone number or email address. Create a username, password, and verify your phone number with a one-time code (OTP).

Step2: Complete KYC and Business Details

You'll be required to provide your Bank Verification Number (BVN) and complete the Know Your Customer (KYC) process. You can follow this comprehensive guide to know the requirements and complete your Moniepoint Account KYC verification.

However, it's important to know that due to CBN's recent ban on five major fintech companies, including Moniepoint,in Nigeria, Moniepoint has included facial recognition and ID verification for new and potential customer's account registration. You'll also need to provide your business name and set a PIN for managing your account.

Step3: Fund your Agent Account and Start Transacting

After you've successfully completed the Agent sign up, you can top up your account using your preferred method to start enjoying seamless business banking with Moniepoint. Furthermore, you can login to your Agent dashboard and explore the "Card" menu to request an expense/debit card for added convenience.

How to get Moniepoint POS Machine

Here's the process of getting a Moniepoint POS Machine in Nigeria:

Login to your Moniepoint Business Account

Use the Moniepoint Agent Login page accessible via atm.moniepoint.com to sign-in to your Agent Account. Once you've logged in, navigate to "POS" section to request a new Moniepoint POS Machine.

Request a new POS Terminal

Within the "POS" section in your agent dashboard, locate the "Add a new POS" button and follow the on-screen instructions to initiate your request.

Pay for the POS termianl

Ensure your Moniepoint business account has at least ₦21,500 to cover the one-time fee. This fee includes the cost of the terminal, a caution fee, logistics fees, and potentially one year of insurance. Now, complete the payment process to finalize your request.

Dedicated Support and Delivery

Moniepoint assigns you a dedicated Relationship Manager who will reach out to confirm details and schedule delivery. Within 48 hours, the Relationship Manager will deliver the POS terminal, provide training on its usage, and answer any questions you might have.

Furthermore, do note that the Moniepoint POS machine can be delivered nationwide.

Start using your Moniepoint POS to accept Payment

Once trained and comfortable with the POS system, you can begin accepting secure digital payments from your customers. You can also use the POS terminal to provide financial services to the banked and underbanked areas of Nigeria.

How to start POS Business in Nigeria using Moniepoint POS

Starting a POS business in Nigeria using Moniepoint POS involves several steps, from initial setup to managing ongoing operations. Here's a comprehensive guide to help you get started:

1. Research and Planning

  • Market Research: Understand the demand for POS services in your target area. Identify competitors and potential customers.
  • Business Plan: Outline your business goals, target market, marketing strategies, and financial projections. You can use "Mousetrap Business Strategies" to test run your business ideas before initiating it.

2. Register Your Business

  • Business Name Registration: Register your business name with the Corporate Affairs Commission (CAC) of Nigeria. However, do note that business registration costs can vary depending on your chosen structure (sole proprietorship, partnership, etc.). It's recommended to consult a business lawyer or accountant for accurate estimates. You can also follow the tips in this article to register your POS business seamlessly on CAC online portal.
  • Licenses and Permits: More so, it's important to obtain necessary licenses and permits from organization or certain group of leaders in your preferred area to begin operating a POS business legally in the area.

3. Initial Capital

  • Moniepoint POS Device: The cost of a Moniepoint POS machine is ₦21,500 (one-time fee) - This covers the terminal cost, a caution fee, logistics fees, and potentially one year of insurance.
  • Office/Shop Setup: Budget for renting a small space if required, or set up a kiosk in a busy area. More so, a Moniepoint POS Banner may also be useful for advertisement.
  • Additional Expenses: Consider initial inventory costs, signage, furniture (optional), and payment for any permits or licenses required in your location. This amount will depend on your specific business model. Furthermore, do note that business registration fees are also part of the initial capital.

4. Working Capital

  • Cash for Transactions: You must have enough cash on hand to facilitate customer withdrawals and transactions. This working capital will vary based on expected transaction volumes but typically starts from ₦50,000 to ₦200,000. Furthermore, make sure you also account for monthly expenses like internet data, utilities, rent, and salaries if you hire staff. However, if you don't have enough working capital, you can get a working capital loan from Moniepoint as an agent. Here's how.

5. Partner with Moniepoint

  • Application: Visit the Moniepoint website or contact their customer service to apply for a POS machine. How to get a Moniepoint POS Machine has been discussed in this article. Follow the processes highlighted there to request your POS terminal.
  • Documentation: It's important to know that you'll provide necessary documents, such as your business registration, a valid ID, and proof of address to request and get the POS terminal delivered to your doorstep.
  • Training: Attend any required training sessions offered by Moniepoint to understand how to use their POS system effectively.

6. Set Up and Launch

  • Installation: Set up your Moniepoint POS machine according to the provided instructions in the hand-held manual.
  • Test Runs: Perform test transactions to ensure everything is working correctly.
  • Marketing: Promote your new POS services through local advertising, social media, banners and word of mouth.

7. Daily Operations

  • Customer Service: Offer excellent customer service to attract and retain customers.
  • Transaction Management: Keep accurate records of all transactions and monitor your cash flow.
  • Security Measures: Implement security measures to protect against fraud and theft.

8. Monitoring and Expansion

  • Track Performance: Regularly review your business performance and adjust strategies as needed.
  • Expand Services: Consider offering additional services such as bill payments, airtime recharge, and money transfers to increase revenue.

9. Financial Summary

  • Initial Capital: ₦70,000 to ₦250,000 (including business registration, POS machine, permits & license, setup costs, and initial cash for transactions).
  • Working Capital: ₦50,000 to ₦200,000 (cash for daily transactions and operational expenses).

By following these steps and managing your business effectively, you can establish a successful POS business in Nigeria using Moniepoint POS.

Moniepoint POS Charges and Daily Target

Moniepoint POS Charges

Moniepoint POS charges are structured to provide transparency and consistency for agents. For withdrawals, the charges are typically 0.5% per transaction for amounts ranging from ₦1 to ₦20,000. For withdrawals above ₦20,000, there is a fixed fee of ₦100 per transaction. Deposit charges are slightly lower, with a rate of 0.3% per transaction for amounts between ₦1 and ₦20,000, and a fixed fee of ₦60 for deposits above ₦20,000.

When it comes to bill payments and airtime purchases, the charges can vary depending on the type of service. Generally, there is a small fee or commission earned on these transactions. For interbank transfers, the fee is usually a fixed amount, ranging from ₦20 to ₦50 per transaction. Additionally, there might be other fees for specific services or transactions, so it's essential to check your agent dashboard for the most current fee schedule.

Moniepoint POS Daily Targets

To maximize earnings and benefits, Moniepoint POS agents are encouraged to meet certain daily transaction targets. A common target for transaction volume is around ₦100,000 to ₦200,000 per day. Achieving this volume ensures that the business is handling a significant amount of transactions daily.

In addition to the transaction volume, agents should aim to process at least 20 to 30 individual transactions each day. This helps maintain a steady flow of business and maximizes the potential for earnings. Building a loyal customer base is also crucial, as consistent customer retention contributes to meeting daily transaction targets. Providing excellent customer service is key to achieving this goal. By focusing on these targets, agents can optimize their earnings and ensure the successful operation of their Moniepoint POS business.

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About the Author

With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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