Moniepoint is gradually taking over the POS business in Nigeria due to its flexibility and affordability. If you dream of running a POS business in Nigeria, then think about Moniepoint, and I will explain why I recommend them later in this post.
We are going to discuss how to get Moniepoint POS for your business, the process and the charges involved. I will tell you everything you need to know about Moniepoint and why many POS agents use them.
What is Moniepoint?
Moniepoint is a digital mobile money merchant and payment processor designed to facilitate payments between banks and customers. However, when it comes to the point of sale (POS) business, they can be compared with the likes of Opay, UBA Moni, MoMo Agent, etc.
These POS devices are distributed to agents who have undergone a thorough Know Your Customer (KYC) process while also being licensed and validated.
One of the biggest challenges in the POS business is security but
Moniepoint and other POS machine providers ensure that these machines are well protected. Moniepoint POS has become people's choice regarding this type of business. They have provided jobs and reduced the unemployment rate in Nigeria to a certain level.
Why Moniepoint POS is the best
There is something unique about the Moniepoint POS machine, have you tried transferring money to a POS agent, and the agent told you that he doesn't accept Transfers apart from your ATM card?
The reason is simple, the agent is not with the phone used to register the POS and can't receive alerts or may be afraid of being scammed with fake alerts. Moniepoint POS machines are programmed to instantly process any transfer made to the registered phone number instantly compared to any other POS provider.
How to get Moniepoint POS machine
The Nigerian-based startup Fintech company that created Moniepoint POS is currently investing in the continent of Africa as a whole. To get their POS machine, you must read to the end to know how to do it.
It's simple to apply for Moniepoint POS, but you must be at least 18 years old, a Nigerian, responsive to technology, and a smartphone owner. You will first make a request indicating your interest in getting a moniepoint POS.
How do I order a Moniepoint POS device?
When compared to other retailers, Moniepoint POS requests are simple and quick. You can start by making an account on the official website at www.moniepoint.com
once you've satisfied the prerequisites listed above. Here are the measures you should take:
From their website,
- Click get started
- Enter your full name. Email, phone number, and other details.
- Select the other POS merchants you’re working with (if any)
- And Submit
Within 48 hours, Moniepoint often contacts and confirms new members who have recently signed up for the platform. Then, someone who oversees the agent's registration process will handle it.
Alternatively, you can complete your registration from their physical office at No.12 Wole Ariyo St, Lekki Phase 1 office.
After they may have gotten in touch with you, you will be directed to an aggregator that will help you to finalize the registration.
Basic requirement for moniepoint registration
The documents indicated below will be requested of you as part of the KYC (know your customer) procedure once you have been mapped to an aggregator. Here are the files:
- A legitimate photo ID, such as a passport, NIN, voter's card, or driver's license
- Utility Bill (waste bill, electricity bill, land-use charge, water bill, or tenancy agreement)
- CAC papers (for registered businesses only)
- Your BVN
- An account number in any commercial bank.
How much is Moniepoint POS machine
Their machine is not that cost, it's affordable to an average Nigerian who wishes to start a POS business in Nigeria. However, you can possess a Moniepoint POS gadget in 24-48 hours for a payment of N20,000 (twenty thousand Naira only)
Moniepoint carges and commissions
The fees levied by Moneypoint POS are based on the volume of transactions made through the terminal. But as a starting point, consider the following list of commissions and fees assessed by Moniepoint POS. Moniepoint POS only costs 0.5% of the transaction value for withdrawals of N1 to N20,000.
Moniepoint applies a fixed fee of N100 to all transactions over N20,000 when it comes to transfers, Moniepoint POS charges a fixed fee of N20 for transfers. But remember, moniepoint POS machines are designed to send and receive money and can be used for transactions such as cable Tv subscriptions, Data and airtime purchases, utility bill payments and so on. Below are commission structures for such transactions.Cable Tv subscription commission
Data and Airtime purchase
- DSTv 2% commission
- GOTv 2% commission
- Star Times 2% commission
Utility bill payment
- MTN 3% commission
- Glo 4% commission
- 9Mobile 4.5% commission
- Airtel 4% commission
Moniepoint usage requirements
Daily withdrawal value must be at least N80,000 (eighty thousand Naira only). A minimum of 4 counts of deposits each day. If an aggregator decides to take back your Moniepoint POS device within a year after the issue for any reason, you will receive 50% of the N20,000 paid during registration as cashback.
How can I get the Moniepoint App?
Only Android users can download Moniepoint from the Playstore using this LINK
. The app has not yet been made available for iOS.
What to do when you have an issue with Moniepoint POS or transactions
Moniepoint provides a refund policy for its agents to address any problems that may arise.
If you're planning to work with the organization, the fact that they manage refunds and disputes more professionally shouldn't be a problem for you. The business will assign someone to deal with your case as soon as you open a ticket.
You will be added to a WhatsApp group with other agents like you to discuss ideas and challenges, which will speed up your growth. This is one feature of Moniepoint POS that you won't find anywhere else.
How to transfer money to Moniepoint POS Account
Permit me to use this opportunity to guide some people on transferring money from the bank to a moniepoint POS machine. The reason is that I have noticed that money people don’t know how to do that because Moniepoint most times are not listed in the bank list in most bank mobile apps.
Let me use GTbank as an example, when you try to transfer from Gtbank world mobile app to moniepoint, you will not be able to see Moniepoint in the list of the banks, so what do you do?
Open your mobile app and log in with your details, click on transfer or send money, add the amount and account number, and the list of banks will be provided, look on the list to see if you will see “moniepoint microfinance bank”.
if you don’t see it, navigate to the end of the page and enter the first 3 letters of words like Mon and check the list of the bank again, you will see (moniepoint microfinance bank) select it and complete your transactions.Alsp read
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How can I contact Moniepoint POS?
You can contact the company through any of the following means:
Office Address: 2 Wole Ariyo St, Lekki Phase 1, Lagos, Nigeria.
Phone: +234 814 150 0017 (Whatsapp only)
Facebook: web. facebook.com/Moniepoint/
Instagram: www. instagram.com/moniepoint/
Twitter: twitter .com/moniepoint
I hope that you find this guide helpful, especially if you are planning to get a Moniepoint POS machine but if you are still confused about anything, use the comment option below to share your problems with them.