Efficient payment solutions are essential for businesses, especially in Nigeria’s cash-driven economy. Moniepoint POS is a popular choice for entrepreneurs looking to provide seamless payment options to their customers. This article explains everything you need to know about Moniepoint POS—its charges, pricing, benefits, and how to get one.
What is Moniepoint POS?
Moniepoint POS is a financial service platform designed to simplify payment processing for businesses in Nigeria. Operated by Moniepoint Microfinance Bank Limited, the POS terminal helps users perform various financial transactions such as withdrawals, deposits, transfers, and bill payments.
One stand out feature of Moniepoint POS is its reliability, which ensures minimal downtime—an important factor for Nigerian businesses operating in areas with inconsistent connectivity.
Moniepoint is known for its user-friendly interface, fast transaction speeds, and excellent customer service compared to other POS providers.
Benefits of Using Moniepoint POS
High-Speed Transactions: The terminals offer fast processing speeds, ensuring customers are not delayed during payment.
Affordability: The Moniepoint POS is one of the most affordable POS machines, which makes acquisition easier for small business owners.
Agent Support: The platform provides 24/7 customer support, helping agents resolve issues promptly.
Flexible Charges: With some of the lowest fees in the market, Moniepoint allows agents to earn more from transaction commissions.
These benefits make Moniepoint a great choice for business owners who want reliable payment solutions and prioritize excellent customer experience.
Moniepoint POS Terminals and Their Prices
There are 2 types of POS terminals depending on your individual or business needs and priorities:
The Smart POS
![Moniepoint Smart POS](/_next/image?url=https%3A%2F%2Fimage.api.sportal365.com%2Fprocess%2F%2Fsmp-images-production%2Fpulse.ng%2F29012025%2F014d474b-0a35-4ff5-8469-d1c529d774e5.png&w=3840&q=75)
The smart POS is designed to fit the needs of medium to large businesses with heavy transaction volumes. It has a simple operating system, an easy user interface, a long-lasting battery, and an in-built printer.
The Mini POS
![Moniepoint Mini POS](/_next/image?url=https%3A%2F%2Fimage.api.sportal365.com%2Fprocess%2F%2Fsmp-images-production%2Fpulse.ng%2F29012025%2F30c7e8b4-32b5-4bcd-b898-dfe42699548b.png&w=3840&q=75)
The Mini POS, also called the mPOS is the perfect option for small to medium businesses. It is compatible with all cards and enables POS transfers.
Moniepoint POS Pricing
Acquiring a Moniepoint POS machine is straightforward and cost-effective. Moniepoint POS terminals cost ₦21,500. Business owners will pay ₦10,000 as the caution fee, ₦10,000 as the logistics fee, and ₦1,500 as the insurance fee for the whole year.
These costs may vary based on promotional offers. While there are no hidden charges, merchants must ensure their accounts remain active by meeting minimum transaction requirements.
3 Things to Know Before Getting A Moniepoint POS
There are 3 important rules you should know and adhere to if you are looking to get a Moniepoint POS machine.
Although you paid for it, you don’t own the Moniepoint POS. Moniepoint leases it to you so you can successfully run your business with a POS terminal without having to invest a lot of money.
To continue using the POS terminal, you must meet the minimum transaction requirement of ₦80,000 per day. The POS terminal gets repossessed if you are unable to meet this daily quota.
If your Moniepoint POS is in excellent condition when retrieved, you are rewarded with a token of ₦10,000.
Moniepoint POS Charges and Commission
Moniepoint POS fees are based on the number of transactions you make, unlike other POS mobile money agent transaction fees that the banks set.
Here's a breakdown of some of the key transaction charges, per its website:
Cash Withdrawals: Moniepoint charges 0.5% on withdrawals below ₦20,000. A fixed ₦100 is charged for withdrawals above ₦20,000
Deposits: The platform charges a flat rate of ₦20 per deposit transaction, regardless of the amount.
Transfers: Transfers attract a flat rate of ₦20.
Cashback: Business owners get cashback of up to ₦20 on all withdrawals and ₦5 on all transfers.
Airtime: Moniepoint charges 2% for all networks.
Bill Payments: There is no charge for bill payments.
How and Where to Get a Moniepoint POS Machine
Acquiring a Moniepoint POS is a simple process. Here’s a step-by-step guide:
Create a Moniepoint Business account. This is a requirement for owning a Moniepoint POS machine.
Log into your business account and select your business type.
Click on the POS menu under channels and then click on Request New POS
Click on MP35P (MP35P is Moniepoint’s signature POS terminal) to move on to the next step.
Input your address where the Moniepoint POS will be delivered to.
Once completed, fund your business account with a minimum of N21,500 and complete the process by paying for the POS terminal.
You can get the Moniepoint POS machine directly from Moniepoint’s website within 48 hours or from any trusted agent.
Moniepoint POS is an affordable and reliable payment solution for Nigerian businesses. Its low charges, high-speed transactions, and strong network coverage make it a good choice for entrepreneurs seeking to enhance customer satisfaction.
If you’re considering getting a POS terminal, Moniepoint offers a blend of affordability and efficiency that’s hard to beat. Ready to get started? Visit the official Moniepoint website today.