With the recent happenings with the country’s top banks, Moniepoint, one of the fastest-growing microfinance banks, has been gaining more and more recognition in the community. Moniepoint has helped over 600,000 businesses with banking, payment processing, loan access, and business management tools since receiving its license in February 2022.
Despite the fact that I did not introduce this MFB as quickly as I would have liked, it is not too late to open a Moniepoint account today, but let’s not get off track.
No one needs to tell you how effective Point of Sale (POS) machines are in your community right now due to a “shortage of cash (which may not be the case entirely)” that is going around. People who currently handle/own these machines are commonly referred to as “hot-cakes” or other such terms; you, too, can be a part of this group and obtain your very own POS machine at the lowest price in the country.
You should have guessed by now that Moniepoint is behind all of this. At the time of writing, this MFB had over 21 million people using their cards on its POS terminals in every local government in Nigeria on a monthly basis. Do you have any idea what you can do with a Moniepoint POS machine? Here’s a short list:
- Cash withdrawal.
- Fund transfer.
- Instant settlement.
- Check customers’ account balances.
- Payment of utility bills.
Even though it is simple to open a Moniepoint account, it is even simpler to obtain a POS machine through them. To cut a long story short, let me walk you through how you can get your hands on one quickly.
How to get a Moniepoint POS machine
The first step you need to take to get this is first becoming an agent but before that, you need to ensure you have the following documents available:
- A certified business license.
- Your bank verification number (BVN).
- Utility bill.
- Your bank account number.
- Identity card (National ID, Voters card, or any other nationally accepted card)
All of these would be needed during the registration process. If you have all of these readily available, you can proceed to:
- Visiting their official website at moniepoint.com.
- Fill out the registration form for Moniepoint agents and submit it.
- Confirm your email address and phone number and an agent would reach out to you after 48 hours of registration
- The agent would guide you on what you need to do, after which they would confirm you as an agent.
- Log in to the Moniepoint POS dashboard to manage your account.
After completing this procedure, you can purchase a POS machine. The simplest way to obtain a Moniepoint POS machine is to contact the nearest office. When you arrive at the office, an agent will walk you through the registration process and the steps required to successfully apply.
Furthermore, keep in mind that the machine costs around N25,000, which is less than other service providers’ POS machines. It is also important to note that you should only apply for Moniepoint POS machines in an authorized center.
How do I log in to Moniepoint POS?
Basically, after registration, follow the process below to login into your Moniepoint POS dashboard:
- Download the Moniepoint application from the google play store
- Login to your account on the Moniepoint application
- To log in through your phone browser on their official website
- From there on, you can carry out hitch-free transactions as an agent
What are the Moniepoint POS charges and commission structure?
When compared to other POS facilitators, Moniepoint’s transaction fees are extremely low, if not the lowest. Unlike other POS services, the charges are based on the number of transactions you make rather than the bank. This fixed charge is N20 for all Nigerian banks.
Here is an overall breakdown of the charges:
- Moniepoint POS charges 0.5% of the transaction amount for withdrawals between N1 to N20,000
- They charge a flat rate of N100 for transactions above N20,000
- Moniepoint POS charges a flat rate of N20 for transfers
For data charges, on the other hand, Moniepoint POS offers the following:
- MTN 3% commission
- Glo 4% commission
- DSTv 2% commission
- GOTv 2% commission
- PHCN 2% commission
- 9Mobile 4.5% commission
- Airtel’s 4% commission
- 5. For TV Subscription
- Star Times 2% commission
Other things to know about Moniepoint POS:
- Moniepoint POS is not for sale i.e it remains the property of the company.
- POS terminals purchased on “RENT” are expected to be in use daily, else it’ll be retrieved from the agent.
- Moniepoint’s daily target is 50k withdrawals per day, from Monday to Saturday or weekly performance must not go below 150k or else the POS will be retrieved from you.
- Any agent must agree to return the POS when not in use anymore (in any case where the agent quits the POS business or has any other financial problem).
- A refund of POS, when returned, is 10,000 Naira.
- With a sum of N25,000 (twenty thousand Naira only), you can get a Moniepoint POS device within 24-48 hours.
- Minimum of N50,000 (Eighty Thousand Naira only) daily withdrawal value. You will get 10,000 Naira of the N25,000 paid during registration if an aggregator has any cause to withdraw your Moniepoint POS device within a year of issuance.