Moniepoint POS Machine: Price, How to Get, Charges & Fees and More

Moniepoint POS Machine is one of the approved and licensed POS machine in Nigeria. The fintech company that backed Moniepoint POS, Moniepoint MFB, is authorized by the Central Bank of Nigeria with a Microfinance Banks License.

In addition, Moniepoint POS Machine is insured by the Nigeria Deposition Insurance Cooperation (NDIC). This means, all customers and agents funds in the POS terminal account are secure and safe with insurance.

In a recent development, some commercial banks in Nigeria restricted online banks like OPAY, KUDA, PalmPay and Moniepoint from receiving outward transfer from their customers. The concerned banks cited that “online banks are used to carryout fraudlent transactions”.

In a move to attend to this issues and fight financial crime in Nigeria, Moniepoint CEO, Tosin Eniolorunda, called for coaction between commercial banks and fintech companies. He decided to pay a courtesy visit to the Chief Executive Officer (CEO), of Fidelity Bank, Nneka Onyeali-Ikpe in Lagos to discuss how to fight financial crimes and its potential within the banking system.

In another development, Moniepoint ranked 2nd on the Financial Times (Ft)’s list of fastest growing companies in Africa. In essence, Moniepoint POS machine plays a significant role in shaping the Nigerian financial landscape, bringing about positive changes for both businesses and individuals.

In this article, we will walk you through everything about Moniepoint POS machine: its price, fees and charges, withdrawal limits, daily target, agent/business app, process of applying and getting the POS terminal and more.

Important Notice: This article is going to be a very long one. Hence, make use of the highlighted table of contents’s button at the top right corner of your screen to jump to your preferred section.

About Moniepoint POS Machine

Moniepoint POS Machine is a powerful tool for streamlining payments and empowering businesses in Nigeria, especially for many businesses that navigating the world of point-of-sale (POS) systems can be overwhelming for.

Moniepoint, a fintech company carving its niche by offering comprehensive, accessible, and secure payment solutions, is empowering entrepreneurs, via its POS services, to streamline their operations and grow their ventures.

Features and Benefits of Moniepoint POS Machine

Moniepoint POS Machine is More than just a POS terminal for you. Here are its advantages Moniepoint POS service over other competitive market.

1. Seamless transactions:

You can use Moniepoint POS Machine to accept a wide range of payments – from cash deposit, cards payment/withdrawal, to mobile money transfer- with ease.

Furthermore, the POS machine offers a swift and secure transactions, ensuring your customer’s satisfaction and reducing operational headaches.

2. Beyond payments:

The Moniepoint POS machine go beyond just accepting money, it can also be used to offer airtime top-up, bill payments, and even mobile wallet transfers, turning your POS into a one-stop financial shop for your customers’ needs.

3. Data-driven insights:

Gain valuable insights into your sales patterns and inventory levels through detailed transaction reports. This will help you to make informed business decisions and optimize your operations for greater profitability.

4. Security at its core:

Moniepoint prioritizes secure transactions with PCI-DSS compliance and advanced encryption technology. You and your customers can rest assured knowing your financial data is protected.

5. Accessibility for all:

Moniepoint understands the challenges faced by small and medium-sized businesses (SMBs). That’s why they offer flexible and affordable solutions. Choose from a range of POS terminals to suit your budget and business needs.

Their transparent pricing structure with competitive transaction fees ensures you get the most out of your investment. We are still going to talk more about the Moniepoint POS Machine’s price. Hence, continue reading!

6. Supporting your growth:

Moniepoint goes beyond simply providing a POS system. They offer dedicated relationship managers who provide onboarding support, training, and ongoing assistance.

They also offer access to business loans and other financial services to help you scale your operations.

7. Agent/Business App:

Moniepoint offers two distinct apps: Moniepoint Personal Banking and Moniepoint Business/Agent Banking, cater to different needs within the same ecosystem.

With Moniepoint POS Business/Agent App, you can open an agent account and start offering cash deposits, withdrawals, airtime top-up, bill payments, and other services to customers. Learn more about Moniepoint POS Agent App.

Furthermore, you can also earn commissions on every transaction processed through your agent account. Learn more about how Moniepoint Referral Program works.

How to get Moniepoint POS

As an entrepreneur willing to dive into POS ventures in Nigeria using Moniepoint POS services to kickstart the business, getting a Moniepoint POS Machine should be considered to be the first step to take. If you are wondering how to get Moniepoint POS machine in Nigeria, then you are in the right section in this article.

As we all know that cash transactions are steadily giving way to digital payments in Nigeria, and a reliable Point-of-Sale (POS) machine is essential for any business looking to thrive. Moniepoint, a leading fintech company, offers a user-friendly and affordable POS solution that can transform your operations.

However, how do you navigate the process of applying for one? Worry not, this guide will walk you through the steps to apply and get your Moniepoint POS machine up and running in no time.

Moniepoint POS Registration

Here are the processes to get a Moniepoint POS in Nigeria.

1. Create a Moniepoint Business Account:

To get a Moniepoint POS, first, you need a Moniepoint business account. It is free and you can register an account simply by visiting Moniepoint official website or download the Moniepoint Business/Agent app.

Next, you will need to provide your basic information like your business name, address, and contact details. The process is quick and straightforward, and you’ll be ready to move on to the next step in minutes.

2. Apply for Moniepoint POS Terminal:

Once your business account is set up, log in and click on the “Add a new POS” button. Choose the model that best suits your needs – the MP35P is a popular choice for its sleek design and user-friendly interface. After selecting your preferred terminal, proceed to the next step.

3. Fund Your Account and Pay for the Terminal:

To secure your Moniepoint POS, you’ll need to pay a one-time fee of N21,500. This covers the cost of the terminal itself (N10,000), logistics (N10,000), and one year of insurance (N1,500). You can conveniently fund your account using various methods, including bank transfers, debit cards, or mobile money.

4. Get Delivered and Start Processing Payments:

Upon successful payment, your Moniepoint POS will be delivered to your doorstep within 48 hours. The company’s efficient logistics network ensures you receive your terminal promptly, minimizing any disruption to your business operations.

How to Activate Moniepoint POS Machine

Here’s a straightforward guide to activating your Moniepoint POS:

1. Power Up and Connect:

• Unbox your Moniepoint POS and locate the power button. Press it to turn ON the machine.
• Insert the provided SIM card into the designated SIM’s slot.
• Connect the POS to a Wi-Fi network or use the mobile data provided by the SIM card.

2. Download the Moniepoint Mobile App:

• Go to the App Store or Google Play Store and download the Moniepoint Business App.
• Open the app and log in using your Moniepoint business account credentials.

3. Connect your POS with Business App:

• On your Moniepoint POS, navigate to the “Settings” menu and select “Device Pairing.”
• A QR code will appear on the POS screen.
• Open the Moniepoint Mobile App and scan the QR code using your phone’s camera.
• A confirmation message will appear on both devices, indicating successful pairing.

4. Activate Your POS Account:

• On the Moniepoint Business App, tap the “Activate POS” button.
• Enter the activation code provided by Moniepoint at the time of purchase.
• Choose a memorable PIN for secure transactions on your POS.

Congratulations! Your Moniepoint POS is now activated and ready to process payments.

How to use Moniepoint POS Machine

If you’re new to Moniepoint POS terminal, operating the machine features might seem daunting. However, don’t panic because this section will guide you through the key functionalities of Moniepoint POS, helping you master your sales with confidence.

Getting Started

Power Up and Login: Turn on your POS using the power button and enter your PIN to access the main menu.

Home Screen: The home screen displays essential information like your balance, recent transactions, and quick access buttons for common operations.

Processing Transactions

Sale: This is the most frequently used function. Enter the total amount of the purchase, select the payment method (cash, card, mobile money, etc.), and process the transaction. The POS will print a receipt for both you and the customer.

Cashback: Offer your customers convenient cashback with their debit or credit cards. Enter the desired amount and process the transaction.

Additional Transactions: Moniepoint POS also allows you to perform airtime top-up, bill payments, and even cash withdrawals for your customers. Explore the menu options to discover these functionalities.

Managing Your Business

Sales Reports: Gain valuable insights into your sales performance by accessing detailed reports. Filter by date, transaction type, or item and identify trends to optimize your inventory and pricing strategies.

Inventory Management: Keep track of your stock levels by adding and updating items in the POS system. This feature allows you to receive low-stock alerts and ensure smooth operations.

Transaction History: View a complete history of all transactions processed on your POS, providing you with a comprehensive audit trail for financial record-keeping.

Advanced Features

Customer Profiles: Create and manage customer profiles to personalize their experience, offer loyalty programs, and track purchase history.

Discounts and Promotions: Implement targeted discounts and promotions to attract new customers and boost sales. The POS lets you set up various options like percentage discounts, fixed amount reductions, and buy-one-get-one-free offers.

Security and Support: Moniepoint prioritizes security with features like PIN authentication, transaction encryption, and fraud prevention algorithms. Additionally, their dedicated customer support team is available to address any questions or technical issues you encounter.

Reset Business PIN

If you’re looking for ways to reset your business PIN on Moniepoint POS machine, read this section to know how. However, do note that resetting your business pin on Moniepoint is simple and straightforward. Follow these steps to reset your business PIN on Moniepoint POS.

There are two convenient ways to initiate a PIN reset on Moniepoint POS: through the Moniepoint Business App and through the Moniepoint POS Machine.

Reset PIN via Business App

• Launch the app and log in using your username and password.
• Select your account from the list.
• Tap the three horizontal lines on the top left corner and navigate to “Settings.”
• Locate the “Security” option and tap “Reset Transaction PIN.”
• Enter your login password and the new four-digit PIN you wish to use.
• Click “Confirm” to finalize the reset.

Reset PIN on Moniepoint POS Terminal

• Power on your POS terminal and enter your current PIN (if you remember it).
• Go to the “Settings” menu.
• Select “Security” and then “Reset Authorization PIN.”
• Enter your login password and the desired new four-digit PIN.
• Click “Change PIN” to confirm the reset.

Receiving OTP Verification:

After entering your new PIN, regardless of the chosen method, you’ll receive a one-time password (OTP) via SMS or email to the registered phone number or email address linked to your Moniepoint account.

Completing the Reset:

Enter the received OTP within the specified timeframe (usually 30 seconds) into the designated field on either the app or the POS terminal.

Success and Next Steps:

Once you correctly enter the OTP, your business PIN will be successfully reset. You can now log in to your app or POS terminal using the new PIN and continue processing transactions seamlessly.

Additional Tips:

Choose a strong, memorable PIN that combines numbers and letters, avoiding easily guessable sequences like birthdays or phone numbers.

Never share your PIN with anyone, including Moniepoint employees and lastly, consider setting up two-factor authentication for added security.

Moniepoint POS Price, Charges, Daily Target and Commission Plans

As a savvy business owner considering Moniepoint’s POS system, understanding its pricing structure, charges, daily targets, and commission plans is crucial for informed decision-making.

This article’s section demystifies and highlights Moniepoint POS transaction charges, withdrawal charges, price, daily charges and commission plans.

Moniepoint POS Machine Price

To acquire your Moniepoint POS terminal, you’ll pay a one-time fee of N21,500. This covers the cost of the device itself (N10,000), logistics (N10,000), and one year of insurance (N1,500).

Transaction Charges

Moniepoint Charges: For each successful transaction processed through your POS, Moniepoint deducts N20 as their fee.

Bill Charges: For airtime, they charge 2% for all networks. There is no charge placed on bill payments.

Network Charges: Additional network charges may apply depending on the card type used for the transaction. These charges are set by the card networks (Visa, Mastercard, etc.) and are beyond Moniepoint’s control.

Withdrawal Charges: Moniepoint charges a flat rate 0.5% of the transaction amount for withdrawals between N1 to N20,000.

Stamp Duty Fees: As mandatory by the Central Bank of Nigeria (CBN), Moniepoint will deduct N50 on every N10,000 received on the POS terminal.

Daily Targets and Commission Plans

Moniepoint gives a BOs cashback of up to N20 on withdrawals and N5 on transfers as a commission plan for POS agent.

However, Moniepoint daily target still remain at N80,000 minimum transaction per day. “we encourage you to process a minimum of N80,000 in transactions daily. If your POS can’t hit this target, it is considered underperforming and you risk it being reassigned,” said Moniepoint.

Moniepoint POS Pictures

There are two types of Moniepoint POS Machine: Moniepoint Mobile POS Machine and Moniepoint Android POS Machine. See their images below:

Moniepoint Mobile POS Machine Image

Moniepoint Android POS Machine Image

Moniepoint Customer Care

Moniepoint prioritizes customer support, offering diverse channels for POS agents to connect with their dedicated team and address any queries or concerns you might have.

Listed below are the right channels to contact Moniepoint customer support team:

Moniepoint Official Website

Visit the Moniepoint website and scroll down to the bottom. You’ll find a “Contact Us” section with various options: 

Submit a Request: Fill out a form with your details and inquiry, and a representative will get back to you via email.

Chat With Us: Click the live chat icon in the bottom right corner to connect with a representative in real-time.

Moniepoint Customer Care Phone Number

You can call their dedicated customer support line at +2348188MONIE (+23418889990). However, do note that call option is available during business hours, Monday to Friday from 8:00 AM to 6:00 PM WAT.

Moniepoint Social Media Handles

Moniepoint is active on social media platforms like Facebook (@Moniepoint), Instagram (@Moniepoint), LinkedIn (@Moniepoint) and Twitter (@Moniepoint). Send them a direct message or tag them in a post to reach their customer support team.

More ways to Contact Moniepoint

• Moniepoint Business App: If you’re already a Moniepoint user, you can access the in-app support feature. Click on the “Help” section within the app and submit your query.
• Help Center: Moniepoint’s comprehensive Help Center is a treasure trove of information. You can browse through FAQs, articles, and video tutorials to find answers to your questions without needing to contact customer care.
• Branch Network: Moniepoint boasts a wide network of branches across Nigeria. You can locate your nearest branch on and visit them in person for assistance. Here’s the list of Moniepoint Offices in Nigeria.

Moniepoint’s customer care team is committed to providing prompt, efficient, and friendly support to all their users. By choosing the right contact channel and utilizing the available resources, you can ensure a smooth and successful experience with Moniepoint’s POS solutions. Don’t hesitate to reach out – their helpful hand is always just a call, click, or message away!

FAQs about Moniepoint POS Machine