Moniepoint POS business is a potent tool for financial inclusion. According to World Bank, financial inclusion means “that individuals and businesses can access useful and affordable financial products and services that meet their needs. However, these business tools -transactions, payments, savings, credit, and insurance – delivered responsibly and sustainably” is still a tall order for millions of people in Nigeria even today.
Unbanked individuals are disadvantaged because they cannot access better economic opportunities, especially those living in rural areas. This ugly narrative is the pain point that Moniepoint was established to take care of.
If you are a regular on this platform, you should have noticed that we have comprehensive content on how to start a POS business. Also, we researched the best POS banking agency platforms so that you will be spoilt for choice.
If you want to start a business but don’t know the business to start, go to our shop to get all the resources that will help you start, market and grow a sustainable business. Also, at Entrepreneurs Channel, you will get video content on how to grow a sustainable and successful business.
In this article, I will share with you all you need to know about the Moniepoint POS business – a bold and audacious drive to take financial inclusion to the unbanked across the breadth and length of Nigeria. Are you ready? Let’s go!
Which Bank Own Moniepoint?
Moniepoint is a financial product of TeamApt, one of Nigeria’s leading Fintech companies. Initially established in 2019 as an agent banking platform in Nigeria, Moniepoint has now transitioned into a full business. It provides an all-in-one business solution helping millions of small businesses in Nigeria grow. This they do by providing multi-channel payment, credit, insurance, and other financial solutions to businesses, including agents and banks.
They are also fully licensed by NDIC and are PCI DSS certified, ensuring that the security of your card data is securely protected. Indeed, Moniepoint is reimagining the concept of banking by creating safer, smarter, and faster ways to earn, save and transact by building their services around your financial needs.
Quick Facts About Moniepont
- 16 million active users.
- 20 million customers served.
- 120 million transactions since inception.
- ₦23 trillion worth of transactions processed since 2019.
- 200,000 merchants onboard.
- 36 states and 774 LGA’s served.
Transactions You Can Perform With Moniepoint POS
- Cash withdrawal.
- Fund transfer.
- Airtime purchase.
- Payment of utility bills.
How To Register As a Moniepoint POS Business Agent
- Sign up on the Moniepoint website to access the agent registration form.
- Enter your full name, email address, phone number, and other required details.
- After filling out the information, click the submit button.
- A merchant account will be created for you after submitting your form. Login to your account dashboard online or through the Moniepoint app and start transacting business with your account.
- Within 48 hours of registration, an Aggregator (someone in charge of agents within your location) will contact and guide you on the next steps to follow.
Requirements To Become a Moniepoint POS Business Agent.
To complete your registration and fulfil the KYC (know your customer) requirement, you will need to provide these documents to your aggregator.
- A valid means of identification (international passport, NIN, voters card, or driver’s license).
- Utility bill (waste bill, electricity bill, etc.).
- CAC documents (for registered businesses only).
Getting Your Moniepoint POS Device
After registering online as an Agent, the next thing is to get the Moniepoint POS device. To get your Moniepoint POS device:
- Go to any Moniepoint offices near you.
- Ask for the “Cluster Manager” and make your request known to them.
- The Cluster Manager will walk you through the final process you need to get your POS device.
- And once you meet the requirements, a POS device will be issued to you within a few days.
How Much Does Moniepoint POS Cost?
Moniepoint does not sell its POS machines as it is only on lease for ₦25,000 to deserving merchants who meet the daily transaction target of 20,000 Naira.
Service Charges For Moniepoint POS Cash Transactions
- Withdrawals below ₦20,000 attract 0.5% charges on the transaction amount.
- Transactions above ₦20,000 attract a rate charge of ₦100.
- Moniepoint charges a flat rate of ₦20 for fund transfers.
Data Top Up Commission Structure For Moniepoint
- MTN = 3% commission.
- Glo = 4% commission.
- 9Mobile = 4.5% commission.
- Airtel = 4% commission.
Utility Bills Commission Structure For Moniepoint
- DSTv = 2% commission.
- GOTv = 2% commission.
- PHCN = 2% commission.
- StarTimes = 2% commission.
Benefits of Being a Moniepoint POS Agent
Moniepoint is one of the best agent banking platforms in Nigeria. Here is why.
1. Instant Payment
Because they know you would need access to your earned commissions, Moniepoint offers instant settlements to their agents.
2. Good Commission
Moniepoint has some of the best commission rates in the country and very low service charges. Now you see the reason why 200,000 merchants have onboarded already. You can be the next.
3. Good Customer Support
The customer support team at Moniepoint is top-notch. Their support staff team is readily available to help you with any issues. You can quickly reach them via email or WhatsApp, and they will respond as swiftly as possible.
4. Reliable Network
Moniepoint has a reliable communication network that keeps your POS devices always active. A good network signal is critical to the success of the POS agent banking business since it prevents loss of business due to poor or no network signal.
5. Multi Transaction Channels
Moniepoint offers multi-channel for your financial transactions through a mobile app, debit cards, smart POS and the regular POS machines.
Moniepoint POS Usage Rules
- At least 4 daily deposits.
- You need to maintain a minimum of ₦70,000 daily transaction value; if not, the POS machine can be withdrawn from you.
How to Update Your Moniepoint POS Machine
- Go to the home screen of your POS terminal.
- Click on the “AppMarket” app.
- Select Moniepoint POS.
- Click on “Update”.
- After the update download, click confirm to install the update.
Do you want to start your own POS business? Find a detailed cost analysis in this comprehensive guide.
How to Unblock Your Moniepoint POS Machine
To unblock your POS machine when blocked, follow these steps:
- Log in to https://atm.moniepoint.com/login.
- Go to your Agent profile.
- Click on Reset Authorization Pin, and then input your Moniepoint password to continue.
- Input your new PIN for the POS machine.
- Confirm the new PIN.
- Save changes.
- An OTP will be sent to your registered phone number; input that OTP in the space provided.
- Sign out and sign in again.
- Restart your POS machine for use.
How to Solve “The Transaction Exceed The Daily Transaction Limit” Message on Moniepoint POS Machine?
The message “the transaction exceeds the daily transaction limit” means your daily transaction limit is reached. If you get this message on your POS terminal, you can wait 24 hours for the system to allow you to carry out further transactions or remove the transaction barrier.
To do this, upgrade your account from your dashboard area from KYC level 1 to business-level if you have not done so already by following these steps:
- Go to your Moniepoint dashboard, then click the menu, and tap on “Settings” you will see the current level you are on.
- Click on upgrade and Choose the KYC Level you like.
What we have shared with you is how to start the Moniepoint POS business. If you want to start a Moniepoint POS business, the best time to start is now.
Finally, the Moniepoint agent banking platform is one of the best mobile money platforms in Nigeria, offering some of the best commission rates to merchants on their platform.
When you join Moniepoint mobile money platform as an agent, you will be working with thousands of other merchants all over the country, providing essential services to millions of unbanked and under-banked individuals. And at the same time, you will be making a decent living from your earnings.
You can become a mobile money agent in any location around the country. So apply today and start your journey to that financial freedom you desire.
Do you want to increase your sales lead? Find all you need and more in the comprehensive Sales and Marketing Plan Template.
Image credit: moniepoint.com