Moniepoint POS Charges: Transaction Charges & Agent Commission

Last updated on October 5th, 2023 at 08:18 pm

Moniepoint POS is one of the mobile money merchants in Nigeria that uses Point of Sale (POS) machines as their main device to carry out transactions just like other companies such as OPay, Access Closa, UBA Moni, MoMo Agent, etc.

These POS devices are given to agents who have been licensed and at the same time vetted in a rigorous Know Your Customer (KYC) process.

Moniepoint and other POS merchants across Nigeria have put measures in place to ensure the security of these devices.

Moniepoint’s mission is to provide employment to many youths who are out of employment by giving them the opportunity to become a “mini-bank” in which anyone around their vicinities can easily walk up to them and carry out transactions as they would in the banks.

Read: How To Start A POS Business In Nigeria
Read Also: Which Bank is Good for POS Business in Nigeria?

Moniepoint POS Charges: Transaction Charges & Agent Commission

Moniepoint POS (Point of Sale)

Moniepoint POS is a business initiative launched by a startup Fintech company in Nigeria and currently investing in order to expand to other parts of Africa.

If you’re looking to know more about Moniepoint POS, stay on this page!

How Do I Apply for a Moneypoint POS in Nigeria?

Applying for Moniepoint POS is easy but you must be:
Above 18 years;
A Nigerian;
Responsive and tech-savvy, and
Own a smartphone

How to Request Moniepoint POS Machine?

Requesting for Moniepoint POS is easy and fast compared to other merchants.
Once you meet the basic requirements stated above, you can get started by creating an account on the official website at www.moniepoint.com.
Let’s break this down into steps:

Click get started
Enter your full name, email, phone number, and other details.
Select the other POS merchants you’re working with (if any)
Submit
Moniepoint usually confirms and contacts new users who just signed up on the platform within 48 hours. This person who manages agents will then take it up from there.
You can as well visit their physical address at No.12 Wole Ariyo St, Lekki Phase 1 office to complete your registration.
After they might have contacted you, you will be mapped to an aggregator and from there, you can get everything done within a short time.

What are the basic requirements to complete Moniepoint agency registration?

Once you are mapped to an aggregator, the documents listed below will be required from you as part of the KYC (know your customer) policy. Here are the documents:
A valid Identification Card (International Passport, NIN, Voters’ Card, or Driver’s License)
Utility Bill (waste bill, electricity bill, land-use charge, water bill, or tenancy agreement)
CAC documents (for registered businesses only)
BVN
A standard account number in any commercial bank.

How can I download the Moniepoint App?

Moniepoint is currently available only on Android, and you can download it on Playstore using this LINK. The iOS version of the app has not been released.

How much to apply for a Moniepoint POS machine in Nigeria?

With a sum of N20,000 (twenty thousand Naira only), you can own a Moniepoint POS device within 24-48 hours.

What are the Moniepoint POS charges and commission structure?

The volume of transactions via the terminal determines the charges by Moneypoint POS. But as a starter guide, here are some of the commissions and charges by Moniepoint POS.
With withdrawals between N1-N20,000, Moniepoint POS charges only 0.5% of the transaction amount.
For transactions above N20,000, Moniepoint charges a flat rate of N100.
For transfers, Moneypoint POS charges a flat rate of N20 for transfers.

For Data Top Up:
MTN 3% commission
Glo 4% commission
9Mobile 4.5% commission
Airtel 4% commission
5. For TV Subscription:
DSTv 2% commission
GOTv 2% commission
PHCN 2% commission
Star Times 2% commission

What are the applicable rules to Moniepoint POS usage?

Minimum of N80,000 (Eighty Thousand Naira only) daily withdrawal value.
At least 4 counts of deposits per day
You will get 50% cashback of the N20,000 paid during registration if an aggregator has any cause to withdraw your Moniepoint POS device within a year of issuance.

What if I have an issue with the Moniepoint POS device afterwards?

Moniepoint has a refund policy for their agents to resolve any issues should there be one.
The company handles disputes and refunds in a more professional way and that shouldn’t be an issue for you – if you’re planning on partnering with them. The company will assign someone to you to resolve your case as soon as you open a ticket.
One benefit you will get with Moniepoint POS that you won’t find anywhere is that you’ll be added to a WhatsApp group of agents like you to share ideas/challenges and help you grow in no time.