Moniepoint is another mobile money merchant that uses Point of Sale (POS) machines as their main device for collection and other transactions. Just like OPay, Access Closa, UBA Moni, and so on, POS devices are deployed to agents who have been vetted in a rigorous Know Your Customer (KYC) process. The high-level KYC has now ensured the security and reliability of Moniepoint and the others. Moniepoint has handed agents an opportunity to become a “mini-bank” for their immediate neighbourhood and earn good money from the commissions.
Moniepoint is a fast-rising Fintech company in Nigeria, who is currently looking at possibilities of expansion to other parts of Africa. This article looks into vital questions people are currently asking about Moniepoint: can get/apply a POS (Point of Sales) terminal for withdrawal, transfer, deposit, and so on.
Frankly, all you need to do at first is to sign up to become a Moniepoint agent on the website – moniepoint.com. This is the first step to everything.
How Do I Qualify to Apply for a Moniepoint POS in Nigeria?
- Be 18 years old or above
- Be a Nigerian
- Be responsive and tech-savvy
- Own a smartphone
How to Request a Moniepoint POS Machine
Moniepoint POS is probably the easiest agency banking POS to get in Nigeria at the moment.
The first step to getting a Moniepoint POS agent is by signing up on their website (www.moniepoint.com). Here’s a step-by-step guide on how to get started on Moniepoint Website:
- Click get started
- Enter your full name, email, phone number, and other details.
- Select the other POS merchants you’re working with (if any)
Within 48 hours of signing up, an Aggregator (an officer who’s in charge of a cluster of agents like you) will contact you and take it up from there.
Alternatively, just visit their No.12 Wole Ariyo St, Lekki Phase 1 office. Once you are mapped to an aggregator, you can get everything done in a short time.
Documents Required to Complete Moniepoint Agency Banking Registration
To fulfill KYC (know your customer) requirements, your aggregator will request for some documents. Here they are:
- 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)
- A standard account number in any commercial bank.
FAQs on Moniepoint
Where and How Do I Download the Moniepoint App?
- For Android, you can download the Moniepoint App on Playstore using this LINK. The app is not yet available on Apple devices (iOS)
How Much to Apply for a Moniepoint POS Machine in Nigeria?
N20,000 (twenty thousand naira only)
After I apply, when will I get the POS?
The timeline from application to when the agent receives the POS device is 24-48 hours
What is Moniepoint POS charges and commission structure?
Moniepoint POS charges and commission structure vary by the volume of the transaction done via the terminal. However, some of the commissions and charges are listed below:
- For withdrawals of N1-N20,000 Moniepoint charges only 0.5% of the transaction amount.
- For transactions above N20,000 Moniepoint charges a flat rate of N100.
- For transfers, Moniepoint 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 rules to Moniepoint POS usage?
- Minimum of N80,000 (Eighty Thousand Naira only) daily withdrawal value. This varies by location.
- 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 POS device within a year of issuance.
What if I have an issue with the POS device afterwards?
As a Moniepoint Agent, issues should be the least of your worries as settlements and disputes are usually refunded and concluded the same day. This is one of the high points of Moniepoint. An engineer will also be assigned by the Aggregator to tend to you and other Moniepoint agents in your area. Also, you will also be added to a WhatsApp group consisting of other agents to share ideas/challenges. Business has started.
For issues and inquiries on any of these steps, contact Moniepoint via WhatsApp on +2348141500017, or email at firstname.lastname@example.org. Moniepoint’s physical office is situated at 12 Wole Ariyo St, Lekki Phase 1, Lagos, Nigeria. They work 9 am-5 pm, only on weekdays.
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