Getting a POS terminal can make it easier for a small business to accept card payments and transfers from customers. If you are considering Moniepoint, the application process can be completed through its business platform.
The process starts with creating and verifying a Moniepoint Business Account. After that, you can request a POS terminal from your business dashboard, fund the account with the required amount and complete the order.
Here is the current process for getting a Moniepoint POS in Nigeria.
Read also: Moniepoint Transfer Limit: Daily, Single Transaction and KYC Limits
What Is a Moniepoint POS?
A Moniepoint POS is a payment terminal that allows businesses to accept payments from customers.
According to Moniepoint, its POS terminals support card payments and transfers. The company currently offers different terminal options, including a Smart POS designed for businesses with heavier transaction volumes and an mPOS intended for small and medium-sized businesses.
The terminal can therefore be useful for businesses such as:
- Provision stores
- Supermarkets
- Restaurants
- Pharmacies
- Boutiques
- Salons
- Filling stations
- POS businesses
- Other retail businesses
You do not necessarily need to run a dedicated POS shop before applying. The terminal is designed for businesses that need a way to collect customer payments.
What Do You Need to Get a Moniepoint POS?
Before requesting the terminal, you need a Moniepoint Business Account.
Moniepoint’s current account-opening information requires details such as:
- A working phone number
- NIN
- Face verification
- Residential address
- Business details
- Source-of-revenue information
- Other KYC information requested during registration
For the business account, Moniepoint also lists a valid identification document and proof of address among its account-opening requirements.
The exact KYC information required can depend on the account level and business structure.
Do You Need CAC Registration?
Not necessarily for the initial account setup.
Moniepoint supports business customers at different KYC levels. A registered business can later provide its registration information, including its RC number, legal business name, TIN and relevant CAC documents, when completing the registered-business upgrade.
Therefore, do not assume that you must have a CAC certificate before you can even begin the process.
How to Get a Moniepoint POS
The application process is straightforward.
Step 1: Create a Moniepoint Business Account
Download the Moniepoint Business App or use the Moniepoint business web platform.
Select Sign Up and provide your phone number. You will receive an OTP for phone verification.
You will then complete the required identity and KYC checks, including NIN confirmation and face verification.
Step 2: Log In to Your Business Dashboard
After your account has been created and verified, log in to your Moniepoint Business Account.
From your business dashboard, look for the POS section.
Moniepoint’s current instructions direct customers to the POS menu after creating their business account.
Step 3: Select “Add a New POS”
Within the POS section, select Add a new POS.
Follow the instructions displayed on the platform to submit your request.
The available terminal option may depend on what Moniepoint currently offers to your business.
Step 4: Fund Your Account and Pay the Required Amount
Moniepoint currently states that customers requesting a POS should fund their newly created Business Account with a minimum of ₦21,500.
The company’s published breakdown is:
| Item | Amount |
|---|---|
| Caution fee | ₦10,000 |
| Logistics fee | ₦10,000 |
| 1-year insurance fee | ₦1,500 |
| Total | ₦21,500 |
These figures are based on Moniepoint’s current official POS page and can change, so check the amount displayed during your application before making payment.
The ₦21,500 should therefore not automatically be described as the purchase price of the physical machine. Moniepoint specifically describes it as covering the caution fee, logistics fee and one year of insurance.
Step 5: Complete Your POS Request
Once your account has been funded and the required payment has been made, complete the POS request from your dashboard.
Check your details carefully before submitting the application.
If Moniepoint requires any additional information or action, follow the instructions shown on your account.
Step 6: Receive Your POS Terminal
Moniepoint currently says the terminal can be delivered within 48 hours after the request.
The company also says that a dedicated Relationship Manager will be assigned to you, who can deliver the terminal, provide training and answer questions about using it.
Delivery time can depend on your location and the circumstances of the order, so treat 48 hours as the company’s stated delivery timeframe rather than a guarantee for every location.
How Much Does a Moniepoint POS Cost?
The current amount stated by Moniepoint for obtaining a POS terminal is ₦21,500.
However, the important detail is what that money covers.
According to Moniepoint, the amount consists of:
- ₦10,000 caution fee
- ₦10,000 logistics fee
- ₦1,500 insurance for one year
That gives a total of ₦21,500.
Because POS fees and commercial terms can change, always confirm the amount displayed on Moniepoint’s official platform when you apply.
How Long Does It Take to Get a Moniepoint POS?
Moniepoint currently states that customers can receive their POS terminal within 48 hours after making a request.
The company also says that a Relationship Manager will deliver the terminal and provide assistance with using it.
If your delivery takes longer than expected, you can contact Moniepoint support or visit a Moniepoint Service Centre where available.
Can You Get a Moniepoint POS Without a Business Account?
The normal application process requires you to create a Moniepoint Business Account before requesting the terminal.
Moniepoint specifically instructs customers to create a business account, log in, access the POS section and request a new terminal from there.
So if you do not already have one, your first step should be opening and completing verification on a Moniepoint Business Account.
Where Can You Collect or Get Help With a Moniepoint POS?
Moniepoint has Service Centres where customers can receive hands-on assistance.
Its location directory states that Service Centres can assist with matters including opening an account, collecting or swapping a POS terminal and resolving issues.
This can be useful if you prefer face-to-face assistance instead of completing everything online.
However, availability and opening hours differ by location, so check Moniepoint’s official location directory before visiting.
What Can You Do With a Moniepoint POS?
The terminal can be used to accept different types of customer payments.
Accept Card Payments
Customers can pay using compatible bank cards.
Moniepoint states that its POS terminals are compatible with all cards.
Accept Transfers
Moniepoint also supports transfers through its POS system.
This allows a customer to make a transfer instead of inserting or tapping a card, depending on the transaction process available on the terminal.
Print Customer Receipts
Moniepoint says its POS transfer functionality can allow merchants to print customer receipts.
The availability of printing features can depend on the particular terminal model.
Which Moniepoint POS Should You Choose?
Moniepoint currently presents two main terminal options on its website: Smart POS and mPOS.
| Terminal | Best suited for |
|---|---|
| Smart POS | Medium to large businesses with heavier transaction volumes |
| mPOS | Small and medium-sized businesses |
The Smart POS includes a built-in printer and is designed for businesses with heavier transaction flow. The mPOS is positioned as a smaller and more affordable option for small and medium-sized businesses.
If your business handles many transactions every day, the Smart POS may be more appropriate. For a smaller operation, the mPOS may be enough.
What Happens After You Get the POS?
Getting the terminal is only the beginning.
Once you receive it, you should:
- Check that the terminal is in good condition.
- Confirm that it is linked to the correct business account.
- Follow the setup instructions.
- Keep your transaction PIN private.
- Test the terminal before using it for customers.
- Keep the device and charger in a safe place.
- Contact Moniepoint support if you encounter problems.
Moniepoint also provides a dedicated Relationship Manager for business customers who have obtained a POS, according to its support information.
Important Safety Tips for Moniepoint POS Users
Your POS terminal handles financial transactions, so basic security practices matter.
Never give your transaction PIN, account password or OTP to another person.
Moniepoint specifically warns customers against interacting with unverified social media accounts or links that request sensitive information such as an OTP or password.
You should also avoid allowing unknown people to operate your terminal without supervision.
If a POS becomes blocked after repeated incorrect transaction PIN attempts, Moniepoint’s support documentation provides a reset process through the business dashboard.
Is a Moniepoint POS Worth Getting?
That depends on what your business needs.
A POS can be useful if your customers frequently pay by card or transfer and you want a dedicated payment device.
Moniepoint’s current POS offering also provides access to features such as payment collection, transfer acceptance and instant settlement into the relevant account.
Before applying, consider your expected transaction volume, location, network reliability, terminal type and the current fees displayed by Moniepoint.
Frequently Asked Questions
Can I apply for a Moniepoint POS from my phone?
Yes. Moniepoint’s application process can be started through its Business App. You create and verify your business account, then request a POS from the dashboard.
What is the minimum amount needed to request a Moniepoint POS?
Moniepoint currently states that you need to fund the Business Account with at least ₦21,500 for the POS request. This covers the stated ₦10,000 caution fee, ₦10,000 logistics fee and ₦1,500 one-year insurance fee.
Can a small business get a Moniepoint POS?
Yes. Moniepoint offers an mPOS specifically positioned for small and medium-sized businesses.
Does Moniepoint deliver the POS after application?
Yes. Moniepoint currently says that a requested POS can be delivered within 48 hours. A Relationship Manager is also assigned to assist with delivery and training.
Can I collect a Moniepoint POS from a Service Centre?
Moniepoint’s Service Centre directory says customers can visit Service Centres to collect or swap POS terminals, open accounts and receive support. Availability may vary by location.
Conclusion
Getting a Moniepoint POS starts with setting up a verified Moniepoint Business Account. Once your account is ready, you can access the POS section, request a terminal, fund the account with the required amount and complete the application.
Moniepoint currently states that the minimum amount for a POS request is ₦21,500, made up of a ₦10,000 caution fee, ₦10,000 logistics fee and ₦1,500 one-year insurance fee. The company also states that delivery can take place within 48 hours.
Because fees, terminal options and application procedures can change, always confirm the latest information on Moniepoint’s official platform before making a payment.