Last Updated on December 21, 2022
Moniepoint or Moniepoint MFB Limited is licensed by the Central bank of Nigeria. Moniepoint is a community-based bank that provides banking solutions that enable businesses to collect payments, access loans, manage operations and ultimately grow their business. One of such solutions is Moniepoint POS.
Moniepoint POS solution allows businesses to accept card payments via POS, print receipts for bank transfers, track payments from your walk-in customers and most importantly make money as a mobile money agent.
Over 160,000 businesses in Nigeria accept payments through Moniepoint POS.
Just like other popular mobile money merchants/agents services like GTB POS, Kudi POS, Palmpay POS, Baxi POS and Opay POS. Moniepoint POS machines are great for a POS business in Nigeria.
With a Moniepoint POS Machine, almost anyone can become a “mini-bank” for their community and earn well from commissions off people’s financial transactions.
In this guide we will look at how to get a Moniepoint POS machine, how much is the Moniepoint POS machine, and the Moniepoint charges.
Also See: How to Start a POS Business in Nigeria
How to Get Moniepoint POS Machine


To get a Moniepoint POS you need to meet certain requirements like; you need to be above 18 years, Be Nigerian, be Responsive and tech-savvy, and also own a smartphone.
You’ll also need some documentation to fulfil KYC (know your customer) requirements like:
- 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.
If you meet the above requirements then the process of getting a Moniepoint POS agent.
To get the Moniepoint POS you just have to follow these steps:
- Visit Moniepoint Website and create an account.
- Next Enter your full name, email, phone number, and other required details.
- Then Select the other POS merchant service you’re working with (if any)
- Then click Submit.
- Moniepoint will confirm and contact any new users who just signed up on their platform within 48 hours.
- After which you’ll be linked to the person (aggregator) who manages Moniepoint agents. This aggregator will take it up from there.
- You can as well visit Moniepoint’s physical address at No.12 Wole Ariyo St, Lekki Phase 1 office to complete your POS agent registration. A Moniepoint staff will guide you through the registration process and the necessary steps to successfully become a Moniepoint POS agent.
How Much is Moniepoint POS Machine (Moniepoint POS Price)
If you’re itching to know how much the Moniepoint POS machine cost, the POS machine costs about N25,000, which is cheaper than most POS machines you’ll find in the market.
See: All POS Machine Price in Nigeria
Moniepoint POS Charges – Transaction & Withdrawal Charges
Compared to other POS services in Nigeria, Moniepoint’s charges are quite low, and arguably one the cheapest.
Moniepoint POS charges are based on the number of transactions you carry out, unlike other POS mobile money agent services transaction charges that depend on the banks.
Moniepoint transaction charges are fixed at a N20 Naira flat fee to all banks in Nigeria when you want to transfer. While the Moniepoint withdrawal charges for withdrawing up to N4,000 are simply N6.2. However, the Moniepoint withdrawal charges increase as the amount withdrawn increases.
Moniepoint POS charges and commission structure varies based on the volume of the transactions done via the POS machine.
Here are some of the POS commissions for Moniepoint and Moniepoint charges 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 MTN Data Top Up a 3% commission
- For Glo data Top-Up 4% commission
- 9Mobile Data Top-Up 4.5% commission
- While Airtel Data Top-up is a 4% commission
- For DSTV Subscription a 2% commission
- GOTv sub is a 2% commission
- PHCN token is a 2% commission
- Star Times is a 2% commission
However, Moniepoint does not charge any extra bank fees or hidden fees, unlike some other POS service providers.
Checkout: The Cheapest POS Charges in Nigeria
Conclusion Moniepoint POS Machine
Some of the Moniepoint rules include that their POS agents must have a minimum of N80,000 daily withdrawal value, however, this is dependent on your location.
Also as an agent, you need to have at least 4 deposits done via your POS machine per day.
If perchance an aggregator has any cause to withdraw your POS device within one year of issuance to you, you will get 50% cashback of the N25,000 paid during registration.
If you have a lingering question about issues with your POS device after getting it, you need not worry. Moniepoint Agent issues like settlements and disputes are usually refunded and concluded on the same day.
Also, a POS machine engineer will also be assigned by the Aggregator to tend to you and other agents in your vicinity. Also, every Moniepoint merchant and agent is added to a WhatsApp group of other agents to share ideas and the challenges they’re dealing with.
For any issues and for inquiries you can contact Moniepoint via WhatsApp at +2348141500017, or email the company at [email protected].
Which bank Owns Moniepoint?
Moniepoint is a community-based bank with its services powered by Moniepoint MFB Limited, a Microfinance bank duly licensed by the Central Bank of Nigeria (CBN). Moniepoint is a mobile money agent company owned by TeamApt, a top fintech company in Nigeria created in 2019, whose CEO is Tosin Eniolorunda.
Does Moniepoint have an App?
Yes Moniepoint has an app available on Google Playstore and Apple App store
How do I fund my Moniepoint wallet?
– Sign in to your Moniepoint account and navigate to the Wallet section
– Then, tap on the Fund Wallet option
– Next, follow the instructions you see and make a transfer to the specified
the account then log a Service Request to fund your wallet or contact the
Moniepoint support via Whatsapp or phone call with proof of payment
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