How to Get Moniepoint POS Machine (Moniepoint POS Charges & Registration)

Moniepoint Pos machine price and withdrawal charges

Moniepoint POS solution allows businesses to accept card payments via POS, print receipts for bank transfers, track payments from walk-in customers, and most importantly make money as a mobile money agent. Here’s how to get a Moniepoint POS in Nigeria.

Moniepoint or Moniepoint MFB Limited is a community-based bank, licensed by the Central Bank of Nigeria, that provides banking solutions that enable businesses to collect payments, access loans, manage operations and ultimately grow their business.

One such banking solution is Moniepoint POS.

Over 160,000 businesses in Nigeria accept payments through Moniepoint POS.

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.

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 a great option if you want to start a POS business in Nigeria.

To get a Moniepoint POS machine in Nigeria, you’ll need to open a Moniepoint Business account, request for a Moniepoint POS terminal via your Moniepoint account dashboard, and pay a total of N21,500, which is how much the Moniepoint POS Costs.

After that, you’ll add an address for the POS to be delivered to you.

N10,000 is the caution fee, N10,000 is the logistics fee, and N1500 is the insurance fee for a whole year. 

In this guide, we’ll break down how to get a Moniepoint POS machine, the Moniepoint POS machine price, and the POS charges.

Let’s get started on how to apply and get a Moniepoint POS in Nigeria.

Moniepoint POS Registration Requirements

The requirements to get a Moniepoint POS include opening a Moniepoint business account you need to be above 18 years old, be Nigerian, and own a smartphone. You’ll also need some documentation to fulfill 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.

How to Get Moniepoint POS Machine

moniepoint pos machine

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 also 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 in Nigeria?(Moniepoint POS Price)

The Moniepoint POS machine costs about N21,500, which is cheaper than most POS machines you’ll find in the market. N10,000 is the caution fee, N10,000 is the logistics fee, and N1500 is the insurance fee for a whole year. 

Related: All POS Machine Prices 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 is s N6.20, however, the Moniepoint withdrawal charges increase as the amount withdrawn increases.

Moniepoint POS charges and commission structure vary 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 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.

Related: POS Charges List (Cheapest POS Charges in Nigeria)

Why Choose Moniepoint POS Machine in Nigeria?

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 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 inquiries you can contact Moniepoint via WhatsApp at +2348141500017, or email the company at

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 the Google Play store and Apple App Store.

How do I Fund my Moniepoint Wallet?

Here are the steps to take to fund your Moniepoint wallet in Nigeria:

  • 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 logs a Service Request to fund your wallet or contact Moniepoint support via WhatsApp or phone call with proof of payment.

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