Moniepoint POS Machine Reviews 2023


In this review, we’ll take a closer look at what Moniepoint POS machine is, how it works, and why you should consider using it for your business.

If you’re running a business in Nigeria, you need a reliable Point of Sale (POS) system to help you accept payments from your customers.

One such POS system that has been gaining popularity recently is Moniepoint POS machine.

What’s Moniepoint?

Moniepoint POS Machine Reviews 2023


Moniepoint is a payment processing platform that allows businesses to accept payments from customers through various channels such as POS devices, mobile apps, and web portals.

Moniepoint has become one of the leading payment platforms in Nigeria, with thousands of agents across the country using the service to process transactions for their customers.

The platform offers a range of features and benefits, including fast and secure payment processing, real-time transaction monitoring, and access to a wide range of payment options.

Which company owns Moniepoint?

Moniepoint is owned by a Nigerian fintech company known as TeamApt Limited.

TeamApt was founded in 2015 by a team of software engineers and financial experts with the goal of providing innovative solutions to the challenges facing financial institutions in Nigeria and across Africa.


Since its inception, TeamApt has developed several products and solutions, including Moniepoint, a payment processing platform that allows businesses to accept payments through POS devices, mobile apps, and web portals.

Moniepoint has quickly become one of the leading payment platforms in Nigeria, with thousands of agents across the country using the service to process transactions for their customers.

Also Read; Minimum Amount To Start A POS Business In Nigeria In 2023

What is Moniepoint POS machine?

Moniepoint POS machine is a payment platform that enables businesses to accept payments from customers using their debit cards.

The platform is provided by Moniepoint, a fintech company that provides various financial services to businesses and individuals in Nigeria.

How does Moniepoint POS machine work?

To use Moniepoint POS machine, you need to sign up for an account with Moniepoint.

Once you’ve signed up, you’ll be provided with a POS device that you can use to accept payments from customers.

The POS device is a small handheld device that can be connected to your phone or tablet via Bluetooth.

When a customer wants to pay for goods or services using their debit card, you’ll simply enter the amount they want to pay into the POS device.

The customer will then insert their debit card into the device, enter their PIN, and the payment will be processed.

The funds will be transferred to your Moniepoint account, and you can withdraw them to your bank account whenever you want.

Moniepoint POS machine price.

Moniepoint POS Machine Reviews 2023

Moniepoint POS machines are available for purchase at a one-time fee of N35,000, which provides you with ownership of the device.

Alternatively, you can choose to lease the machine for a monthly fee of N1,500, which could be more suitable if you are just starting out or do not want to commit to a large upfront payment.

It’s important to note that the pricing for Moniepoint POS machine may vary depending on your location and other factors, so it’s recommended to contact Moniepoint directly or visit their website for the most up-to-date information.

How to apply for moniepoint POS machine

To apply for a Moniepoint POS machine, follow these simple steps:

  • Visit the Moniepoint website: The first step to applying for a Moniepoint POS machine is to visit their website at

Here, you can learn more about Moniepoint’s products and services, and access the application form.

  • Fill out the application form: On the Moniepoint website, you will find a link to the application form for their POS.

Click on the link and fill out the form with accurate and up-to-date information about your business.

This will include details such as your business name, address, contact information, and business registration documents.

  • Provide the necessary documents: As part of the application process, you will be required to provide certain documents to verify your business and ensure that you meet Moniepoint’s requirements.

These documents may include your business registration documents, identification documents, and utility bills.

  • Wait for approval: After submitting your application and documents, you will need to wait for Moniepoint to review and approve your application.

This may take a few days to a week, depending on the volume of applications they are processing.

  • Receive your POS device: If your application is approved, you will be notified by Moniepoint and provided with a POS device.

You will also receive training on how to use the POS and how to access Moniepoint’s services.

And you can as well get Moniepoint POS through an agent, Just;

  • Locate a Moniepoint agent: The first step to applying for a Moniepoint POS through an agent is to locate a Moniepoint agent near you.

You can do this by visiting the Moniepoint website and using their agent locator tool, or by asking people using moniepoint POS machine around your area.

  • Meet with the agent: Once you have located a Moniepoint agent near you, you will need to arrange a meeting with them to discuss your application for a POS device.

The agent will be able to provide you with more information about the application process and what documents you will need to provide.

Applying for a Moniepoint POS through an agent can be a convenient and helpful option for businesses that may not have access to the internet or prefer to have a face-to-face interaction.

Does Moniepoint give monthly commission?

Yes, Moniepoint does provide monthly commissions to their agents based on the volume of transactions they process through their POS devices.

Moniepoint offers competitive commission rates that reward agents for their efforts in promoting and using Moniepoint’s services.

The commission rate offered by Moniepoint may depend on various factors, such as the agent’s transaction volume, the type of transactions processed, and the location of the agent’s business.

Some agents may also be eligible for additional bonuses or incentives based on their performance or other factors.

To ensure that they receive their commission payments on time, Moniepoint agents should ensure that they comply with the company’s rules and regulations and process transactions accurately and efficiently.

They should also maintain good communication with Moniepoint and promptly address any issues or concerns that arise.

Why should you use Moniepoint POS machine for your business?

Moniepoint POS Machine Reviews 2023

  • Easy to use:

Moniepoint POS machine is very easy to use. You don’t need any special technical skills to set it up or operate it. The POS device is user-friendly, and the payment process is straightforward.

  • Secure.

Security is a top priority for Moniepoint. The POS device is equipped with the latest security features to ensure that customer data is protected at all times.

The device also has a tamper-proof design that makes it difficult for fraudsters to compromise it.

  • Affordable

Moniepoint POS machine is very affordable compared to other POS systems in Nigeria.

The device is free, and you only pay a small transaction fee when you accept payments from customers. The transaction fee is lower than what other POS providers charge.

  • Fast settlement

With Moniepoint POS machine, you’ll get your money fast. The funds are usually settled to your Moniepoint account within 24 hours of the transaction.

You can then withdraw the funds to your bank account whenever you want.

  • Wide acceptance

Moniepoint POS machine is widely accepted in Nigeria. You can use it to accept payments from customers anywhere in the country.

This makes it convenient for you and your customers.

Can I borrow money from Moniepoint?

No, Moniepoint is not a lending institution and does not provide loans or credit to individuals or businesses. Rather, it is a payment processing platform that allows businesses to accept payments from their customers through various channels such as POS devices, mobile apps, and web portals.

However, Moniepoint has partnerships with some lending institutions in Nigeria, which may provide loans to individuals or businesses that meet their requirements.

These loans may be accessed through Moniepoint’s platform, but they are not provided directly by Moniepoint.

If you are looking for a loan, it’s important to research and compare the various lending institutions in Nigeria to find one that offers the best rates and terms for your needs.

You can also consult with financial advisors or credit counselors for guidance on managing your finances and accessing credit in a responsible manner.

How much is Moniepoint target per day?

Moniepoint target per day is 70,000 naira only. As a payment platform, Moniepoint relies on agents to help them reach customers and facilitate transactions.

To ensure that their agents are performing to the best of their ability, Moniepoint has set a daily transaction target of N70,000.

This target is intended to incentivize agents to work harder and process more transactions, which ultimately benefits both Moniepoint and the agent.

However, it is worth noting that meeting the daily target is not always easy, especially in areas with lower customer or where cash transactions are more prevalent.

In these situations, agents may struggle to meet the target despite their best efforts.

In such cases, Moniepoint is understanding and works with the agent to identify any obstacles and find ways to overcome them.

On the other hand, if an agent consistently fails to meet the daily target at least three times, Moniepoint may take away their POS terminal.

This is not done to punish the agent, but rather to ensure that Moniepoint’s services are being provided to customers effectively and efficiently.

The agent can always reapply to become a Moniepoint agent in the future once they have improved their transaction processing capabilities.

Also Read: Moniepoint daily target Review: Everything you need to know.

How much does Moniepoint charge per transaction?

How much does Moniepoint charge for 20000? Moniepoint charges a fee of 0.5% for withdrawal transactions made through their POS machine.

Therefore, if you are processing a transaction of 20,000 Naira through Moniepoint POS machine, the fee charged by Moniepoint would be:

20,000 x 0.5% = 100 Naira

So the total amount that would be deducted from the transaction would be 20,000 + 100 = 20,100 Naira.

But if above 20,000, moniepoint charge 100 naira. If money transfer, Moniepoint charges a flat rate of N20 for each money transfers.

Does Moniepoint have transfer limit?

Yes, Moniepoint have transfer limit. For business owners with pending KYC (Know Your Customer) verification on the Moniepoint platform, the maximum limit per POS transfer is set at N900,000 while the daily cumulative limit is set at N5 million.

Moniepoint POS Machine Reviews 2023

This means that a business owner can transfer up to N900,000 per transaction through their Moniepoint POS terminal, and the total value of transfers in a day should not exceed N5 million.

It’s important to note that these transfer limits are subject to change based on Moniepoint’s policies and regulations.

Business owners are advised to keep their KYC details up to date to avoid any delays or issues with their transactions on the platform.


If you’re looking for a reliable, easy-to-use, and affordable POS machine for your business in Nigeria, Moniepoint POS machine is definitely worth considering.

With its user-friendly device, top-notch security features, fast settlement, and wide acceptance, Moniepoint POS machine is a great choice for businesses of all sizes. Sign up for an account today and start accepting payments from your customers with ease!


Leave a Comment