How to Start a POS Business with Moniepoint?

Recently, the POS business has changed people’s financial lifestyle. In fact, becoming a POS agent is one of the best and most lucrative businesses you can start immediately. Due to the increment in demand by the Nigerian public for alternative channels for financial services, the POS business is profitable.

Truth be told, no one has all the time to wait in a long queue in banking halls and around ATM places. At times, you are left with no option but to seek alternative ways to carry out your daily financial transaction. All these delays and setbacks have made the POS shops spring up nearly everywhere just to ease the process.

Put to mind, if you just graduated or you currently want to broaden your financial income, commencing a POS business can be commendable.

And with Moniepoint, you have better options to start making your money on POS business without stress. Generally,

your mobile money business is simply straightforward. All you need is to get a POS machine at a pocket-friendly rate and full support in case you experience problems.

In this article, we will be discussing how to start a POS business with Moniepoint. But before we go further, let us know what moniepoint is all about.

What is Moniepoint?

Moniepoint is a Fintech/MFB that is approved by the Central Bank of Nigeria (CBN) to provide banking solutions to businesses and individuals within Nigeria. Undoubtedly, one such solution is to use their POS machines to empower individuals to become mobile money agents which assist people to make daily financial transactions with the ease of waiting in banking halls and ATM points.

In addition, moniepoint has about 16 million active users, runs over 20 million transactions, and has 200,000 merchants onboard. It is available in all 36 states in Nigeria.

Meanwhile, some transactions could be operated through moniepoint POS. They are:

• Cash withdrawal.
• Airtime Purchase.
• Fund transfer.
• Payment of utility bills.

Which Bank Own Moniepoint?

TeamApt is the bank that owns Moniepoint. It is one of Nigeria’s leading Fintech companies. It was formally founded in 2019 as an agent banking platform in Nigeria. Arguably, Moniepoint is currently transitioning into a full business. It provides an all-in-one business solution to maximize the growth of millions of small businesses in Nigeria.

However, they promote business growth by providing multi-channel payment, credit, insurance, and other financial solutions to businesses, including agents and banks.

How Much Does Moniepoint POS Cost?

The interesting part of Moniepoint POS is that it is price-friendly. With a sum of twenty thousand Naira (N25,000.00), you can have a Moniepoint POS device of your own within 24-48 hours.

How To Start a POS Business with Moniepoint?

Starting a POS business with Moniepoint isn’t a difficult task. You just need to follow the following step-by-step guidelines or principles. They include:

• First step: Register(Sign up) on the Moniepoint website to access the agent registration form.
• Second step: Write your full name, email address, phone number, and other required details.
• Third step: click the submit button. I.e after filling in the required details.
• Fourth step: Wait until a merchant account is created for you after submitting your form.
• Fifth step: Login to your account dashboard online or through the Moniepoint App and begin transacting business with your account.
• Sixth step: Wait for 48 hours of registration for an Aggregator or agent to reach out to you.

What are the Requirements To Become a Moniepoint POS Business Agent?

• A legal means of identification. It could be the National Identity Number (NIN), international passport, driver’s license, or voter’s card.
• Utility bill. I.e waste bill, electricity bill, and many more.
• CAC documents if your business is registered.
• Bank Verification Number (BVN)

How To Get Your Moniepoint POS Device? 

After registration, the next step is to collect the Moniepoint POS device. To get your Moniepoint POS device, you need to do the following:

• Locate any Moniepoint offices near you.
• Make inquiries about the “Cluster Manager” and make your request known to them.
• He (cluster manager) will walk you through the final process you need to get your POS device.
• If successful, you get a POS device within a few days.

What are the Rewards of Starting a POS Business with Moniepoint?

As earlier insinuated, starting a POS business with Moniepoint is profitable. So, as a moniepoint POS agent, below are five (5) rewards you get from it:

• Instant Payment
• Enticing Commission
• Credible Network
• Multi Transaction Channel
• Great Customer Support

1. Instant Payment

Undoubtedly, moniepoint settles their agent quickly. This is because they know you would need access to your earned commissions.

2. Enticing Commission

One good thing about starting a POS business with Moniepoint is that it has some of the best commission rates in the country. Also at an affordable service charge.

3. Credible Network

Moniepoint has a credible communication network that keeps your POS devices always active regularly. A good network signal is important to the success of the POS agent banking business. This is because it curbs loss of business caused by poor or no network signal.

4. Multi Transaction Channels

Moniepoint offers multi-channel for your financial transactions. These financial transactions are done through a mobile app, debit cards, smart POS, and regular POS machines.

5. Good Customer Support

Moniepoint has a commendable customer support team. Their support staff team is willingly vacant to assist you with any problems. You can reach them via email or WhatsApp quickly, and they will respond to you instantly.

Bottom Line

How to start a POS business with moniepoint has been made easy through this article. We can answer most of the questions you have been longing for.

Meanwhile, it’s very lucrative to start a POS business, especially with moniepoint. There are good rewards attached to it.

Before you become a moniepoint agent, there are important step-by-step guidelines to follow. It is already written in the article. Just be careful to avoid being scammed.

Remember, getting a moniepoint POS device is affordable and easy when you meet the right people.