From the provision store in the neighborhood, to the payment terminal at the King’s Market, Moniepoint’s user base is spread out across Nigeria, spanning businesses of all sizes. The payment giant’s reputation of maintaining seamless transactions for its consumers is one competitive advantage that has helped to proliferate its product. Now, Moniepoint is taking it a step higher by introducing a new ‘All-In-One’ POS to the marketplace. This innovation has been connected to the company’s acquisition of Grocel, an inventory management startup, in 2023.
The most commonly used features of Moniepoint’s Point-of-Sale (POS) terminals are regular withdrawals, card payments, and transfers. The existing POS system became popular in 2023, and cost between #21,500 to #22,500 as of 2024. Credited for its ‘99.9% reliability’, the POS comprises the mini and smart point-of-saless machines, with different functions. While the former was designed to address the business needs of SMEs, the latter, which is quite common, caters to larger businesses and includes an in-built printer for receipts.
Despite the efficiency of the current POS, integration of an all-in-one point-of-sales terminal will help users gain access to more advanced features. Compared to regular payment processing, the SMEs and large businesses that Moniepoint currently serves will be able to combine payment processing with inventory management. Usually, several local businesses rely on separate methods for their bookkeeping and inventory records. Hence, a tool that helps with processing electronic transactions and managing overall business operations will be helpful.
This kind of product isn’t a new invention in the Nigerian Fintech space. For example, the Quickteller Business Smart POS was introduced and allows businesses to accept a wider range of payment methods. Also, Nano POS, which works online and offline, manages all business activities for owners. For Moniepoint, the brand has been working on including this management feature since the integration of Grocel in 2023. An executive from Moniepoint stated, “It is pretty much like the roadmap of Square. The only difference [is a payment company in the U.S. that provides retail management POS devices]. The only difference is that it is more rugged.”
The financial services platform, Square, was co-founded by Jack Dorsey and is reputable for its streamlined and affordable all-in-one point-of-sales systems. Since Moniepoint is mirroring this business, users can expect to receive a cost-effective product that will offer diverse business solutions. With an existing customer base that spans millions of users, the company aims to market the product to this group and use its competitive advantage to maximize the distribution of the new point-of-sale terminals.
Disclaimer: The opinions, views, and information expressed in this article are those of the author and do not necessarily reflect the official policy, position, or opinions of iNaijanow. The company assumes no liability for any errors, omissions, or damages arising from the use of this information. Abisola Ige is a seasoned content writer with experience in crafting engaging and quality articles across various niches. She is passionate about creating impactful content that informs and inspires readers.
