Moniepoint POS Terminal in 5 Easy Steps: Application Guide (2024)


If you have ever wondered how to get a Moniepoint POS terminal to collect payments in your shop or want to use it to start a business as a POS vendor, this guide is for you.

In the world today, a lot of people are increasingly seeking cashless payment options and a viable way to avoid staying in long queues at the bank just to make cash withdrawals. This is where Point-of-Sale (POS) systems come in. POS terminals offer a convenient and secure way to process transactions. 

If you’re looking for the best POS terminal provider in Nigeria, think of Moniepoint!

In case this is your first time getting to know Moniepoint, let me tell you more about it 

What is Moniepoint?

Moniepoint (formerly TeamApt), is a leading fintech fintech company in Nigeria founded by Tosin Eniolorunda to make banking transactions very fast and convenient for customers. 

Emphasis on “very fast” because that’s why Moniepoint is currently one of the leading banking agencies in Nigeria. They boost of 99.9% success rate!

Why Choose Moniepoint?

There are several reasons why Moniepoint stands out as a preferred POS provider:

  • Extensive Network

This extensive network proves a point — Moniepoint services work and people love to use Moniepoint.

If you survey 10 shops or businesses that take card payments, you’ll be surprised that more than 7 of them have a Moniepoint POS terminal. Maybe that’s an exaggeration, but Moniepoint has over 2 million businesses on its platform.

Moniepoint boasts a reliable and widespread network, ensuring seamless transactions for your customers. 

  • Competitive Fees

Their transaction fees are competitive within the market, allowing you to maximize your profits.

Currently, Moniepoint charges N6 to N20 per transaction. Then 0.5% fee for transactions up to N20,000 and if the transaction is more than N20,000, Moniepoint charges a flat rate of N100.

This is by far one of the best deals out there.

  • Variety of Services

Moniepoint POS goes beyond just payments. It enables features like airtime purchases, bill payments, and cash withdrawals, making your business a one-stop shop for various financial needs.

Previously, Moniepoint used to be only for businesses, but recently they launched Personal Banking for individuals (just like Kuda Bank).

  • Excellent Customer Support

Moniepoint offers dependable customer support to assist you with any questions or concerns.

Other valid reasons why Moniepoint is a good choice include:

  • Faster transactions
  • Long-lasting battery 
  • And highly secured.
  • Both Touchscreen and buttons are enabled for your convenience.

Becoming a Moniepoint POS Vendor or customer.

Are you ready to acquire a reliable POS terminal for your business or embark on a smooth journey as a Moniepoint POS vendor? Here’s a breakdown of the process.

Eligibility Requirements to Become a Moniepoint POS Vendor

While Moniepoint doesn’t publicly list specific eligibility requirements, it’s generally recommended to have a registered business with a good location and a valid form of identification.

If you’ll be using the POS terminal as a POS agent, you must of course have the capital to start your new business.

Other important requirements are:

  • A Moniepoint Business account
  • Your Bank verification number (BVM)
  • Utility Bill like electricity bill etc.
  • Access to Internet 

Another question you may want to ask is this:

How much does it cost to get a Moniepoint POS Machine?

It will cost N21,500 to get a Moniepoint POS Machine and you’ll get it within 48 hours depending on your location.

Note that you’re not buying the POS terminal, your N21,500 covers:

  • Activation fee of N10,000
  • Caution fee of N10,000
  • Insurance fee of N1,500

You probably have some questions, we’ll attend to some Frequently Asked Questions soon. But now, let’s talk about the registration process:

How to Get a Moniepoint POS Terminal in Nigeria.

Step 1: Get a Moniepoint Business Account

This is your first passport to get the POS machine, if you have an account before, simply go to and click on “Open an account”.

You’ll be prompted to download the Moniepoint Business app Google PlayStore or App Store, download it, then you can continue with the registration process.

Kindly ensure you complete the onboarding process such as giving them more details about you, your business, etc.

Step 2: Request for a POS Terminal

Once you’ve completed the onboarding process, log in to your account.

Fund your Moniepoint Business account with ₦21,500. I’ll recommend you fund up to ₦25,000 at least.

If you have multiple Business accounts, you will have to choose the one you need a POS machine for, by clicking on “Manage Business

Look for “Channels”, under it, you will see “POS”, “WEB” etc., click on POS.

A new page will appear showing a video on the Moniepoint POS terminal, but right about the video, you’ll see a button that says “Request New POS”, click it.

Step 3: Fill in the Delivery Address

You can choose the address you used for your business account as the delivery address and if you’re not in the same address, you can manually fill in the address where the POS terminal should be delivered.

If you have not funded your account with that N21,500, you should do it at this stage.

Step 4: Make Payment and Collect the Machine 

If you have funded your account, all you need to do is to click on the proceed or continue button. 

Moniepoint will deduct the N21,500 and you’ll be redirected to the summary page that will tell you the estimated time to receive your POS terminal.

You will also receive a code as an SMS, this code will be requested by the logistics partner that wants to deliver the terminal to you. The essence is to ensure the POS terminal gets to the right person.

Moniepoint promises that you’ll get your terminal within 48 hours, that’s 2 days. So ensure you’re available within this time.

Also, ensure the phone number registered on your account is available because the person delivering the package to you will contact you via phone call.

Congratulations, you finally have a Monepoint POS Machine. But there’s one more step to go and it’s essential.

Step 5: Activate Your Moniepoint POS Machine

Once you receive your POS terminal, you need to get it working by activating it. In the package received, you’ll see the activation code there or a bar code that you can scan.

Now let’s talk about a few questions frequently asked on Moniepoint POS.

  • How much does it cost to get a Monepoint POS Machine?

It cost N21,500 but you’re not buying the Moniepoint POS terminal but instead subtly renting it. If the terminal is for sale, it would have cost more than N21,500.

  • What does the N21,500 payment for Moniepoint POS cover?

It covers the activation fee (N10,000), caution fee (N10,000), and insurance fee (N1,500).

You know what insurance means — To cover up for your device maintenance and maybe damages.

The N10,000 caution fee will be returned to you if you return the Moniepoint POS Machine in good health. Think of it as a caution fee you pay when you want to rent an apartment.

  • Is there any target to meet up if I have Moniepoint POS?

Oh yes. According to the revised blog post by Moniepoint (February, 2024), an healthy terminal should process at least N80,000 per day, otherwise, your account will be considered underperforming. So ensure you are ready to use it!

  • What If I need help with my business account or POS terminal?

Moniepoint will appoint a dedicated Relationship Manager to you, who will help you in every area you need assistance.

And you can also contact Moniepoint via support(at)

  • Can I get more than one POS Machine from Moniepoint?

Yes! Just like you can have multiple business accounts on Moniepoint, you can also have multiple POS terminals.

That’s all about getting a Moniepoint POS Terminal.

Becoming a Moniepoint POS vendor or getting a POS Terminal for your Business can be a rewarding venture. With its reliable network, competitive fees, and diverse services, Moniepoint empowers you to offer your customers a convenient and secure way to manage their finances. 

Visit the Moniepoint website or contact customer care support if you need any further information on this topic.

Stephen Gbolagade
Stephen Gbolagade
Stephen is a Frontend engineer, technical writer, owner and part-time blogger here at Gbolamedia, incoming data scientist, an enthusiastic cynophilist, and a curious introvert. Stephen is currently available for full-time, part-time or contract-base role. Contact him here: on WhatsApp or check him on Linkedin


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