Moniepoint, Nigeria’s fintech unicorn, is testing a new all-in-one point-of-sale (PoS) terminal designed to simplify business operations by combining payment processing, inventory management, and transaction tracking.
This innovation stems from Moniepoint’s acquisition of Grocel in December 2023, a fintech startup specializing in business banking, bookkeeping, and inventory management. With the startup’s innovative offerings, Moniepoint aims to create a comprehensive business tool.
For many businesses, managing payments, inventory, and bookkeeping separately can be inefficient and prone to losses. When all these are managed using separate systems, data is often recorded on different platforms. This can lead to inconsistencies, duplication of records, and errors in financial reporting, making it difficult to get efficient business performance.
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Also, without an all-in-one integrated system, businesses are more vulnerable to fraud and financial discrepancies. Employees handling different platforms may exploit gaps in reporting to manipulate figures, leading to revenue losses. Automated systems are proven to help businesses reduce errors, speed up transactions, and maintain accurate records.
By streamlining operations and reducing inefficiencies, Moniepoint’s new payment feature will boost productivity, minimize losses, and enhance customer experience, making businesses more competitive in a fast-evolving market. Unlike conventional POS terminals that primarily handle card payments, the new device is built to support businesses of all sizes. This is similar to what major payment provider Square, offers to its customers. Square processes over $200 billion in payments annually, which is a testament to its widespread adoption and reliability in the digital payments landscape.
Here’s How Moniepoint’s New payment feature Will Benefit Businesses:
1. Seamless Payment Processing
Businesses can accept multiple payment methods, including çards, bank transfers, and mobile wallets, ensuring flexibility for customers and reducing transaction failures.
2. Real-Time Inventory Management
Unlike traditional POS devices that only process payments, Moniepoint’s system automatically updates inventory when sales are made. This prevents stock shortages and over-purchasing, helping businesses stay organized.
3. Automated Transaction Reconciliation
Manual bookkeeping can lead to errors and losses. Moniepoint’s system automatically records and reconciles transactions, saving businesses time and improving financial accuracy.
4. Theft and Fraud Prevention
By digitizing record-keeping, the system reduces cash handling, minimizing the risk of employee theft and fraud.
5. Business Analytics for Smarter Decisions
The POS device provides real-time sales insights and reports, helping business owners track performance and make data-driven decisions to improve profitability.
6. Scalability for Businesses of All Sizes
From roadside vendors to large enterprises, Moniepoint’s solution is adaptable to different business models, ensuring every business has access to efficient management tools. By streamlining operations and reducing inefficiencies, Moniepoint’s new payment feature boosts productivity, minimizes losses, and enhances customer experience, making businesses more competitive in a fast-evolving market.
Moniepoint’s latest ambition will see it compete with Mira, a Nigerian fintech startup launched in 2024 that currently provides all-in-one PoS devices and terminals to retailers. Mira’s solution allows businesses to increase profit margins and offers a payment tracking feature that helps businesses reconcile their accounts. However, Moniepoint has a key advantage; a vast network of over 800,000 PoS devices and 2 million business users, which gives it a strong market entry point for the new product.
The fintech unicorn test of an all-in-one point of sale (PoS) terminal, is coming as it has emerged as a game-changer in Nigeria’s financial ecosystem by transforming agency banking. Barely 2 years after its launch, Moniepoint became Nigeria’s leading agency banking solution, processing up to $7 billion in over 120,000,000 transactions monthly. Each month, millions of unique cards are used on the Moniepoint terminals, representing over 25% of banked Nigerians.
Notably, Moniepoint’s move mirrors global trends. As the company evolves its POS offerings to provide end-to-end business management tools, helping merchants streamline operations and improve efficiency, it could unlock new revenue streams while strengthening its position in Nigeria’s fintech ecosystem.