Moniepoint is testing a POS system that’s similar to Jack-Dorsey’s Square and Stripe—a global payment network that provides POS solutions that go beyond basic payment processing.
However, the Moniepoint’s new POS system will features payment processing, inventory management, and transaction reconciliation.
The company could lay its hand on this project after it had acquired Grocel, a fintech company that specializes in providing comprehensive business solutions for retail enterprises through simple business banking, bookkeeping, and inventory management tools.
The Moniepoint-Grocel acquisition allowed Moniepoint to retain Grocel’s team, and they have been working together on integrating business management capabilities into Moniepoint’s POS terminals.
Moniepoint has the largest agency banking network in Nigeria with vast amounts of agents and over 800,000 POS terminals in circulation.
The company can also boost for over 2 million business users in Nigeria. Moniepoint will utilize all these existing network to circulate the new POS devices before the end of the year's quarter.
Many shops in Nigeria use POS devices to take card payments and carry out inter-bank transfer. However, many of these businesses rely on different approaches and systems for bookkeeping and inventory management.
This usually leads to mistakes and theft, making the process messy and inefficient. But with this Moniepoint’s on-the-way POS system that will handle all business processes, things get much easier for companies of any size.
However, the concept or idea of “an all-in-one payment solution” for enterprises and business owners is not new at all. We have also seen some existing players in the Nigerian agency banking ecosystem.
Financial technology startup like Mira is already providing all-in-one POS devices and terminals to business owners and retailers. Another fintech startup Nomba launched Nomba MAX in 2023.
The Nomba MAX is a POS device that provides restaurants businesses the ability to manage their payments and inventory altogether, and also linking transactions directly to payments in one dashboard.
POV: How do you think Moniepoint’s all-in-one POS will impact businesses compared to traditional POS systems? Let’s know your thoughts in the comments below.
