Moniepoint, one of Nigeria’s leading fintech unicorns, is testing an all-in-one POS terminal that integrates payment processing, inventory management, and transaction reconciliation. This initiative follows Moniepoint’s December 2023 acquisition of Grocel, a fintech company specializing in inventory management solutions.
The upcoming smart POS device aims to streamline business operations, eliminating the need for merchants to use separate technologies for bookkeeping, sales tracking, and payments.
A POS Terminal Beyond Payments
Traditional POS devices primarily facilitate card payments and transfers. However, Moniepoint’s new device will:
✔ Manage inventory & track sales in real time
✔ Reduce errors & prevent theft
✔ Automate transaction reconciliation for merchants
The move is inspired by Square, a U.S. payments giant that integrates retail management tools with POS hardware. However, a Moniepoint executive emphasized that its device is built to be more rugged, catering to both structured businesses and roadside vendors.
A Competitive Edge in the Growing POS Market
Moniepoint’s massive distribution network provides a strategic advantage over rivals like Mira and Nomba, which also offer integrated POS solutions. The company currently has:
800,000+ POS terminals in circulation
2 million enterprise users
This wide reach will allow Moniepoint to rapidly deploy the new POS terminal and capture market share.
Challenges in the All-in-One POS Space
Despite Moniepoint’s strong market position, competition and adaptability remain key challenges:
Industry-Specific Needs – Businesses in retail, food service, and logistics require customized POS features beyond payments and inventory. Some may need kitchen display systems (KDS), dine-in ordering solutions, or integration with logistics platforms.
Limited Focus of Fintechs – Some fintech companies prioritize payments over deep business management capabilities, which could affect how well Moniepoint tailors its device to different industries.
Existing Players – Competitors like Nomba and global companies like Stripe (parent of Paystack) already offer feature-rich POS solutions that integrate sales tracking, logistics, and online ordering.
A Game-Changer for Business Growth
By empowering businesses with smarter, integrated tools, Moniepoint’s new POS device could:
Boost payment transaction volume
Enhance merchant retention
Attract new businesses underserved by existing POS solutions
If successful, this move will strengthen Moniepoint’s market dominance and unlock new revenue streams in Nigeria’s rapidly evolving fintech landscape.