Moniepoint has become one of Nigeria’s most trusted fintech companies, providing affordable and reliable financial solutions for businesses and individuals alike. One of their most popular services is the Moniepoint POS machine—a device that allows entrepreneurs to offer financial services in their communities and earn commissions on transactions.
In this post, we’ll break down everything you need to know about Moniepoint POS, including:
- How to get a Moniepoint POS machine
- Daily targets you must meet as an agent
- Moniepoint charges and commissions
- The cost of the POS machine
- How to fix transaction limits
What Is the Moniepoint POS Machine?
The Moniepoint POS machine is a smart business device that enables you to:
Accept card payments (ATM, MasterCard, Verve)
Process bank transfers and generate receipts
Help customers pay utility bills (PHCN, DSTV, GOTV, etc.)
Provide cash withdrawals and deposits
Think of it as becoming a “mini bank” in your community—you’ll serve customers who don’t want to queue in banks, and earn a commission on every transaction.
Today, over 250,000 Nigerian businesses and agents use Moniepoint POS, making it one of the most widely used POS systems in the country.
Requirements to Get a Moniepoint POS
Before applying for a Moniepoint POS machine, you must meet these basic requirements:
- Be a Nigerian citizen
- Be at least 18 years old
- Provide a valid ID card (NIN, Voter’s Card, Driver’s License, or International Passport)
- Have your BVN (Bank Verification Number)
If you meet these criteria, you can apply and get approved within a few days.
How to Get a Moniepoint POS Machine
Here’s the step-by-step process to apply for your Moniepoint POS:
Visit Moniepoint’s official website – moniepoint.com or download the Moniepoint app from the Google Play Store.
Click “Get a POS Machine” – This takes you to the application page.
Fill out the registration form – Enter your name, phone number, email, and business details.
Indicate if you use another POS provider – (Optional step for data purposes.)
Submit your application – Verify your email and phone number.
Wait for Moniepoint to contact you – Within 1–2 business days, an agent will reach out.
Complete onboarding – The Moniepoint agent will guide you through final steps, including document verification.
Get your POS & log into your dashboard – Once approved, you’ll receive your device and start offering services immediately.
What Is Moniepoint’s Daily Target?
Like most POS providers in Nigeria, Moniepoint assigns agents a daily transaction target to keep the device active.
- Daily Target: ₦50,000 withdrawals.
- Alternative Target: If you don’t meet ₦50,000 daily, you must meet ₦150,000 withdrawal transactions within a few days.
If you consistently fail to meet these targets, Moniepoint may retrieve the POS device.
Good news: You can avoid the daily target issue by purchasing the POS outright, meaning you fully own the device and won’t have to worry about performance-based retrieval.
How Much Is the Moniepoint POS Machine?
- Cautionary Fee: ₦26,500 (refundable deposit).
- Ownership: The POS remains Moniepoint’s property unless you purchase it outright.
- Refund: If Moniepoint retrieves your POS or you return it, you’ll receive a refund of ₦10,000.
Tip: If you want complete control and no daily target stress, you can buy the device outright (contact Moniepoint for updated purchase costs).
Moniepoint POS Charges & Commission Structure
Moniepoint offers some of the lowest transaction fees in Nigeria.
Withdrawal Charges
- 0.5% of the transaction for withdrawals between ₦1 – ₦20,000.
- Flat ₦100 fee for withdrawals above ₦20,000.
Transfer Charges
- 20 flat rate for transfers to any Nigerian bank.
- Bill Payments & Airtime Commissions
- MTN: 3% commission
- Glo: 4% commission
- Airtel: 4% commission
- 9Mobile: 4.5% commission
- DSTV/GOTV: 2% commission
- PHCN (Electricity): 2% commission
- StarTimes: 2% commission
Bottom line: Moniepoint’s low fees help agents maximize profits while offering affordable services to customers.
How to Fix Moniepoint Transaction Limits
When you first register, your account is on KYC Level 1, which has limited transaction volumes.
If you try to process a transaction beyond your daily limit, you’ll see an error:
“Transaction exceeds the daily transaction limit.”
Solution: Upgrade to Business KYC Level
Here’s how:
Log into your Moniepoint dashboard via the website or app.
Click on Menu > Settings.
Select KYC Level and choose Upgrade.
Submit required documents (business license, valid ID, proof of address).
Wait for approval – Once upgraded, your limits will be removed.
Tip: If you have any issues, contact Moniepoint Customer Care for assistance.
Why Choose Moniepoint POS?
Low transaction fees – Among the cheapest in Nigeria.
Reliable network – Fewer “transaction failed” errors compared to competitors.
Nationwide support – Works in both urban and rural areas.
Multiple services – Withdrawals, deposits, transfers, airtime, bills, and more.
Whether you want to start a POS business or add POS services to your existing shop, Moniepoint is one of the best options.
Quick Summary: Moniepoint POS Details
| Feature | Details |
|---|---|
| POS Caution Fee | ₦26,500 |
| Refund if Returned | ₦10,000 |
| Daily Target | ₦50,000 withdrawals OR ₦150k in few days |
| Withdrawal Charges | 0.5% (₦1–₦20k), ₦100 flat (above ₦20k) |
| Transfer Charges | ₦20 flat rate |
| Airtime Commission | MTN (3%), Airtel (4%), Glo (4%), 9Mobile (4.5%) |
| Bill Payment Commission | DSTV/GOTV/PHCN/StarTimes – 2% |
Final Thoughts
The Moniepoint POS machine is one of the most reliable and affordable POS devices in Nigeria today.
With low fees, high commissions, and excellent support, it’s the perfect choice for anyone looking to:
Start a POS business
Earn extra income as a mobile money agent
Serve their local community with banking services
Whether you’re in Lagos, Abuja, Kano, or a rural town, Moniepoint POS can help you grow a profitable small business—all while making life easier for your customers.
