How to Get a Moniepoint MFB POS Machine in 2024

A reliable POS machine is crucial in today's fast-paced business environment. The Moniepoint POS machine is a standout option in Nigeria. Learn how to get one for your business, its benefits, and how to maximize its potential.

Key Takeaways

• Efficiency: Moniepoint POS machines streamline transactions and enhance business efficiency.

• Cost-effective: Competitive fees and commissions help in managing costs effectively.

• Support: dedicated customer support and training to ensure smooth operations.

What is Moniepoint MFB and Why Choose It?

Nigerian fintech company Moniepoint provides digital financial solutions. They are popular among business owners because of their reliability, user-friendliness, and low transaction fees.

Benefits of Using Moniepoint POS

• Low Fees: Competitive transaction charges that help you save costs.

• Ease of Use: User-friendly interface and straightforward application process.

• Robust Support: Dedicated customer support to assist you whenever needed.

Eligibility Criteria for Acquiring a Moniepoint POS Machine

The following requirements need to be met before you can get a Moniepoint POS machine:

• Have an active Moniepoint account

• A valid bank account

• Bank Verification Number (BVN)

• Valid identification (e.g., Voter's Card, National ID Card, Driver's License, or International Passport)

• Recent utility bills

• A registered business

• Bank account statement

How to Apply for a Moniepoint POS Machine

Step 1: Create a Business Account

1. Visit the Moniepoint website or their nearest office.

2. Provide the necessary details to create a business account.

3. Log in to your account and access the POS menu.

Step 2: Request a New POS

1. Click on “Add a new POS” and follow the provided instructions.

2. Fund your business account with at least ₦21,500. This amount includes:

   • ₦10,000 caution fee

   • ₦10,000 logistics fee

   • ₦1,500 insurance fee for one year

Step 3: Receive Your POS

1. After completing the payment, you'll be assigned a dedicated Relationship Manager.

2. The POS machine will be delivered to you within 48 hours.

3. The relationship manager will provide training on how to use the terminal and address any questions.

Fees and Charges

For effective financial planning, it is essential to understand Moniepoint POS fees. The details are as follows:

• Transaction charges range from ₦6.2 to ₦20 per transaction.

• Withdrawal Fees: 0.5% for amounts up to ₦20,000 and a flat rate of ₦100 for amounts above ₦20,000.

• Money Transfer Fee: flat rate of ₦20.

• Service Commissions: Various commissions for services like DSTV, GOTv, StarTimes, and data top-ups for MTN, Glo, 9Mobile, and Airtel. PHCN token commissions range from 2% to 4.5%.

Conclusion

For Nigerian businesses looking to succeed in the digital age, getting a Moniepoint POS machine is a strategic move. Business performance is enhanced, customer trust is increased, and the process is simple.

FinancialExpert NG provides the insights and tools you need to succeed. Bring your business to the next level with Moniepoint POS.

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