Moniepoint is set to revolutionize business management in Nigeria with its new all-in-one point-of-sale (POS) terminal, currently in testing. This innovative device integrates payment processing, inventory management, and transaction reconciliations, aiming to streamline business operations for enterprises of all sizes.
The product development follows Moniepoint’s December 2023 acquisition of Grocel, a fintech company specializing in inventory management solutions. This acquisition allowed Moniepoint to retain Grocel’s team, who have been instrumental in incorporating business management capabilities into the new POS terminals.
Traditional POS devices in physical stores primarily handle card payments and money transfers. However, Moniepoint’s new solution seeks to replace the fragmented approach many businesses use, which often involves separate systems for bookkeeping and inventory, leading to inefficiencies and increased risks of theft and errors. An executive at Moniepoint likened the new device to the offerings of Square, a U.S.-based payment company known for its retail management tools, noting that Moniepoint’s device is designed to be more rugged and accessible, even for roadside vendors.
Moniepoint plans to leverage its extensive distribution network as a competitive edge in the growing all-in-one POS market, where startups like Mira are already active. With over 800,000 POS terminals in circulation and 2 million enterprise users, Moniepoint is poised to introduce the new device by the end of the quarter.
While Moniepoint’s billion-dollar valuation underscores its financial strength, entering a new market does not guarantee success. Mira’s CEO, Ted Oladele, pointed out that fintechs venturing into comprehensive POS solutions might struggle if they are too focused on payment processing. Customizing POS devices to meet the diverse and complex needs of businesses, especially in sectors like retail and food service, requires significant investment and adaptability. For instance, restaurants often need handheld terminals for tableside ordering along with kitchen display systems (KDS) for centralized order management—a level of customization that established fintechs may find challenging.
The concept of integrated POS systems is gaining traction globally. In 2023, Nomba launched its Nomba MAX device for restaurants, combining payment processing with inventory management. Similarly, Stripe, the parent company of Paystack, provides advanced POS solutions for restaurants, enabling them to manage sales, automate reconciliation, and integrate with logistics services.
For Moniepoint, offering a tailored, all-in-one solution could serve as a powerful retention strategy, giving businesses compelling reasons to choose and remain with its platform. By helping enterprises streamline operations and enhance customer experiences, Moniepoint stands to increase transaction volumes, boosting revenue through processing fees.
As the POS market evolves, Moniepoint’s latest initiative underscores the growing importance of integrated financial solutions in empowering businesses to thrive.
