Moniepoint is taking a bold step in reshaping the role of point-of-sale (POS) terminals for businesses. The fintech giant is testing a new all-in-one device that merges payment processing, inventory management, and transaction reconciliation—a move that mirrors the evolution of Square, the U.S.-based payment company.
This development follows Moniepoint’s acquisition of Grocel in December 2023, a fintech firm specializing in inventory management solutions. The acquisition not only brought Moniepoint new technology but also retained Grocel’s team, which has been working to integrate these business management capabilities into the fintech firm’s POS system.
Traditionally, physical stores have relied on POS terminals primarily for processing card payments and money transfers. However, businesses often use separate tools for bookkeeping and inventory tracking, leading to inefficiencies and increased risks of errors or theft. Moniepoint’s upgraded POS seeks to streamline these processes, offering an all-in-one solution that caters to enterprises of various sizes.
Moniepoint is not alone in pursuing this innovation. Startups like Mira have already introduced similar all-in-one POS solutions. However, Moniepoint’s extensive distribution network gives it a significant advantage. With over 800,000 POS terminals in circulation and a user base exceeding 2 million enterprises, the company is positioned to introduce the new device to an existing audience before the end of the quarter.
Despite Moniepoint’s billion-dollar valuation, success in new product lines is never guaranteed. Ted Oladele, CEO of Mira, pointed out that fintech companies focusing primarily on payments might struggle to adapt to the complex needs of different businesses. “Businesses have peculiarities, and established fintech startups may not have the appetite to build individual modules to meet unique business needs,” Oladele explained.
A major challenge for all-in-one POS solutions is adaptability. Retailers and food service providers, for instance, have vastly different operational requirements. While handheld POS devices are ideal for tableside ordering in restaurants, many establishments also require kitchen display systems (KDS) for streamlined order management. This complexity means that fintech companies must go beyond basic integrations if they hope to attract and retain business customers.
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At the GITEX Africa 2025 summit, Nigeria’s tech policy chief, Kashifu Inuwa, took the spotlight, urging the global tech ecosystem to keep AI development grounded in human values. Representing the National Information Technology Development Agency (NITDA), Inuwa joined global industry players to unpack how artificial intelligence is reshaping businesses across the world. During a panel […]
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The new PoS system comes with a range of advanced features, including real-time monitoring, instant settlements, pay-by-link options, and a 100% transaction success rate. It’s also been optimised to suit businesses of all sizes, giving merchants a more reliable and efficient way to manage their payments without disruption.
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According to the letter, the licence comes with strict conditions, and the regulator made it clear that Ascensia—like all financial institutions—must operate within the provisions of the CBN Act of 2007, the Banks and Other Financial Institutions Act (BOFIA) of 2020, and all related regulations issued by the bank.
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2 replies on “Moniepoint Expands POS Capabilities with Business Management Features”
[…] Moniepoint, a leading Nigerian fintech, is making waves with an aggressive hiring spree, luring top executives from Access Bank and Stanbic IBTC. The move signals the company’s ambition to strengthen its financial services arm as it scales operations. […]
[…] By leveraging Moniepoint’s extensive network of agents and merchants, the partnership aims to bring “tap and go” convenience to businesses and consumers, aligning with the Central Bank of Nigeria’s cashless policy. […]