Moniepoint is set to transform the point-of-sale (POS) market with its latest innovation—an all-in-one device designed to handle payments, inventory management, and transaction reconciliation. This development follows its December 2023 acquisition of Grocel, a fintech startup specialising in inventory solutions. The integration of Grocel’s technology and team has allowed Moniepoint to create a POS system that goes beyond payments, aiming to streamline business operations for retailers of all sizes.
A Shift in Nigeria’s POS Market
Traditionally, businesses rely on multiple tools for payment processing and bookkeeping, often leading to inefficiencies and fraud risks. Moniepoint’s new POS device seeks to change this by providing a single, rugged solution suitable even for roadside vendors.
“It is pretty much like the roadmap of Square,” a Moniepoint executive shared, referring to the US-based fintech giant. However, Moniepoint’s version is built for the local market, with durability as a key feature.
With over 800,000 POS terminals in circulation and 2 million enterprise users, Moniepoint has a significant customer base to introduce this device before the end of the quarter. However, the competition is fierce. Startups like Mira already offer similar integrated POS solutions, and the challenge for Moniepoint will be standing out in a rapidly evolving space.
The Challenge of Building for Diverse Businesses
The CEO of Mira, Ted Oladele, believes fintechs focused on payments may struggle to develop tailored solutions for complex business needs. “Businesses have peculiarities, and established fintech startups may not have the appetite to build individual modules to meet unique needs,” he explained.
In sectors like retail and food service, POS systems need to be highly adaptable. Restaurants, for instance, require kitchen display systems (KDS) to track orders centrally, making simple handheld devices insufficient. Fintech companies aiming to dominate this space must build beyond payments, integrating logistics, automation, and analytics.
The concept of an all-in-one enterprise solution isn’t new. Nomba introduced a similar product, Nomba MAX, in 2023, combining payment processing with inventory tracking. Globally, Stripe, the parent company of Paystack, has also expanded its POS offerings, helping businesses manage both online and offline operations seamlessly.
By enhancing its POS capabilities, Moniepoint isn’t just creating a better device—it’s setting the stage for higher transaction volumes, ultimately boosting its revenue through transaction fees. The question now is whether businesses will embrace this new solution or stick with existing alternatives.
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2 replies on “Moniepoint Unveils Smart POS—Is This Nigeria’s Answer to Square?”
[…] 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. […]
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.