Moniepoint, the Nigerian fintech unicorn, introduced a new all-in-one POS terminal designed for enterprise use. It handles payment processing, inventory management and transaction reconciliation. The terminal stands rugged and powerful, ready for roadside vendors and larger businesses alike.
The terminal results from Moniepoint’s December 2023 acquisition of Grocel, a startup that specialized in inventory control. Grocel’s engineering team joined Moniepoint to integrate operational tools directly into POS hardware.
Enterprise Focus Signals Strategic Shift
Moniepoint built its name around agent banking and simple POS systems. Over time, agents activated terminals at remarkable speed. The new terminal diverges from this history. Moniepoint now targets enterprise users. It gives them a single integrated tool instaead of separate apps for payments, bookkeeping and stock. That shift turns moniepoint into a fintech solving deeper business pain points.
Leveraging Market Reach For Roll-Out
Moniepoint already serves over 2 million enterprise users and deploys 800,000 POS terminals across Nigeria. The company plans to replace its existing POS fleet with the new device by the end of the quarter. Its existing network gives it a clear distribution advantage.
This approach mirrors global fintechs like Square and Stripe. By combining hardware, software and financial services, these companies deepen customer engagement. Moniepoint follows that model.
Competitive Landscape And Challenges
Moniepoint enters a competitive space. Companies like Mira and Nomba already offer integrated POS systems to SMEs. Mira’s CEO, Ted Oladele, warned that meeting varied enterprise needs poses a challenge for any fintech focused on payments.
Moniepoint recignizes that crafting flexible, scalable enterprise tools demands significant customization. However, its existing market share and deep understanding of local businesses position it better than most fintechs starting from scratch.
Driving Revenue Through Deeper Engagement
By embedding itself deeper into merchant workflows, Moniepoint stands to increase transaction volumes and fee income. Integrated inventory and reconciliation tools encourage loyalty. Businesses handling all operations on one device stick around longer and send more revenue through Moniepoint’s APIs.
This strategy echoes Square’s growth: supporting merchants holistically and boosting fintech income per customer. Moniepoint’s model carries similar upside in Africa’s informal and SME sectors.
Larger Strategy Behind The Hardware
Moniepoint already reached unicorn status in October 2024 through a $110 million Series C funding round. That round raised its valuation above $1 bullion and financed expansion into East Africa.
The new enterprise-grade POS fits neatly into Moniepoint’s larger roadmap. It delivers advanced tools to its core merchant base, strengthens its banking relationships and opens doors to advanced services like micro-loans, working capital and sector-specific products. Its hybrid model forms the backbone for scaling across Africa.
What This Means for Nigerian Businesses
Customer retention: Business tools foster loyalty and long-term engagement
Streamlined operations: One device handles sales, inventory, and reconciliation
Lower error rates: Reduces risk of theft and manual data mistakes
Tighter integration: Combines payments and business management
Looking Ahead
Moniepoint’s new terminal represents a shift from mass-market POS to enterprise-grade tech. Its success will depend on flexibility, custom integrations, and local adaptability. But with millions of merchants under its wing, Moniepoint holds a rare strategic advantage in addressing Africa’s SME challenges.
Moniepoint takes a long game here. It plays beyond payments. It aims to empower businesses with tools that deepen operations and financial insight. That move could shape the future of fintech in Africa—one rugged, all-in-one terminal at a time.
