First of all, Moniepoint is one of the leading Financial Institution in Nigeria that offers financial services to the people in banked and unbanked area through it agency banking network - POS. Moniepoint offers three types of POS Machines to it agents; Traditional POS, Android POS and Smart/Mini POS.
However, it's crucial to understand how these POS's charges works to enable you to make better decision on how much you'll be charging your customers. Incurring gains is the main reason we hustle. Knowing the Monipoint POS Charges will help you to know how much you'll gain if your charge certain amount from your customers for the financial services you're rendering through the Moniepoint POS.
So, without much Ado, let's dive into the break down of the Monipeoint Charges.
Moniepoint Charges
How Much Does Moniepoint Charge for N10,000?
All withdrawals below 20,000 NGN are charged at 0.5% of the amount withdrawn. So, if you withdraw 10,000 NGN for instance, you'd be charged 0.5% of 10,000 which is 50 Naira. That's to say, if you withdraw 10,000 NGN using Card, you'll get 9,950 NGN after the fee.
How Much Does Moniepoint Charge for Deposit?
Moniepoint charges a flat fee of 20 Naira for every deposit you make, regardless of the amount. This means you'll get the full amount you deposit minus 20 Naira for the fee.
How Much is Moniepoint Android POS?
Moniepoint POS machine is a 15,000 Naira deposit in disguise. You pay 25,000 Naira upfront but get 10,000 Naira back upon returning the machine, which remains Moniepoint's property. This covers a 10,000 Naira refundable deposit, a 10,000 Naira logistics fee, and a 1,500 Naira insurance fee valid for a year. The good news is you can expect your POS machine delivered within 48 hours.
How to Calculate Moniepoint Charges?
Moniepoint keeps its fees competitive based on how often you use your POS machine. Transactions generally cost between N6.2 and N20 each. For withdrawals, there's a tiered system. You're charged a low 0.5% fee for anything under 20,000 Naira. If you take out more than that, there's a flat fee of 100 Naira instead. Transfers are always a simple N20 fee.
On top of transactions, Moniepoint offers commission opportunities for things like bill payments and mobile phone top-ups. These commissions vary depending on the service, ranging from 2% to 4.5%. With these affordable fees and extra earning potential, Moniepoint can be a smart choice for businesses.
What is Moniepoint POS Daily Target?
Moneipoint recommend processing at least N80,000 daily in transactions to be considered a successful agent. If you consistently fall below this amount, your POS machine may be reassigned. The N80,000 daily target is likely a suggestion to encourage active agents and might not be a strict requirement.
The Bottom Line
Getting the Machine incurs for a 15,000 Naira deposit because you get 10,000 Naira back upon returning the machine (which remains Moniepoint's property). The upfront cost is 25,000 Naira. In addition, Moniepoint's fees are competitive, with transactions ranging from 6.20 Naira to 20 Naira. Withdrawals are charged a 0.5% fee up to 20,000 Naira and a flat 100 Naira fee above that. Money transfers have a flat 20 Naira fee. They also offer commissions for various services.
In conclusion, Moniepoint charges depend on the transaction amount for withdrawals. Withdrawals below 20,000 NGN incur a 0.5% fee, which would be 50 Naira for a 10,000 NGN withdrawal.