How to Become a Monipoint agent

Becoming a Moniepoint agent is a promising opportunity for those who intend to venture into the ever-booming Fintech and POS service industry of Nigeria.

Being a Moniepoint agent involves steady income through cash withdrawal, deposit, and bill payment services to customers.

In this post, we’ll be guiding you through the step-by-step process of becoming an agent, the benefits accrued, and some of the frequently asked questions that can help you be successful in this lucrative business.

What Is Moniepoint?

Moniepoint is the leading Fintech in Nigeria providing banking services for individuals and businesses.

It is a financial product of TeamApt, and was established initially in 2019 as an agent banking platform in Nigeria.

Now, Moniepoint has transitioned into a full business that provides a business solution that helps millions of small businesses in Nigeria grow.

They this by providing multi-channel payment, credit, insurance, and other financial solutions to businesses, including agents and banks.

Moniepoint also allows agents to offer various financial services, including withdrawals, deposits, and bill payments, by using their point-of-sale devices.

Through Moniepoint, agents provide an important link between banks and communities, with a large portion in under-served areas.

Here are a few things that set Moniepoint apart from other fintech organisations:

Efficiency:

Moniepoint guarantees speed and smooth transactions, even to the most remote areas.

Full Agent Support:

Agents enjoy customer support and a web-based, user-friendly portal for the Moniepoint agent login in other to operate and manage transactions.

Nationwide Reach:

With agents across Nigeria, Moniepoint ensures that financial services are available to all.

Becoming a Moniepoint agent signifies entry onto a trusted platform with regard to financial inclusion and can therefore be a lucrative opportunity for upcoming business persons.

What are the Facts about Moniepoint you should know?

It has up to 16 million active users.
Moniepoint serves over 20 million customers.
The company have about 120 million transactions since inception.
There has been ₦23 trillion worth of transactions processed since 2019.
About 200,000 merchants are onboard.
The 36 states and 774 LGA’s has been served.

Who Is A Moniepoint Agent?

A Moniepoint agent is a business owner who uses Moniepoint’s payment machines, that is, the Point-Of-Service(POS) machine to allow customers to transact digitally.

What are the Benefits of Becoming A Moniepoint Agent?

Being a Moniepoint agent comes with a lot of advantages some of which includes:

1. Steady Stream of Income: Commission Basis

As an agent in Moniepoint, your income is commission-based with regard to every transaction.

For you, this money sums up in no time-most especially with the high demands you encounter in areas that call for such services.

2. High-Quality POS Devices

Moniepoint offers durable and easy-to-use POS devices equipped with advanced features like reliable connectivity and long battery life.

3. Efficient Business Management

The Moniepoint agent login portal is a powerful tool for tracking transactions, managing commissions, and resolving issues.

4. Round-the-Clock Customer Support

Moniepoint has a 24/7 customer service that caters to the technical challenges faced by agents to help them have seamless operations.

5. Minimum Entry Requirements

This is an affordable business compared to others. The capital required at the initial stage is reasonable and the returns are also very high.

6. Flexibility and Independence

Moniepoint agents work at their convenience, choosing their hours and service locations.

How to Become a Moniepoint Agent?

Below is a step-by-step guide on how to become a Moniepoint agent:

1. Understand the Requirements

Before making an application, ensure you have the following basic requirements:

A valid means of identification or government-issued ID , such as a national ID , voter’so card or driver’s license.
A functional Nigerian bank account with Bank Verification Number (BVN)
Startup capital for a Moniepoint POS device and initial transactions.
A phone or computer to access the Moniepoint agent login portal.
A Business name
Your Full name and Date of birth
Utility bill (e.g., electricity bill) and Your residential address
Next of kin’s phone number and address

2. Register on the Moniepoint Platform

Follow these steps to do this:

Log into the official Moniepoint website.
Click on the “Become an Agent” button.
Provide the application form with all correct information including name, phone number, and business address.
Submit the form for verification.

Alternatively, you can register via an approved aggregator or a Moniepoint distributor nearest to you.

3. Training and Onboarding

After approval, you are taken through a training session to introduce you to Moniepoint services, how to use the POS device, and how to use the Moniepoint agent login portal.

This training will equip you with the knowledge of managing transactions efficiently.

4. Activate Your Moniepoint Agent Account

Upon completion of onboarding, you will get your Moniepoint agent login credentials; this you will use to log into your account to activate your services.

5. Get a POS Device

This is an important device for operations at Moniepoint. You may purchase a POS directly from Moniepoint or any of its accredited distributors.

Ensure the device is in good condition always and have it serviced at all times.

How to get Moniepoint POS Machine?

Login into Your Business Account

Access your account and select the specific business you need a POS terminal for.
In the business dashboard, click on the POS menu in the “Channels” section.

2. Request for a New POS Terminal

After clicking on the POS menu, click Request New POS.
Select the MP35P Smart POS Terminal. The MP35P Smart POS is Moniepoint’s signature terminal. It is very easy to use due to its touchscreen features and also very user-friendly.

3. Understand the Costs

The total cost is ₦21,500, which includes:
- ₦10,000 as a caution fee
- ₦10,000 for logistics
₦1,500 for one-year insurance

4. Complete the Request

Click on the MP35P option to proceed.
Provide the delivery address for the POS terminal.

5. Make a Payment

Ensure your business account is funded with at least ₦21,500. Complete the request by making the payment.

7. Meet Your Dedicated Relationship Manager

A dedicated Relationship Manager (RM) is usually assigned to you once the payment is processed.
Click Select RM to view their details. Your RM will deliver the POS terminal within 48 hours, provide training, and answer any questions you may have.

By following these steps, you will have a Moniepoint POS to get your business going!

What are the Moniepoint POS Registration Requirements?

A valid means of identification or government-issued ID , such as a national ID , voter’so card or driver’s license.
A functional Nigerian bank account with Bank Verification Number (BVN)
Startup capital for a Moniepoint POS device and initial transactions.
A phone or computer to access the Moniepoint agent login portal.
A Business name
Your Full name and Date of birth
Utility bill (e.g., electricity bill) and Your residential address
Next of kin’s phone number and address

What Is Moniepoint POS Daily Target?

Your earnings with Moniepoint POS depend on your business type, location, and customer base.

There is no assurance of specific earnings; however, Moniepoint has set daily targets for transactions that will help you qualify for bonuses and incentives.

These targets are focused on the number of transactions, not the value.

For instance, if your daily target is 50 transactions, always reaching the target may grant you commission or other benefits.

Moniepoint POS Charges|How much does Moniepoint charge for 10,000?|How to calculate POS Charges?

Using Moniepoint POS comes with some charges. Here’s a little run-down:

Transaction Fee:

A small percentage of money is taken for each transaction that goes through. In most cases, this will stand at a rate of around 1.5 and 3.5%, depending on whether debit or credit cards have been used.

For specificity ,Moniepoint POS charges 0.5% of the transaction amount for withdrawals between 1 – 20,000 naira.

2. Settlement Fee:

A fixed sum, typically around ₦100, is deducted to settle the transactions of every day in your account. This flat rate of ₦100 is for transactions above ₦20,000. They also have a flat rate of ₦20 for transfers.

3. Monthly Rental Fee:
Different models of the POS device could have different monthly fees, some of which charge for such.

Moniepoint also gives a BOs cashback of up to #20 on withdrawals and #5 on transfers. For airtime, they charge 2% for all networks and there is no charge placed on bill payments.

Moniepoint Commission Rates for Networks and Utilities

Moniepoint gives a competitive commissioning rate for each network and utility package. Below are the details:

Network Commission Rates

MTN: 3%
GLO: 4%
9Mobile: 4.5%
Airtel: 4%

Utility Commission Rates

DSTV: 2%
PHCN: 2%
Startimes: 2%

These rates will let you earn a percentage of each transaction processed, developing your business effectively.

How Much Is Moniepoint Android POS?

The prices for buying a Moniepoint Terminal depend on the type of the terminal.

Moniepoint ISO Lite:

This is a low-cost solution for small-scale businesses, which costs around ₦5,000.

Moniepoint All-in-One Terminal:

The Moniepoint Android POS Terminal is a high-end gadget with a receipt printer and barcode scanner, among other things, at an average one-time cost of about ₦21,500. N10,000 is the caution fee, N10,000 is the logistics fee, and N1500 is the insurance fee for a whole year.

With Moniepoint POS, you could choose a device and a plan that best suits your business and budget.

How to Update Your Moniepoint POS Machine?

To update your POS Machine, Simply:

Go to the home screen of your POS terminal.
Click on the “AppMarket” app.
Select Moniepoint POS.
Click on “Update”.
The update downloads, then click confirm to install the update.

What are the Key Features Of Moniepoint POS?

Below are some of the important features of the Moniepoint POS machine:

It allows money transfers.

2. Moniepoint POS enables account balance checks.

3. The POS facilitates cash deposits and withdrawals.

4. Moniepoint Pos upports bill payments (electricity, cable TV, betting accounts, etc.).

5. It also offers airtime and data purchases.

What Transactions Can You Perform With Moniepoint POS?

A Cash withdrawal.
Transfer of Funds.
Airtime purchase.
Payment of utility bills

How to Unblock Your Moniepoint POS Machine?

To unblock your POS machine when blocked, follow these steps:

Rebooth your POS machine for use

Go to your Agent profile.

Click on Reset Authorization Pin, and then input your Moniepoint password to continue.

Put in your new PIN for the POS machine.

Confirm the new PIN and save changes.

Input the OTP sent to your registered phone number and sign out and sign in again.

What are the Types of Moniepoint POS Machines?

Moniepoint offers a variety of POS machines, including:

SmartPOS
Smart ECR
Classic Payment Terminal
Mobile POS
Multilane
PIN Pads
Unattended Terminals
QR-code Payment

To get a Moniepoint POS terminal, you need to fund a business account with a minimum of ₦21,500. This covers a caution fee, logistics fee, and insurance fee for one year

The Moniepoint agent login portal is your command center for managing your business. To use it, simply:

Visit the site and Log in using the informations provided when signing up.
Navigate through the dashboard to track your daily transactions, earnings, and commission breakdowns.
Use the support section to report technical issues or request assistance.
Update your profile and settings regularly to keep your account safe.

What are Some of the Common Challenges you will face as a Moniepoint agent?

1. Technical Issues with POS Devices

A malfunctioning device disrupts the smooth running of the business operation. Simply reach out to customer support at Moniepoint for prompt repairs or replacement.

2. Cash Flow Management

Running out of cash means losing some transactions so always have adequate cash in stock and make necessary preparations for peak business seasons.

3. Building Customer Trust

Clients might show some reluctance when it comes to approaching new agents for any financial services.

Therefore, avail quality services in a very professional, transparent, and straightforward manner.

How to be a Successful Moniepoint Agent?

1. Deliver Exceptional Customer Service

Clients appreciate speed, reliability, and friendliness. Ensure the customer leaves satisfied to build a regular customer base.

2. Stay Organized

Use the Moniepoint agent login portal to track earnings and monitor business trends. This helps in identifying areas for improvement.

3. Market Your Business

Promote your services in your community to attract more customers. Word of mouth and visible signage can be highly effective.

4. Be Prepared

Always have enough cash and ensure the POS device is fully charged and operational before commencing work.

5. Stay Updated

Moniepoint’s features and policies are updated often. Stay updated to capitalize on new tools and opportunities.

FAQs

How can i become a Moniepoint Agent

Becoming a Moniepoint Agent is typically free although you will need to pay a certain ammount to get the POS

How much is a Moniepoint Pos machine

The Android Moniepoint POS Terminal is available at N23,000 and the Mpos Terminal is available at N 21,500.

How can I access Moniepoint agent login?

Your Moniepoint agent login credentials are always given after registration and onboarding processes. You should use it to log in to your dashboard on the Moniepoint website or mobile app.

Is Moniepoint reliable for day-to-day transactions?

Yes, Moniepoint is renowned for having strong systems that guarantee secure and efficient transactions. The downtimes hardly happen with the agents, so reliable it is.

Can I become a Moniepoint agent in rural areas?

Yes, Moniepoint thrives in rural areas where banking services are limited. In fact, most agents in these areas enjoy very high volumes of transactions with consistent returns.

Conclusion

Becoming a Moniepoint agent is the best avenue to make decent money while offering necessary services to your community. Considering the minimal requirements, you have, and the strong support provided by Moniepoint, the process of starting this business has never been easier.

Based on the steps provided herein, you can confidently launch yourself into becoming a Moniepoint agent and contribute toward the vision of financial inclusion in Nigeria.

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