Nigeria's informal sector is saturated with point-of-sale (POS) entrepreneurs who use the payment terminals to collect card payments from their customers or use the terminal to extend financial inclusion to the underserved communities.
Moniepoint is one of the major financial companies in Nigeria that's delivering these POS machines to these businesses and entrepreneurs. As of December 2022, Moniepoint accounted for approximately 20.06% of the POS agents in Nigeria, with 303,946 agents out of a total of 1.5 million POS agents in the country.
As of March 2024, Nigeria had approximately 2.69 million POS terminals deployed. Moniepoint, a leading player, had 611,213 agents by mid-2023, and each agent may operate one or more terminals.
Although this data is from the previous years, it's to show that Moniepoint POS is widely used in the Nigerian informal sector alongsideits biggest competitor, OPay POS.
In essence, the Moniepoint Business Account is the driver of Moniepoint POS. Without holding a business account with Moniepoint, you cannot request or use the POS terminal. This is one of the major benefits of creating a Moniepoint account in Nigeria.
Aside from using the business account for managing the POS account, a Moniepoint Business Account also offers several benefits, including a free business account, access to working capital loans, and expense cards.
Features and Benefits of the Moniepoint Business Account
Here are the features of the Moniepoint Business Account and the benefits they offer to business owners and entrepreneurs:
Free Business Account
Moniepoint Business Account will give you a free standard business account. The business account can be used to carry out all the functionalities of what other banks' business accounts can do. It'll even save you from long queues and hassle paperwork at the bank.
In addition to that, the Moniepoint Business Account allows businesses and entrepreneurs to manage their finances without incurring hidden fees.
The account is leveled in five different tiers. To have full control of the business account without any limitation, you'll need to upgrade to Level 5 using your business information, such as a business registration certificate, proof of business address such as utility bills, and more.
Point-of-Sale (PoS) Terminals
Moniepoint Business Account provides direct and seamless access for point-of-sale merchants to run and manage their POS account. In the business account, merchants can accept card and transfer payments seamlessly, with instant settlement and dispute resolution.
The Moniepoint Business Account also allows the purchase of the POS terminals. In addition to that, if you want to become a Moniepoint Card Sale agent, all will be managed through the Moniepoint Business Account.
You can also change or reset your POS PIN, login password, business PIN, and business login password through the Moniepoint Business Account. In a nutshell, the business account can be used to oversee all activities of the Moniepoint POS terminal.
Manage Multiple Businesses
Moniepoint Business Account allows users to manage multiple businesses from a single platform by offering features like separate business profiles and dashboards. This means you can monitor income, track expenses, and generate reports for each business individually, all within one business account.
It simplifies operations and gives a clear view of each business’s performance without needing multiple logins. In addition to that, the Moniepoint Business Account provides tools for payment collection, inventory management, and staff tracking that are best for managing each business.
So, if you're running a retail shop, a restaurant, or an online store, you can switch between business profiles easily and keep all your finances organized in one place from a single platform.
Working Capital Loans
Moniepoint provides loans to help businesses access the capital they need to grow. These credits are only available to Moniepoint Business Account holders who are using the account or its POS terminal to carry out their businesses' daily transactions.
Once you're eligible to apply for the working capital loan, it’s easy to apply for directly from your Moniepoint dashboard—with approvals often processed quickly. The loan is automatically repaid in small amounts and daily deductions from your business account balance.
This setup ensures that the loan repayment is manageable, stress-free, and aligns with your cash flow, so you don’t feel the burden all at once. It’s a convenient way to boost your business without disrupting your operations.
Expense Cards
The Moniepoint Business Account allows business owners to request expense cards (popularly known as physical debit cards) for managing business expenses and tracking spending. In addition to that, a business owner that's willing to become a card sale agent can request Moniepoint Expense Cards in bulk through the business account.
Becoming a card sale agent will give you the opportunity to earn money by selling Moniepoint debit cards to customers. As an agent, you can register customers, issue cards, and earn commissions on every card activated. It’s a simple way to grow your income while providing a valuable financial service to people in your community.
The process is seamless and can be managed through the Moniepoint Business Account. Agents get access to tools that help them track sales, monitor performance, and manage customer details—all in one place. It’s a flexible opportunity that supports both financial inclusion and personal business growth.
24/7 Business Support
Moniepoint provides dedicated, hands-on-desk customer support teams for Moniepoint Business Account—POS Agents, Card Sale Agents, or regular Business Account Holders. These customer support teams are round-the-clock customer support to assist businesses with any concerns or issues, such as transaction disputes, POS issues, or business account issues.
Furthermore, the Moniepoint 24/7 Business Support ensures that business owners get help whenever they need it—day or night. Whether you're facing issues with transactions, devices, or account access, support is always just a call or message away. The support is available through multiple channels, including phone, email, and in-app chat.
Conclusion
The Moniepoint Business Account is a good business account for small and medium enterprises (SMEs) and entrepreneurs looking to extend financial inclusion to underserved communities. The business account will provide you with every tool you need to carry out your daily financial operations successfully as a business in Nigeria.
