Moniepoint is currently working on a new all-in-one PoS terminal to replace the existing oneThe new device reportedly combines payment processing, inventory management, and transaction reconciliationWhen fully operational, the fintech unicorn hopes to replace its 800,000 PoS terminals with a new one
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Moniepoint is reportedly testing an all-in-one point-of-sale (PoS) machine that combines payment processing, inventory management, and transaction reconciliation.
The new product was due to the company’s acquisition of Gracel, a financial technology firm, focused on inventory management solutions.
Moniepoint founders, Tosin Eniolorunda and Felix Ike engineer a new era in PoS payment processing
Credit: Moniepoint
Source: Facebook
Moniepoint mirrors Jack Dorsey’s square
Gracel’s acquisition by Moniepoint allows the company to retain its team working on integrating business management capabilities into Moniepoint PoS machines.
Currently, physical stores and merchants use PoS devices for card payments and money transfers.
However, the new PoS will manage the entire business operations for enterprises of all sizes and aims to replace the existing approach.
Read also
Nigerian mobility fintech Moove acquires Brazilian firm Kovi
Businesses currently employ separate methods or technologies for bookkeeping and inventory management, creating a platform for theft due to an archaic and analogue system.
Moniepoint moves to replace 800,000 PoS
Experts say the new envisaged terminal mirrors Jack Dorsey’s Square, a payment firm, providing retail management PoS.
According to reporting by TechCabal, the Nigerian fintech unicorn will use distribution as its competitive edge in an ecosystem where another firm, Mira, already operates all-in-one PoS devices to retailers.
Moniepoint, which got new funding from the payment giant, Visa, has close to one million PoS machines in circulation and two million merchants to whom it hopes to sell the device before the end of March 2025.
Moniepoint opens application for tech empowerment programme
Henzodaily.ng earlier reported that Moniepoint Inc. has begun an initiative to unravel Africa’s tech potential and boost the tech ecosystem.
The company called for applications for its tech empowerment scheme, seeking to grow Africa’s bright minds, equipping them with practical skills and real-world experience to help them cope with today’s world.
Read also
Moniepoint opens application for tech empowerment programme after new investment
The programme, DreamDevs, targets new graduates with backgrounds in tech, computer science, engineering, or similar fields, who have programming skills that include HTML, CSS, and JavaScript.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Henzodaily.ng