One thing is to become a Moniepoint agent and obtain the fintech's POS terminal, another thing is to be able to meet with up the POS transaction daily target. Actually, Moniepoint agents, as of 2024, are expected to achieve a daily transaction target of N20,000. However, meeting this target requires significant effort, as failure to do so could result in the loss of your Moniepoint POS terminal.
However, if you cannot meet the daily target of N20,000, you can alternatively aim for a weekly target of N150,000. This flexibility allows you to manage your transaction volumes more effectively. Failing to meet the daily or weekly targets may result in the retrieval of the POS machine by Moniepoint. If the machine is taken back, you may receive a refund of N10,000 from the initial caution fee paid.
I know that you'll be thinking that "I purchase my Moniepoint POS Machine, how come I could lose the POS machine if I don't meet up with the daily target?" No, the Moniepoint POS machine does not belong to you after purchase.
Truly, you might have pay to get your Moniepoint POS terminal and machine costs 25,000 NGN at any Moniepoint office. However, making this payment does not mean the machine becomes your property. Moniepoint operates on a leasing model where you pay a fee (approximately 25,000 NGN) to use the POS machine, but ownership remains with Moniepoint. This means that the machine is not yours to keep permanently.
However, you should also know that Moniepoint charges a fee of 0.5% on withdrawals between N1 and N20,000. For transactions exceeding N20,000, a flat rate of N100 applies. Additionally, there is also a charge of N20 for every transfer to another bank.