New Update: Receive Transfer payments with your POS

Product Updates - August 10, 2022

It’s not enough for Moniepoint to have a POS that is popular across Nigeria for delivering the most reliable network to transfer money, accept payments and pay bills. We have to work hard every day to learn about your needs and add new features that improve the experience of running your business. That’s why our latest update is something we believe you’d be excited to hear.

Learn how to get a Moniepoint POS machine if you don’t have one.

A new way to transfer

The new update allows business owners to receive transfers with their POS. In our opinion, this is one of the most secure ways to receive money directly to your business bank account. 

What is so special about POS transfers?

  1. Business owners get tamper-proof records of all money transferred to their business account.
  2. Business owners never have to deal with fake alert fraud.
  3. Business owners are protected from fraud cases as they are able to validate the client through the BVN image.
  4. Business owners automate refunds when they reject a transfer.
  5. You get to print receipts for all transfers

How do you get this update?

  • Close the app market (if open) and then relaunch it,
  • Swipe left on the homepage until you get to the ‘Manager tab’,
  • Click on ‘installation packages,
  • Then click ‘delete all’ at the bottom, and,
  • Go back to the homepage tab and download the new version.

To stay updated on all the amazing features we have planned to empower business owners, stick with us at Moniepoint. 

A dedicated account is created for each terminal specifically to receive POS Transfers before the settlement is processed instantly to the business owner's account.

The dedicated account number is displayed on the POS under POS Transfer, and business owners or their staff can easily share with customers to receive funds. It is specifically for customers that are physically present so it is easy to
validate their image for due diligence/KYC).

The transaction fees is 0.5% capped at N100, however, select business owners with massive transaction volume will get an optional fee concession soon.
The existing cashback on withdrawal will also be extended to POS Transfers soon.

Business owners with full KYC will enjoy the same limit they currently have on their profile for the normal transfers and have up to a N25 million cumulative daily limit.
Business owners with pending KYC have N900,000 as the maximum limit per POS Transfer and N5 million daily cumulative.

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