Digital payment company, Moniepoint is testing a new point-of-sale (PoS) that combines payment and transaction processing with inventory management. The initiative stems from the company’s acquisition of Grocel in December 2023.
Following the acquisition of Grocel which focused on inventory management solutions, Moniepoint has been working on including the company’s business management features into its PoS terminals.
Several businesses employ the use of several methods for their bookkeeping and inventory records with a major demerit being the susceptibility to theft.

As many physical stores already make use of PoS devices for card payments and money transfers, Moniepoint’s new integrated PoS will manage the combination of business processes and record keeping.
“It is pretty much like the roadmap of Square,[ a payment company in the U.S. that provides retail management POS devices]. The only difference is that it is more rugged,” a Moniepoint executive said, adding that roadside vendors can also use the device.
With its possession of over 800,000 PoS terminals in circulation and 2 million enterprise users, the fintech company will use this as a competitive advantage during the distribution period. Moniepoint will market the new device before March ends.
At the face of the fintech unicorn’s rival in this space is Mira, a startup that currently provides all-in-one PoS devices and terminals to retailers. “It’s exciting to see more startups entering the market, as this creates new opportunities,” CEO of Mira, Ted Oladele said.
He also claimed that fintechs entering the space might be limited by their focus on payments. Oladele noted that businesses have peculiarities and established fintech startups may not have the appetite to build individual modules to meet unique business needs.
Another fintech startup, Nomba launched Nomba MAX in 2023, a PoS device that combined payment processing with inventory management for restaurants. A feature that enables them to connect their transactions to payments directly.
Stripe, the parent company of Paystack also provides restaurants with PoS solutions that go beyond basic payment processing. These solutions enable businesses to document sales, automate reconciliation, manage both dine-in and online orders and integrate with logistics companies.


Meanwhile, venturing into a new initiative poses risks such as market acceptance and the modification of the product to meet market needs. More important is the ability of the all-in-one POS to cater to the diverse needs of complex businesses such as retail and food service.
On a lighter note, the initiative stands as a measure that streamlines operations and enhances customer experiences. It also creates an avenue for Moniepoint to increase payment processing volume on its platform which results in increased revenue.
Moniepoint’s continued effort in creating digital solutions
Moniepoint recently secured funding of over $10 million from Visa which brings its Series C raise to an excess of $120 million. This highlights its position and potential in Nigeria’s card value chain as a major issuer and acquirer.
The digital payment company explained that the investment will drive financial inclusion and strengthen small and medium-sized enterprises (SMEs) development across Africa.
Moniepoint CEO Tosin Eniolorunda while speaking with TechCrunch said the investment would help the fintech company grow in payment service and expand its operations.
“We’re present in Nigeria today, leading the chart in merchant acquiring and consumer banking. With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us,” he said.


Also, the investment seeks to grow the payment ecosystem by introducing contactless payments. Eniolorunda explained that the partnership with Visa seeks to improve access to micro-transactions.
The future of contactless payments holds the weight to significantly boost transaction volumes and outpace other payment methods in the country.
Moniepoint will leverage Visa’s Cybersource system to gain better visibility into transactions. It also plans to integrate with Visa Direct for remittances and money transfers to expand into markets within and outside Africa.
It looks to set the stage for contactless-enabled payment terminals to businesses and chip cards to individuals which set the stage for further adoption.
Read More: Moniepoint secures $10 million funding from Visa to drive digital payment in Africa.