Opay, PalmPay, or Moniepoint? Here are the top POS operators in 5 major Lagos markets

Lagos, Nigeria’s economic powerhouse, pulses with transactions, from gadget sales in Computer Village to yam trades in Mile 12. Point of Sale (POS) systems are at the heart of this cashless revolution, with Moniepoint, Opay, and PalmPay battling for supremacy.

A survey by Technext, polling about 150 respondents across five key markets, Computer Village, Mile 12, Ikorodu Garage, Oshodi, and Ojuelegba, reveals Moniepoint’s widespread dominance, tempered by a rare Opay leadership in Ojuelegba.

With insights into why merchants choose their POS, transaction patterns, and persistent challenges like network failures and fraud, we explore what the data means for Lagos’ merchants, customers, and fintech future.

Computer Village: Moniepoint’s low-cost lead

Computer Village, Nigeria’s tech mecca, buzzes with traders selling smartphones and laptops to tech-savvy buyers.

Here, Moniepoint leads with 16 of 30 respondents (53%), followed by Opay (8, 27%) and PalmPay (6, 20%). Low charges (cited by 5 respondents) drive preferences, alongside reliability (3) and fast transactions (3)

Transactions range from 20,000 to 500,000 NGN, reflecting the market’s high-value electronics trade.

Moniepoint’s edge likely stems from its competitive fees, crucial for merchants processing frequent, high-value sales. A laptop vendor, for instance, might save significantly with Moniepoint’s low charges.

Opay and PalmPay, while popular, trail due to less emphasis on cost savings. However, network failures and fraud, reported across brands, frustrate traders, with some agents noting fierce competition.

Computer Village’s data highlights how cost sensitivity shapes POS choices in tech-driven markets.

Mile 12: Moniepoint’s speed in the food trade

Mile 12, a chaotic food market, thrives on rapid transactions for perishable goods like tomatoes, yams and grains. Moniepoint tops the survey with 15 of 30 respondents (50%), followed by Opay (9, 30%) and PalmPay (6, 20%).

Fast transactions dominate preferences (8 respondents), with low charges (2) also noted. Transactions range from 5,000 to 95,000 NGN, suited to small-to-medium trades.

Moniepoint’s lead reflects its ability to process payments swiftly, vital for vendors during peak hours. A pepper trader might choose Moniepoint to avoid delays that spoil sales.

Opay’s strong showing suggests its speed is competitive, while PalmPay lags slightly. Challenges like high charges and low withdrawal limits persist, with network issues disrupting busy trade days.

Mile 12’s findings show speed as the lifeblood of food markets.

Ikorodu Garage: Moniepoint’s commanding presence

Ikorodu Garage, a transport and trading hub, serves commuters and vendors with diverse needs. Moniepoint dominates with 22 of 30 respondents (73%), far ahead of PalmPay (5, 17%) and Opay (3, 10%). Fast transactions (5), reliability (3), and low charges (1) drive choices. Transactions vary widely, from 5,000 to 20,000 NGN, reflecting small fares.

Moniepoint’s overwhelming lead suggests robust agent networks and reliable service, appealing to bus drivers and traders alike. A transport operator settling fares might trust Moniepoint’s uptime. PalmPay and Opay struggle to compete, possibly due to fewer agents.

Network failures and fraud remain concerns, with agents citing competition as a strain. Ikorodu Garage’s data underscores Moniepoint’s ability to capture diverse, high-stakes markets.

Oshodi: Moniepoint’s balanced victory

Oshodi, a commercial colossus, blends retail, wholesale, and transport, demanding versatile POS systems. Moniepoint leads with 20 of 30 respondents (67%), while Opay and PalmPay each have 5 (17%).

Fast transactions (6) are the sole reported reason, aligning with Oshodi’s frenetic pace. Transactions range from 5,000 to 20,000 NGN, typical of small-scale trades.

Moniepoint’s dominance is likely tied to its speed and agent availability, which are critical for traders juggling multiple sales.

A cloth vendor might rely on Moniepoint to process payments quickly during rush hours. Opay and PalmPay’s equal shares suggest they’re viable alternatives but lack Moniepoint’s reach.

High charges and fraud concerns plague all brands, with agents noting competitive pressures. Oshodi’s results highlight speed as a universal need in high-traffic markets.

Read also: GTBank removes POS processing fees for merchants and businesses

Ojuelegba: A competitive stalemate

Ojuelegba, a vibrant market with diverse commerce, stands out for its balance. Moniepoint captures 9 of the respondents, Opay rakes in 13, and PalmPay holds on to 4 out of 26. Preferences split across fast transactions (4), low charges (3), and reliability (3).

Transactions, similar to other markets, range from 10,000 to 50,000 NGN, suited to varied trades.

This two-way tie suggests intense competition, with no brand pulling ahead. A foodstuff trader might use Opay for speed, while a nearby shopkeeper picks Moniepoint for reliability or PalmPay for costs.

Network failures, fraud, and high charges challenge all brands, with agents citing competition as a daily hurdle. Ojuelegba’s equilibrium shows how diverse needs can level the POS playing field.

Data Table: POS preferences in Lagos markets

Market	Dominant Brand	Moniepoint	Opay	PalmPay
Computer Village	Moniepoint (53%)	53%	27%	20%
Mile 12	Moniepoint (50%)	50%	30%	20%
Ikorodu Garage	Moniepoint (73%)	73%	10%	17%
Oshodi	Moniepoint (67%)	67%	17%	17%
Ojuelegba	Opay (50%)	50%	34.62%	15.38%

Implications for Lagos’ fintech landscape

The Technext survey reveals Moniepoint’s dominance across four markets, driven by low charges, speed, and reliability, while Ojuelegba’s tie highlights competitive balance.

For merchants, Moniepoint’s lead offers cost savings and efficiency, but challenges like network failures and fraud erode trust. Customers enjoy faster transactions but face issues like low withdrawal limits, particularly in high-value markets like Ikorodu Garage.

For fintech firms, Moniepoint’s success signals the power of tailored features, but Opay and PalmPay’s resilience suggests room for growth. Competition, noted by agents, drives innovation but risks saturating markets like Ojuelegba.

Nigeria’s cashless economy, fuelled by POS systems, faces hurdles like infrastructure gaps and regulatory scrutiny but remains poised for expansion. The survey underscores the need for reliable, affordable solutions to sustain Lagos’ digital commerce boom.

Lagos’ markets are fintech battlegrounds, and Moniepoint is winning—except in Ojuelegba, where Opay leads. The Technext survey, spanning Computer Village’s tech hub to Oshodi’s trade nexus, shows Moniepoint’s edge in speed, cost, and reliability, though network failures and fraud challenge all brands.