How to calculate Moniepoint charges: what every agent should know about the fees
Knowing how to calculate Moniepoint charges is vital for any POS agent seeking to track profits accurately. Withdrawal fees start from 0.5% for amounts up to ₦20,000 and ₦100 flat for higher sums. Transfers cost ₦20, while deposits also have set charges.
Source: UGC
TABLE OF CONTENTS
Key takeaways
- Moniepoint charges 2% on airtime purchases.
- Bill payments on Moniepoint come with zero charges, making them cost-effective.
- POS profit = (Charges from account + Charges at hand) – POS provider charges.
- A Moniepoint POS terminal requires a daily transaction minimum of ₦80,000 to avoid reassignment.
- To get a POS machine, you must open a Moniepoint Business Account and complete the KYC process.
How to calculate Moniepoint charges
Understanding Moniepoint transaction charges helps you know your daily POS profit. Each transaction type—withdrawal, transfer, or deposit—has its specific charge rate. These charges may come from the customer's account or be collected in cash. Knowing how each charge applies helps you track your earnings accurately.
How much does Moniepoint charge per transaction?
Moniepoint charges vary based on the transaction type and amount. Charges may be fixed or percentage-based. Withdrawals attract higher fees for higher amounts. Transfers and deposits also follow different charge structures.
General Moniepoint commissions include a 0.5% fee on withdrawals from ₦1 to ₦20,000 and a flat ₦100 for amounts above ₦20,000. Transfers cost a flat ₦20, while airtime attracts a 2% fee across all networks. Bill payments have no charges.
Moniepoint also gives BOs cashback of up to ₦20 on withdrawals and ₦5 on transfers. The POS charges list below gives a simplified view of Moniepoint’s current transaction charges:
| Payment platform | Withdrawal amount and fees payable (₦) | Transfer amount and fees payable (₦) | Deposit amount and fees payable (₦) |
| Opay | <20,000 (0.5%)>20,000 (100 flat rate) | <10,000 (30) | <5,000 (10)5,000-10,000 (20 Capped) |
| Moniepoint | 1 – 20,000 (0.5%)>20,000 (100 flat rate) | All transfers (20) | 20 for all deposits |
| Palmpay | 0.5% on all withdrawals | _ | 0.5% on all withdrawals |
| Payforce | 1–5,000 (30)5,001–16,500 (0.6%)16,501–100,000 (110)>100,001 (0.11%) | _ | >100,001 (0.11%) |
How do you calculate POS profit?
Use this formula to calculate your POS profit:
- Profit = (Charges from Account + Charges at Hand) – POS Provider Charges
Here is a stepwise approach to calculating your POS profit.
- Record your starting balance. Assume ₦0 in your POS account. You may begin with cash on hand, e.g. ₦10,000.
- Track withdrawal transactions. Note the withdrawal amount and the type of charge, which is account-based or cash.
- If the charge is from the account, add it to the withdrawal amount. For example, for a ₦10,000 withdrawal with a ₦200 account charge, your account receives ₦10,200.
- Track transfer transactions. Note the amount sent and the cash charge collected. Record cash charges separately as charges at hand.
- Deduct the transfer amount from your POS account. Record cash charges as physical profit.
- At the end of the day, sum up charges from the account and charges at hand.
- Subtract POS provider charges from this total to get your net profit.
Requirements to set a Moniepoint POS
Setting up a Moniepoint POS is a straightforward process, but there are specific requirements you will need to meet. Here are the requirements to set up a Moniepoint POS.
- A functional mobile number linked to your BVN and email address
- Your Bank Verification Number (BVN)
- A smart device with internet access (smartphone or computer)
- A valid ID (NIN slip, PVC, international passport, or driver's licence)
- Proof of address (bank statement, PVC, driver's licence, utility bill, or tenancy agreement)
How to get a Moniepoint POS
To get a Moniepoint POS, you must first open a Moniepoint Business Account. If you do not have one, follow these steps:
Source: UGC
- Visit the Moniepoint website and enter your personal details.
- Provide your email and phone number, then verify it using the OTP sent to you.
- Choose a username and password, enter your BVN, and submit your KYC details.
- Complete face and ID verification. Enter your business name and create a secure PIN.
- Fund your account. This enables smooth transactions on your POS terminal.
- Log in to your dashboard and click on the Card menu to request a business expense card.
Important notes before requesting a POS
You must understand the rules of owning and using a Moniepoint POS before acquiring one. These include:
- Moniepoint leases, not sell POS terminals. Even after paying setup fees, Moniepoint keeps ownership to reduce upfront costs.
- Your terminal must process at least ₦80,000 daily. If it does not meet this target, Moniepoint may reassign it.
- If you return the POS in excellent condition, Moniepoint rewards you with ₦10,000.
How to request a Moniepoint POS machine
After successfully creating a Moniepoint Business Account, follow these steps to get your Point Of Sale machine:
Source: UGC
- Log in to your Moniepoint Business Account and select the business that needs the POS.
- On your dashboard, click the POS menu under “Channels.”
- Click on “Request New POS.”
- Choose the MP35P Smart POS terminal. It features a touch screen and is user-friendly.
- The total cost is ₦21,500, which includes: ₦10,000 caution fee, ₦10,000 logistics fee and ₦1,500 insurance fee (valid for 12 months)
- Click on the MP35P terminal to proceed.
- Enter your preferred delivery address.
- Fund your account with at least ₦21,500 and complete the request by making payment.
- After payment, you will be assigned a dedicated Relationship Manager. Click “Select RM” to view their details.
- Your relationship manager will deliver the POS within 48 hours, train you on how to use it, and answer your questions.
Why should you open a Moniepoint account for your business?
A Moniepoint Business Account gives you a bank account in your business name—no queues, paperwork, or minimum deposit required. It offers secure, encrypted payment processing and detects suspicious activity to reduce fraud.
The card also allows card and transfer payments, creates digital receipts, and simplifies your bookkeeping. With a Moniepoint account, you can perform the below transactions with ease:
- Access business loans quickly.
- Get a POS terminal delivered in under 48 hours.
- Use a USSD code for offline banking.
- Track expenses with a dedicated business card.
How much is the Moniepoint target per day?
Moniepoint encourages you to process at least ₦80,000 in transactions daily. If your terminal fails to meet this target regularly, Moniepoint may consider it underperforming and reassign it.
Moniepoint contacts
For any queries, contact Moniepoint through the following channels:
- Moniepoint customer care number: +234 201 888 9990
- Email: support@moniepoint.com
- Physical address: Plot 7A, Block 4, Admirality Road, Lekki Phase 1, Lagos State.
- Facebook: @Moniepointng
- X (Twitter): @moniepointng
Understanding how to calculate Moniepoint charges ensures you can track all transaction fees and maximise your earnings. By factoring in the specific charges for withdrawals, transfers, and deposits, you can maintain better control over your daily POS profits.
DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
Legit.ng recently published an informative post about the Opay USSD codes for balance, transfer, data and how to activate. The mobile money platform allows customers to complete most transactions without the Internet through their USSD service.
Since 2018, Opay has been enhancing its customer services. The Opay USSD code enables a range of banking transactions, including money transfers, airtime and data purchases, withdrawals, and more. Read on to discover all Opay USSD codes for convenient transactions.
Source: Legit.ng
